Construction Begins on Park View Apartments in Morehead

FRANKFORT, Kentucky — Kentucky Housing Corporation (KHC) joined Frontier Housing and The Housing Partnership, among others, in Morehead Friday afternoon to mark the beginning of construction on a 40-unit multifamily development called Park View Apartments, which will house 12 one-bedroom, 20 two-bedroom, and eight three-bedroom apartments and is located across the street from Sheltowee Falls Splash Pad and Morehead City Park. Heuser Hearing Institute will have a clinic in the community.

“We are facing a formidable housing shortage,” said Terry Helton, managing director of Multifamily Programs and Asset Management at KHC. “We need about 100,000 rental units in Kentucky. It is not an understatement, then, to say we urgently need Park View Apartments and many more developments just like it. Soon Morehead will have 40 new units. That is 40 families who will have a safe, affordable, high-quality apartment to call home.”

KHC invested $300,000 from the Affordable Housing Trust Fund (AHTF) and $874,000 of Low-Income Housing Tax Credits (LIHTC) in the project. The tax credits generated $7.5 million of equity. HOPE of the Midwest and Marble Cliff Capital have also provided support.