Gateway on Broadway Affordable Housing and Community Resource Center Now Open
FRANKFORT, Kentucky — After more than 50 years of vacancy, a cornerstone of West Louisville’s history has been reestablished as the Gateway on Broadway, an affordable housing community and resource center. This morning, the Housing Partnership, Inc. (HPI), which acquired the property in 2018, was joined by Gov. Beshear, Mayor Greenberg, residents, and other partners to announce and celebrate the completion of this $52 million adaptive reuse project.
The redevelopment brings 116 loft-style affordable apartments for seniors aged 55 and older to the Russell neighborhood. Fifty units are reserved for households at or below 30 percent Area Median Income (AMI) and 66 for those at or below 50 percent AMI. The project was awarded project-based vouchers from Louisville Metro Housing Authority to provide rental assistance for the residents. In addition to apartments, the building will feature Gateway Community Resource Center, HPI’s offices, a full-service First Financial Bank branch, and other services for residents and neighbors.
“KHC is proud to be part of this transformative project,” said Winston Miller, executive director and chief executive officer of KHC. “Affordable housing is essential to the vitality of our communities. The success of the Gateway on Broadway reflects the strong leadership of HPI, PNC, Louisville Metro, and many others who believed in this vision.”
KHC supported the development with $500,000 of Affordable Housing Trust Fund as well as $25 million in Tax-Exempt Bonds, enabling the use of $1.75 million in 4 percent Housing Credits that generated approximately $15.2 million in tax credit equity.
Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities. As a self-supporting, public corporation, Kentucky Housing offers down payment assistance loans to assist first-time homebuyers obtain home mortgages, housing production financing, homeownership education/counseling, rental assistance, housing rehabilitation, and supportive housing programs for special needs populations.
