343-Unit Affordable Housing Community Opens in Louisville
FRANKFORT, Kentucky — Kentucky Housing Corporation (KHC) joined Mayor Greenberg, LDG Development, and community leaders today to celebrate the opening of The Prestonian, a new 343-unit affordable housing community located a few blocks from the Louisville Medical Center.
The Prestonian serves families earning up to 80 percent of the area median income—approximately $77,280 annually for a family of four—and offers a mix of one-, two-, and three-bedroom apartment homes. Each unit features spacious floor plans, walk-in closets, upgraded countertops and flooring, and modern in-unit amenities. Residents benefit from outdoor gathering spaces, a children’s play area, bike storage, and a robust resident services program focused on supporting families and improving long-term outcomes. The community is near major employment and healthcare centers and is conveniently located one block from a major artery of the city’s bus system.
“Two years ago this was an empty lot in a region that needs over 20,000 more rental units,” said Terry Helton, managing director of Multifamily Programs at KHC. “Thanks to support from our partners, this lot has been transformed into a home for over 300 families who likely found it incredibly challenging to find a safe, secure, affordable place to live with such a shortage of options available.”
KHC supported this development with over $59 million — $55 million in Tax-Exempt Bonds (TEB) and $5,401,637 in 4 percent Low-Income Housing Tax Credits (LIHTC).
For more information about The Prestonian, visit https://livetheprestonian.com.
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.
