Greystone and Winterwood Inc. Celebrate Grand Reopening of Affordable Housing Communities in KT
Local, State, and National Officials Celebrate Preservation of Much-Needed Low-Income Housing and Importance of LIHTC Program
Lawrenceburg, KY — Greystone Affordable Development and Winterwood, Inc., together celebrated the grand reopening of 18 affordable housing communities across 14 counties in Kentucky with a ribbon cutting ceremony hosted at Brayton Apartments in Lawrenceburg, Kentucky. This $65 million recapitalization and rehabilitation transaction was comprised of 563 aging and at-risk affordable multifamily housing units. All properties in the transaction are part of the USDA Rural Development Section 515 program, which provides decent, affordable housing in rural America.
During the event, attendees toured the renovated property and units, which recently completed a transformative rehabilitation. Construction was completed in an astounding 12 months for all 18 properties. The tenant-in-place renovations included approximately $33,650 in improvements per unit, including new HVAC systems, plumbing, more efficient kitchen appliances, and aesthetic updates to both interiors and exterior portions of the property addressing accessibility, functional obsolescence and deterioration.
In the statewide-pooled transaction, Greystone’s affordable housing preservation team worked closely with Winterwood, Inc., USDA’s Rural Housing Service (RHS) Headquarters and Kentucky State Offices, the Kentucky Housing Corporation (KHC), as well as CAHEC to coordinate and secure the financing needed to acquire and rehabilitate this at-risk and much-needed housing. In addition to the recapitalization and modernization, Greystone arranged for 253 units in the portfolio to utilize energy incentives and rebates available through Louisville Gas and Electric Company and Kentucky Utilities Company, achieving an energy efficiency improvement of more than 30 percent for participating units. All properties in the portfolio, ranging from 12 to 60 units, also leveraged the Multifamily Preservation and Revitalization Program through USDA. The MPR Program is a loan restructuring tool that provided debt with favorable financing, contributing to an overall rent decrease of $22 per unit across the portfolio.
For more information, please review Greystone’s press release.
Charla Jackson Peter
502-564-7630, ext. 454