KHC Congratulates Partner for Receiving Rare HUD Funding
New Directions Housing Corporation One of 10 Included in Green and Resilient Retrofit Program Leading Edge Cohort for Multifamily Developments
Kentucky Housing Corporation (KHC) congratulates New Directions Housing Corporation on an outstanding accomplishment.
Recently, Directions Apartments in Louisville, a 106-unit development owned and managed by New Directions Housing Corporation, received $6.3 million as part of the U.S. Department of Housing and Urban Development’s (HUD) Green and Resilient Retrofit Program (GRRP) Leading Edge Cohort. It was one of only 10 properties in the nation and the only property in Kentucky to receive this second-round funding.
GRRP was created to upgrade older multifamily properties with newer technology, making them more energy efficient and eco-friendly. This provides a better living experience for the residents, who all receive federal rental assistance.
The Leading Edge Cohort is for projects with “plans for ambitious retrofit activities to achieve zero energy retrofits and an advanced green certification.” New Directions Housing Corporation is combining its GRRP funding with other grants and federal monies to accomplish the project.
As the state housing finance agency, KHC serves as the state housing authority tasked with administering project-based rental assistance. All of the residents in these types of developments receive Section 8 funding, and the properties must meet certain requirements and submit to routine inspections. Directions Apartments is one of the developments in KHC’s project-based rental assistance portfolio.
“We are proud to partner with New Directions,” said Winston Miller, KHC’s executive director and chief executive officer. “Their inclusion in the Green and Resilient Retrofit Program’s Leading Edge Cohort confirms what we already knew — they are an organization committed to excellence. By undertaking this massive rehabilitation project, they will enhance the living experience for their residents and lower their operational costs. It is a win-win for all involved, and we congratulate them on this award.”
