KHC Joins Celebration for 80-Unit Affordable, Permanent Supportive Housing Development in Louisville
FRANKFORT, Kentucky — Kentucky Housing Corporation (KHC) joined Lt. Gov. Jacqueline Coleman, Mayor Craig Greenberg and other state and local officials today to break ground on Monarch Station, an 80-unit affordable housing complex being developed by Volunteers of America Mid-States, Inc. and Beargrass Development LLC.
The project is filling a gap in the market. Jefferson County needs roughly 21,000 rental units to meet the needs of its lowest-income tenant population and expects that number to grow to nearly 22,500 by 2025, according to the Kentucky Housing Supply Gap Analysis that KHC conducted in 2024.
“If you work in affordable housing, you know that we are facing a formidable affordable housing shortage across Kentucky,” said Terry Helton, managing director of multifamily programs, at today’s groundbreaking. “Funding developments like Monarch Station are critical to begin chiseling away at that gap.”
Still, many Louisville renters cannot afford housing. More than 40 percent of households spend more than 30 percent of their income on rent causing an undue burden, according to the City of Louisville 2023 Housing Needs Assessment. Many lower-income families are priced out of the area.
Monarch Station was developed to address those concerns. The property will provide 20 units of permanent supportive housing for residents at risk of homelessness, who are homeless, and those experiencing chronic homelessness. They will receive stable housing and services from the Louisville Coalition for the Homeless. The remaining 60 units will be a mix of one-bedroom, two-bedroom, and three-bedroom units.
KHC invested $1.3 million in 9% Low Income Housing Tax Credits (LIHTC) for the development of Monarch Station. Support was also provided by the Louisville Affordable Housing Trust Fund and HOPE of the Midwest, among others. Caudill Seed Company donated the land.
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.
