19Dec

FOR IMMEDIATE RELEASE
December 19, 2016

Media Contact:
Will Ford 502-574-5170
Jessica Wethington 502-574-5174

Louisville Affordable Housing Trust Fund allocates FY17 funds
$2.35 million will assist in creating 326 affordable housing units

LOUISVILLE, KY (December 19, 2016)—Mayor Greg Fischer joined the Louisville Affordable Housing Trust Fund (LAHTF) today to announce the recipients of LAHTF funds that were allocated in the FY17 budget. A total of $2.35 million will be distributed to six local agencies to supplement the financing of 326 affordable housing units.

“In Louisville, we define compassion as helping our fellow Louisvillians reach their full human potential. And that includes ensuring that their basic needs, including housing, are met,” Mayor Fischer said. “That’s why this year, we allocated more money for the Affordable Housing Trust Fund than ever before and it’s exciting to see today how those dollars are being spent.”

Projects funded include:

  • $125,000 to Habitat for Humanity for gap funding for construction of five homes on vacant lots in Council Districts 5, 15, and 16.
  • $477,000 to the Chestnut Street Family YMCA for the rehabilitation and preservation of 41 units of single-room occupancy housing in District 4.
  • $60,000 to River City Housing for gap funding to rehab two homes in District 1.
  • $641,114 to Backtrack Inc. to rehab and preserve 40 senior multi-family units in District 14.
  • $546,886 to Housing Partnership Inc. to acquire and rehab 22 single family homes in the California, Russell and Portland neighborhoods.
  • $500,000 to LDG Multifamily LLC for gap funding for the Bristol Bluffs project, which will produce 216 affordable housing units.

In total, LAHTF was allocated $2.5 million. The funds not being used to help rehab or build units will support program administration and establish a grant pool for supportive services grants.

“We are excited to be able to fund the types of projects that have been presented and also understand that, without the flexible type of funding available through the Trust Fund, some of these projects would not be able to go forward,” said Christie McCravy, director of the Louisville Affordable Housing Trust Fund. “With the number of persons in our community cost-burdened due to the lack of affordable housing increasing, it is our hope that more funds will be made available to address the crisis in our community.”

“We have long known that there is a severe shortage of affordable housing in Louisville.  The trust fund’s experience this year has proven that good projects are waiting to be built if funding is available,” District 9 Councilman and LAHTF board member Bill Hollander said. “As we celebrate another step on the path to providing more Louisville residents – including many working families – with safe, decent places to live, we all recognize that we have much more to do to meet the need.

For more information on the Louisville Affordable Housing Trust Fund, please visit https://louisvilleky.gov/government/housing-community-development/louisville-affordable-housing-trust-fund