Louisville CARES

Applications are being accepted for the Louisville Creating Affordable Residences for Economic Success (Louisville CARES) program. Louisville CARES consists of an $11 million revolving loan fund to provide gap and/or bridge financing to developers building affordable workforce housing or incorporating affordable workforce housing into market rate projects and a $1 million initiative through which Louisville Metro will purchase land near employment centers to be offered as an incentive for multi-family workforce rental housing development.

The program was developed to address the need for affordable, multi-family housing for households making 80% or less of the Area Median Income ($53,600 for a family of four). Louisville CARES is intended to address “cost burdening,” a situation in which a family spends more than 30% of its income for housing and utilities. In Louisville, approximately 60,000 families currently experience cost burdening.

Louisville CARES is being overseen by the Louisville Metro Office of Housing & Community Development, which is a part of Develop Louisville housed under Louisville Forward. The Louisville CARES loan review committee makes lending recommendations and is comprised of members of the Louisville Affordable Housing Trust Fund and Louisville Metro employees.

If you are interested in applying for Louisville CARES financing, please utilize the links below:

Policies, Procedures, and Fact Sheet
 
Application and Application Instructions
 
Application Attachments
 
Application Resources 
 
Underwriting Model Resources
 
The Louisville CARES Loan Review Committee will meet regularly on the fourth Wednesday of each month at 2 pm in Room 302 of the Metro Development Center (444 S. Fifth Street). The Louisville CARES Loan Committee will meet on the following dates in 2017:
 
January 25
February 22: The Loan Review Committee did not recieve an application for this month's meeting therefore it is cancelled.
March 22: The Loan Review Committee did not recieve an application for this month's meeting therefore it is cancelled.
April 26
May 24
June 28
July 26
August 23
September 27
October 25
December 13
 
Louisville CARES Conditional Commitments

1. Delphinium Apartments – At the May 2016 loan review committee meeting, a commitment of $1.93 million was issued to Integrated Services LLC for a proposed development of 21 three bedroom units located at 9406 Delphinium Street.                      Norton Commons Affordable Housing Information Sheet                                                                                                              Revised Master Plan For Norton Commons

2. Bristol Bluffs – At the May 2016 loan review committee meeting, a conditional commitment of $4 million was issued to LDG Multifamily LLC for a proposed development of 216 two and three bedroom units located at 6203 Gellhaus Lane.

3. Heritage Green Apartments – At the July 2016 loan review committee meeting, a commitment of $2 million was issued to Underhill Associates for the rehabilitation of 101 one, two and three bedroom units located at 100 East Southland Blvd.

4. 4th Street Apartments – At the September 2016 loan review committee meeting, a commitment of $1.57 million was issued to Power Encore LLC for a proposed development of 21 one and two bedroom units located at 535 South Fourth Street.

5. Middletown Apartments – At the January 25, 2017 loan review committee meeting, a conditional commitment of $850,000 was issued to The Housing Partnership for a proposed development of 80 one, two and three bedroom units located at 114 Urton Lane.

Projects Under Construction
4th Street Apartments – 535 South Fourth Street, Louisville, Kentucky  40202
Delphinium Apartments – 9406 Delphinium Street, Louisville, Kentucky  40059
Heritage Green Apartments – 100 East Southland Blvd., Louisville, KY  40214
 
Leasing Information
Bristol Bluffs Apartments
Winterwood, Inc.
Mendy Fryman
Phone: 859-977-9617
 
Delphinium Apartments
Winterwood Property Management                           
Wes Johnson                                                               
Phone: (859) 276-5388                                                 
 
The Housing Partnership
Laura Bettencourt
Phone: (502) 814-2721                                                                                   
 
Heritage Green Apartments
Meredithe Grace                                                         
mgrace@uhill.org                                                       
Phone: 502.367.0164
 
Jasmine Thompson
 
4th Street Apartments
Stacy Walton
 
For more information on Louisville CARES, please contact Office of Housing & Community Development Director Gabe Fritz at (502) 574-7703.