Louisville CARES

For a presentation on the 2018 Louisville CARES funding, please click here
To submit a pre-application for requesting funds from Louisville CARES, click here

The full application for the Louisville Creating Affordable Residences for Economic Success (Louisville CARES) program is now open to applicants who have submitted the pre-application and been invited to complete the full application. Louisville CARES consists of a 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 an 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. 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. 
 
Louisville CARES is 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 staff from the Louisville Affordable Housing Trust Fund and Louisville Metro.
 
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
 
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 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.

6. Riverport Family Apartments – At the April 2017 loan review committee meeting, a conditional commitment of $650,000 to The Marian Group & LDG Development for a proposed development of 240 one, two and three bedrooms units in Riverport Landing. An additional commitment of $350,000 was made to this proposed development in the next funding cycle. 

Projects Under Construction
4th Street Apartments: 535 South Fourth Street
Delphinium Apartments: 9406 Delphinium Street
Heritage Green Apartments: 100 East Southland Boulevard
Riverport Family Apartment: 4646 Cane Run Road
 
Leasing Information
Bristol Bluffs Apartments
Winterwood, Inc.
Stacy Cole
502-888-1200
 
Delphinium Apartments
Winterwood Property Management                           
923 S. 2nd St, #106
Louisville, KY 40203                                                         
Phone: (502) 414-4209
Fax: (502) 324-4640                                       
 
Heritage Green Apartments
Meredithe Grace                                                         
mgrace@uhill.org                                                       
Phone: (502) 367-0164
 
Jasmine Thompson
 
4th Street Apartments
Stacy Walton
 
Riverport Landings Family Apartments 
Solstice Property Management
502-473-6588
 
For more information on Louisville CARES, please contact Office of Housing & Community Development Director Gabe Fritz at 574-7703 or Marilyn Harris at 574-3737.