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:
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.