Louisville Affordable Housing Trust Fund
The 2017 Annual Report is now available. Please click here to download a copy.
The Louisville Metro Affordable Housing Trust Fund (LAHTF) was created by Metro Council as a way for Louisville to invest additional local public funds to address the affordable housing shortage for individuals such as working families, seniors, people with disabilities, veterans or others whose wages are not enough to maintain a stable place to live. A place to call home opens the door to opportunity and the whole community does better when everyone has a decent place to call home.
The Louisville Affordable Housing Trust Fund (LAHTF) has announced the allocation of FY18 funds. LAHTF allocated about $8.76 million to 22 different projects which will assist in the creation or preservation of 1,115 units to projects in 8 Metro Council Districts.
Because of Trust Fund dollars, 775 of these units will be updated and upgraded while maintaining their affordability. 340 of the units will be brand new, through new construction or renovation of a vacant property.
The allocation was celebrated at the ground breaking of Middletown Apartments, a project that was allocated FY18 funds, as well as funds from Louisville CARES. The Apartments will consist of 80 one, two and three bedroom units on Urton Lane.
LAHTF FY18 funds have been allocated as such:
- $175,000 to Winterwood Property Management for the renovation and rehab of the 27 unit Rivertown Apartments complex in District 6
- $1.74 million to LDG for the new construction of 158 units of a 316 unit multifamily apartment development in District 24
- $1 million to Housing Partnership Inc. (HPI) for the rehab of the 89 units at York Towers in District 4
- $450,000 to Habitat for Humanity of Metro Louisville for the new construction of 15 single family homes on vacant properties in Districts 1, 4, 5, and 16
- $350,000 to New Directions Housing Corporation and River City Housing for the renovation and rehab of 7 vacant single family homes in District 4
- $1 million to HPI and Urban Acupuncture for the new construction of a 24 unit multifamily development designed to house refugee families on a vacant property in District 5
- $30,000 to HPI for Operation Victory, a collaboration between HPI and local unions to build a home on a vacant property for the purposes of housing a homeless veteran
- $566,000 to Dayspring Community Living for the new construction of 3 single family homes on vacant properties in Districts 6 and 15, creating 9 single room occupancy housing units for the disabled
- $58,000 to House of Ruth and River City Housing for the new construction of a duplex on a vacant property in District 4
- $225,000 to HPI for the renovation and rehab of 11 vacant single family homes in District 4, 5 and 6
- $500,000 to Allied Argenta for the renovation and rehab of 125 units of the Henry Greene Apartments in District 4
- $1 million to Telesis Corp. for the renovation and rehab of 503 units at City View Park in District 4
- $250,000 to HPI for the new construction of the 80 unit Middletown Apartments in District 19
- $266,000 to Wabuck Co. for the renovation and rehab of the 16 unit Lions Arms I complex in District 1
- $200,000 to AME Church and Allied Argenta for the renovation and rehab of the 15 units Greater Community Apartments in District 5
- $300,000 to REBOUND, Inc. for the purchase and rehab of 4 vacant properties in District 4
- $189,000 to APK Development for the purchase and rehab of 5 vacant single family homes in Districts 1 and 5
- $330,000 to DF Property Holdings, LLC for the rehab of 11 vacant single family homes in Districts 4,5,6, and 15
- $100,000 to Blackrock, LLC for the rehab of 12 units of a vacant multifamily complex in District 4
- $34,000 to Yvonne and Crystal McAfee for the rehab of one vacant single family home in District 4
Additional funds were allocated to Homes of the Innocents ($10,000), HPI ($3,500) and Louisville Urban League ($15,000) for supportive housing services. $21,500 of the original FY18 $50,000 supporting housing services allocation still remains. Please click here to view the 2018 Funding Guidelines and here for the Funding Application.
By definition, supportive housing is a combination of housing and services intended as a cost-effective way to help people live more stable, productive live and is an active "community services and funding" stream across the United States. It is a "solution for vulnerable people to maintain their dignity and be part of a community." In short, it is a variety of programs designed to provide both housing and support to help vulnerable people live as independently as possible in their community and maintain their tenancies, hence tackling and preventing societal issues such as homelessness, poverty, mental health breakdowns and risk of abuse.
In the city's FY17 budget, the Louisville Affordable Housing Trust Fund (LAHTF) received $2.5 million for project development and administration. $2.25 million of those funds have been distributed to local organizations for the creation or preservation of affordable housing units. The breakdown of fund distribution is as follows:
$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 15.
$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, near the juncture of Billtown Road and the Gene Snyder Freeway, which will produce 216 affordable housing units.
What does the LAHTF do?
The LAHTF makes grants and loans to for-profit and not-for-profit developers, not to individuals.
Yes. The LAHTF has programs especially for the rehabilitation of vacant houses and apartments, as this is a top priority identified in our 2012 Needs Assessment.
The Trust has received one-time allocations from Louisville Metro Government and from corporate and individual donations. However, the Trust still lacks the key component that defines all housing trust funds – a source of dedicated ongoing public revenue. The Board of Directors recommends an increase to the insurance premium tax as that dedicated source. With a 1% increase in the insurance premium tax, Louisville will establish an estimated $10.15 million annually in dedicated public revenue for the LAHTF to help struggling families and individuals.
The LAHTF is designed to be flexible and respond to evolving community needs by giving grants and/or loans for affordable housing-related activities. Funding decisions are guided by the needs of the community, which are outlined in our 2012 Needs Assessment, and by LMCO 40.41-45. Decisions are made by a 13-member Board of Directors representative of the community, appointed by the Mayor and approved by Metro Council.
- Make existing homes in Louisville affordable and sustainable through energy-efficient rehabilitation of housing and the inclusion of green building principlesDevelop affordable rental housing for the lowest-income families
- Create additional affordable homes near places of employment and in neighborhoods that need workforce housing
- Increase homeownership opportunities through home buyer education, down payment assistance, reducing the cost of construction or rehab of single family homes, and assistance connecting homeowners to low-interest, no-interest, or forgivable partial loans
- Prevent Louisvillians from losing existing otherwise-affordable homes through foreclosure prevention, supportive housing services, and accessible rehabilitation
- Promote housing choice in all three rings of the city
Stable, decent, affordable housing for working families benefits homeowners, renters, neighborhoods, business and the community at large:
businesses that require a stable workforce;
neighborhoods that have been devastated by the foreclosure and vacant property crisis;
working families that need decent affordable housing and basic economic security;
and the community as a whole, due to the economic impact of the LAHTF and reduced crisis-care expenses related to unaffordable housing. Every $1 million invested in affordable housing in Louisville creates as many as 84 units of affordable housing, supports 112 jobs, and generates more than $6.4 million in local revenue.
The LAHTF can provide a variety of information to potential homeowners or renters, but it does not lend to individuals.
Click here to view a full list of LAHTF board members.