Louisville CARES

The application for the Louisville Creating Affordable Residences for Economic Success (Louisville CARES) program is 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, 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

The Louisville CARES Loan Review Committee meets on the third Thursday of each month at 3 p.m. in the 5th floor conference room of 444 South Fifth Street. 

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.
  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. The Edge on 4 – At the September 2016 loan review committee meeting, a commitment of $1.57 million was issued to Power Encore LLC for the development of 21 one- and two-bedroom units located at 535 South Fourth Street.
  4. Middletown Apartments – At the January 2017 loan review committee meeting, a conditional commitment of $850,000 was issued to The Housing Partnership for the development of 80 one, two- and three-bedroom units located at 114 Urton Lane.
  5. Riverport Family Apartments – At the April 2017 loan review committee meeting, a conditional commitment of $1 million to The Marian Group & LDG Development for the development of 240 one, two- and three-bedrooms units in Riverport Landing. 
  6. Vesta Derby Oaks – At the August 2018 loan review committee meeting, a conditional commitment of $3.5 million to Middleburg Partners for the rehabilitation of 101 one, two- and three-bedroom units. The entire project consists of the rehabilitation 556 affordable units. 
  7. Shared Equity Model – At the May 2020 loan review committee meeting, $500,000 was committed to fund a Shared Equity Model pilot program. Shared equity homeownership is a self-sustaining model that takes a one-time public investment to make a home affordable for a lower-income family and then regulates the equity each time it is sold to keep it affordable for subsequent low-income families who purchase the home.
  8. Oracle 50 – At the July 2020 loan review committee meeting, a conditional commitment of $500,000 to the Housing Partnership, Inc. was issued for the rehabilitation of 16 single family homes for rental.
  9. Oracle 64 – At the August 2020 loan review committee meeting, a conditional commitment of $1,800,000 to the Housing Partnership, Inc. was issued for the rehabilitation of 37 single family homes for rental.
  10. Jefferson’s Landing – At the December 2020 loan review committee meeting, a conditional commitment of $2,000,000 to LDG Development, LLC was issued for the development of 240 affordable units located at 1014 Jefferson View Way.
  11. New Vision III – At the January 2021 loan review committee meeting, a conditional commitment of $330,200 to APK Development and Construction, LLC was issued for the rehabilitation of 8 affordable units located at 7413 & 7415 Feyhurst Drive.
  12. Starks Artist Lofts – At the August 2021 loan review committee meeting, a conditional commitment of $1,029,000 to Starks Redevelopment Company LLC was issued for the rehabilitation of 24 affordable units located at 455 S. 4th Street.

 

Projects Complete
  • Delphinium Apartments
  • Bristol Bluffs
  • The Edge on 4
  • Middletown Apartments
  • Riverport Family Apartments
  • Vesta/Derby Oaks
  • Oracle 64
Projects Under Construction
  • Oracle 50
  • Jefferson’s Landing
  • New Vision III

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                                       

The Edge on 4
555 S. 4th Street
Louisville, KY 40202
(502) 834-5750
[email protected]
www.edgeon4.com

Riverport Landings Family Apartments
Solstice Property Management
(502) 473-6588

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