Louisville Metro awards $22.2 million for affordable housing
Mayor Craig Greenberg today announced that Louisville Metro Government has awarded $22.2 million to affordable housing developers to fund the creation of more than 700 new housing units, a minimum of 272 of which will be affordable.
Since January 2023, the city has dedicated $37.2 million for affordable housing as part of the Mayor’s initiative to build 15,000 affordable housing units over the next four years.
“During my campaign, I set the goal of creating 15,000 units of affordable housing across our city, and now as Mayor, my administration is taking action to make that happen,” said Mayor Greenberg. “Everyone has the right to safe and stable housing, and by growing our affordable housing stock, we are giving residents a choice in how and where they live.”
The following projects received funding:
- The Prestonian, a 345-unit mixed-income housing project from LDG Development, received $10 million to create 145 affordable housing apartments within the development.
- Beecher IV LLC was awarded $1 million, which will fund the creation of seven units within its 210-unit Phase IV redevelopment.
- Habitat for Humanity received $273,020 to construct four single-family homes.
- River City Housing was awarded $1,789,583 to renovate nine existing affordable single-family homes and construct five new ones.
- Family Scholar House was awarded $7 million to construct a 60-unit multi-family housing project called the Family Scholar House Medical Center Campus.
- Wellspring and Woda Cooper Companies received $2,187,697 to fund the creation of 42 affordable units as part of its 90-unit Bridlewood Crossing development.
Continued investment in housing and homelessness prevention
The Housing Needs Assessment, which was released in 2019, found that Louisville needs more than 31,000 new units of affordable housing to meet the demand for housing among the city’s lowest-income residents. The city has hired Mullin & Lonergan Associates of Pittsburgh to update the Housing Needs Assessment.
In addition to the funding awards announced today, Mayor Greenberg and Louisville Metro Council allocated $15 million to the Louisville Affordable Housing Trust Fund to set up a robust revolving loan fund for affordable housing projects and $1 million to purchase the Watson Lane Elementary School building in southwest Louisville for the purpose of redeveloping it into affordable housing.
Louisville Metro Government also has purchased the property along East Breckinridge Street, formerly the Vu Hotel and Guest House and C2 Event Space, which is being transformed into the Community Care Campus. The campus will include a medical respite facility that will be a safe place for hospitals to discharge patients experiencing homelessness and who require ongoing medical support. This facility also will provide 24/7 case management.