Metro Council approves forgivable loan to Habitat for Humanity for the Russell neighborhood

September 3, 2020

Louisville - By a unanimous vote, the Louisville Metro Council approves a $198,000 forgivable loan to Habitat for Humanity which will continue the construction of five single-family homes in the Russell Neighborhood.

“I want to thank my colleagues for their support. Habitat for Humanity is a wonderful partner whose volunteers continue their work in helping new homeowners rebuild our neighborhoods,” said Councilwoman Barbara Sexton Smith (D-4). “This ordinance is an investment designed to spur growth and confidence in our neighborhoods with a solid partnership between local government and one of our cherished nonprofits.”

The ordinance forgives the loan and allows Habitat to move forward with the following plan:

Construction of 5 single family homes
Homes are being built at Market Rate, low $120,000
Approximately 1200 sq. ft each
The houses are being built between 20th Street – 22nd Street, between Muhammad Ali and Jefferson
Habitat will continue to seek additional lots in the area.

“Habitat is grateful for the opportunity to continue our work building quality homes in the Russell neighborhood.  We have helped more than 525 families build and buy their homes in Metro Louisville.  130 of those homeowners have invested in the Russell neighborhood and this project will give 5 more deserving families access to the power of homeownership,” said Rob Locke, Chief Executive Officer of Habitat for Humanity.

“This represents more than five new homes in our Russell Neighborhood, it is a path forward to home ownership and wealth creation,” said Sexton Smith.

To see a copy of the ordinance, go to: https://louisvilleky.gov/sites/default/files/metro_council/members/4/pdf...

 

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