Aimed at Preserving State’s Affordable Rental Housing
Ky.—In just over five years, Kentucky Housing Corporation (KHC) estimates the
Commonwealth could risk losing more than 49,000 rent-restricted units. If those
units disappear, many Kentuckians would not be able to afford safe, quality
ensure Kentucky families do not lose their homes, KHC hosted the Kentucky
Preservation Summit on October 28, 2014. Over 130 housing industry stakeholders
gathered in Frankfort to collaborate on solutions to preserve at-risk
affordable apartments. Participants included housing developers, property
managers, bankers, nonprofits, representatives from the U.S. Department of
Housing and Urban Development (HUD), USDA Rural Development, and other funders.
Kentucky, thousands of apartments for low- and moderate-income households have
been built by the private sector using federal, state, and local resources.
Many were built 20-30 years ago, and the restrictions keeping rents affordable
have or will soon expire. Other properties are simply old and need repairs or
at-risk apartment could result in an at-risk family,” said J. Kathryn Peters,
executive director of KHC. “Any apartment complex lost to disrepair or
foreclosure will be a detriment to its community.”
summit comes as preservation of affordable housing finds itself on the national
stage. Many state housing agencies are focused on such preservation measures, as
is HUD. HUD recently created the Office of
for preserving and recapitalizing federally-assisted affordable housing, as
well as ensuring the long-term viability of affordable rental housing.
“Preservation is complicated,” said Rob Ellis, deputy
executive director for Housing Production and Programs at KHC. “These projects
can have multiple sets of regulations and restrictions to navigate, complex
ownership structures, and a need for increasingly scarce federal funding.”
tackle this preservation challenge, KHC will partner with funders, developers,
and property owners.
is only by our partners working together that we can hope to maintain the
quality housing available to Kentuckians at all income levels,” said Andrew
Hawes, managing director of Multifamily Programs at KHC.
about the current state of rental housing in Kentucky, including the
presentation from today’s summit, is available on KHC’s website, under
Development, Multifamily, Preserve Housing. Future developments on the
preservation of Kentucky’s affordable housing will be available on KHC’s
website or shared in their digital newsletter, available on KHC’s homepage,
under Quick Links, eGram.
Housing Corporation, the state housing finance agency, was created by the 1972
General Assembly to provide safe, quality, affordable housing
opportunities. As a self-supporting, public corporation, Kentucky Housing
offers home mortgages, housing production financing, homeownership
education/counseling, rental assistance, housing rehabilitation, and supportive
housing programs for special needs populations.
Corporation prohibits discrimination on the basis of race; color; religion;
sex; national origin; sexual orientation or gender identity; ancestry; age;
disability; or marital, familial, or veteran status.
For more information, contact:
Kentucky Housing Corporation | 1231 Louisville Rd., Frankfort,
502-564-7630; 800-633-8896 (KY only); TTY 711