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As the partial federal government shutdown continues, KHC is committed to supporting those who rely on our programs for their housing needs, and we will continue our work to meet these needs. For more information about the shutdown, please visit the Impact of Partial Federal Government Shutdown page on KHC’s website.
 

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Summit Aimed at Preserving State’s Affordable Rental Housing

 

FRANKFORT, 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 housing.

 

To 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.

 

Across 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 renovation.

 

“Every 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.”

 

This 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 Recapitalization, responsible 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.”

 

To tackle this preservation challenge, KHC will partner with funders, developers, and property owners.

 

“It 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.

Data 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.

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www.kyhousing.org

 

Kentucky 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.

 

Kentucky Housing 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.