Skip to main navigation Skip to main content
Our hearts are with all of the victims and families who have been impacted by the devastation of Hurricane Harvey. In the wake of this storm, we stand with our fellow neighbors with Hurricane Harvey Relief Resources to help those who have been displaced.

News/Events

2008 Housing Credit and Rental Production Funding Awards

For Immediate Release

Contact:  Charla Jackson Peter

March 31, 2008

(502) 564-7630, extension 454

2008 Housing Credit and Rental Production Funding Awards

Kentucky Housing Corporation has announced the latest round of funding from the Affordable Housing Trust Fund (AHTF), HOME Investment Partnerships (HOME) Program, Small Multifamily Affordable Loan (SMAL) Program and Low Income Housing Tax Credits (Housing Credit).  Twenty-nine recipient projects around the state will create 1,043 total units of affordable housing in Kentucky communities.  Total program funding amounts are $3,993,856 AHTF; $3,951,915 HOME; $500,000 SMAL; and $7,284,306 Housing Credit.

KY-08-007         AU Associates, Inc.

First Presbyterian Church Apartments
179-185 Market St., Lexington, KY 
Project County:  Fayette
Units:  10
Annual Allocation:  $110,000
AHTF Funding:  $100,000
Contact: Martha Dryden

KY-08-006         AU Associates, Inc. 

Oliver School Apartments
30 Oliver St., Winchester, KY
Project County:  Clark
Units:  11
Annual Allocation:  $130,197
Contact: Martha Dryden

KY-08-012         AU Associates, Inc.

Beattyville School Apartments
58 E. Center St., Beattyville, KY
Project County:  Lee
Units:  18
Annual Allocation:  $198,000
AHTF Funding:  $180,000
Contact: Martha Dryden

KY-08-043         Model Property Development, LLC

Eastside Revitalization II
Scattered Sites, Covington, KY
Project County:  Scattered
Units:  35
Annual Allocation:  $379,000
AHTF Funding:  $297,000
Contact: Arthur Reckman

KY-08-045         Redwood Development and Consulting, LLC

Olive Grove II
115–135 E. Walnut St., Danville, KY
Project County:  Boyle
Units:  11
Annual Allocation:  $99,100
HOME Funding:   $130,000
Contact: Charles Raffay

KY-08-026         Housing Assistance and Development Services, Inc.

Marita Manor
510–520 Tenth Ave. West, Bowling Green, KY
Project County:  Warren
Units:  32
Annual Allocation:  $352,000
AHTF Funding:  $342,546
Contact: Garry Watkins

KY-08-052         Apple Patch, Inc.

Harvesting Hope II
7408-A Highway 329, Crestwood, KY
Project County:  Oldham
Units:  18
Annual Allocation:  $45,006
Contact: Chris Stevenson

KY-08-053         Parkland Manor, Inc.

Bear Creek of Leitchfield
126 Thomas Dr., Leitchfield, KY
Project County:  Grayson
Units:  24
Annual Allocation:  $102,728
AHTF Funding:  $75,015
Contact: George Basham                       

KY-08-020         Wabuck Development Company, Inc.

Caleb Cottages, Ltd.
Watson St. and Gilbert St., Corbin, KY
Project County:  Knox
Units:  32
Annual Allocation:  $352,000
HOME Funding:   $339,027
Contact: Garry Watkins

KY-08-073         Marian Development Group, LLC

Coventry Commons Phase II
4510 Cane Run Rd., Louisville, KY
Project County:  Jefferson
Units:  70
Annual Allocation:  $435,071
AHTF Funding:  $320,000
Contact: Linda Arnold

KY-08-023         LDG Development, LLC

Whispering Woods Apartments Phase II
4600 Tipsy Cir., Louisville, KY
Project County:  Jefferson
Units:  50
Annual Allocation:  $457,995
Contact: Chris Dischinger

KY-08-028         Wabuck Development Company, Inc.

Teresa Terrace
Noah Bledsoe Rd., Smith Grove, KY
Project County:  Edmonson
Units:  24
Annual Allocation:  $231,069
HOME Funding:   $614,388
Contact: Garry Watkins

KY-08-032         Appalachian Foothills Housing Agency, Inc.

Riverside 
1214 Riverside Blvd., Wurtland, KY
Project County:  Greenup
Units:  38
Annual Allocation:  $372,400
AHTF Funding:  $250,000
Contact: Diane Blankenship

APP08-0008      D.L. & Associates, Inc.

Park Place Senior Apartments
Gordon Dr., Auburn, KY
Project County:  Logan
Units:  11
HOME Funding:  $713,500
SMAL Funding:  $250,000
Contact: Linda Estes

KY-08-033         Pennyroyal Housing Alternatives, Inc.

Pennyroyal Mississippi Delta Region Permanent Supportive Housing
Scattered Sites, KY
Project County:  Scattered
Units:  20
Annual Allocation:  $196,000
AHTF Funding:  $423,086
Contact: Stephanie Sweeney

KY-08-075         The Woda Group, LLC/Mountain Housing Corp.

Preston’s Crossing
Town Branch Road/County Rd. 3384, Prestonsburg, KY
Project County:  Floyd
Units:  24
Annual Allocation:  $235,200
HOME Funding:  $550,000
Contact: Thomas Simons

KY-08-057         The Housing Partnership Inc.

KDVA Homes 08
Scattered Sites, KY
Project County:  Scattered
Units:  34
Annual Allocation:  $453,793
AHTF Funding:  $500,000
Contact: Mike Hynes

KY-08-034         Property Group of America Fund, LLC

Bracken Creek Apartments
109 Bracken Creek Ct., Augusta, KY
Project County:  Bracken
Units:  40
Annual Allocation:  $219,227
Contact: Tim Birk

KY-07-056         The Housing Partnership Inc.

KDVA Homes 07
Scattered Sites, KY      
Project County:  Scattered
Units:  38
AHTF Funding:  $500,000
Contact: Mike Hynes

APP08-0069      D.L. & Associates, Inc.

Pine Ridge Senior Apartments
Williamsburg St., Whitley City, KY
Project County:  McCreary
Units:  11
HOME Funding:  $805,000
SMAL Funding:  $250,000
Contact: Linda Estes

APP08-0039      Newport Millennium Housing Corporation, Inc.

City Wide Housing, Ltd.
Scattered Sites, Newport, KY
Project County:  Scattered
Units:  103
AHTF Funding:  $400,000
Contact: Joseph Condit

KY-08-018         Lexington Homeownership Commission, Inc.

Bluegrass Phase IV Apartments
634 E. Sixth St., Lexington, KY
Project County:  Fayette
Units:  88
Annual Allocation:  $488,400
Contact: Kathy Garriott

KY-08-015         Lexington Homeownership Commission, Inc.

Falcon Crest Apartments
300 New Circle Rd. NW, Lexington, KY
Project County:  Fayette
Units:  72
Annual Allocation:  $26,120
Contact: Kathy Garriott

KY-08-041         KY River Community Care

DAC Pin Oak
Scattered Sites, KY
Project County:  Scattered
Units:  44
Annual Allocation:  $530,000
Contact: James King

KY-08-055         Society of St. Vincent DePaul

Society of St. Vincent DePaul Homes
Block Bounded by Kentucky St. and Jackson St., Louisville, KY
Project County:  Jefferson
Units:  54
Annual Allocation:  $594,000
Contact: Mike Hynes

APP08-0061      KY River Foothills Development Council, Inc.

Holly Street Apartments
132 Holly St., Richmond, KY
Project County:  Madison|
Units:  11
HOME Funding:  $800,000
AHTF Funding:  $306,209
Contact: Vonda Poynter

KY-08-048         Oracle Consulting, LLC 

Brook Street Apartments
1251 S. Brook St., Louisville, KY
Project County:  Jefferson
Units:  37
Annual Allocation:  $418,000
Contact: Caryn Winter

KY-08-050         Fayette County Local Development Corporation

Russell School Apartments
201 W. Fifth St., Lexington, KY
Project County:  Fayette
Units:  27
Annual Allocation:  $297,000
AHTF Funding:  $300,000
Contact: Kathy Garriott

KY-08-044         Redwood Development and Consulting

Phoenix Apartments
1060 Cross Keys, Lexington, KY
Project County:  Fayette
Units:  56
Annual Allocation:  $575,000
Contact: Maria Raffay

The AHTF was established in 1992 by the Kentucky General Assembly without a permanent funding source to address the critical housing needs of very low-income Kentuckians, including the mentally and physically disabled and those on the verge of homelessness.  The 2006 Kentucky General Assembly passed legislation designating mortgage-related county clerk document recording fees as a permanent funding source for the AHTF.  The fund supports developments that assist persons at or below 60 percent of the area median income with a preference to help persons at or below 30 percent of the area median income.

Created by the National Affordable Housing Act of 1990, the HOME Program provides funding for various types of affordable housing production and rehabilitation.  HOME is the largest federal block grant program designed exclusively to create affordable housing for low-income households.  The program’s flexibility empowers agencies and communities to design and implement programs tailored to their own needs and priorities.  Its emphasis on consolidated planning expands and strengthens partnerships among all levels of government and the private sector.

The SMAL Program was created to increase the supply of affordable rental housing in Kentucky.  With SMAL, construction financing loans are offered to developers at extremely low rates, enabling them to build rental housing of 11 units or less at lower costs, thereby making it affordable for Kentuckians with limited incomes.  The program is extremely flexible and can be combined with other Kentucky Housing financing to reach lower-income families.

Housing Credits, administered in the state by Kentucky Housing Corporation, was introduced as part of the Tax Reform Act of 1986 to promote the development of low-income rental housing through tax incentives.  The program offers eligible property owners a ten-year tax credit for each unit rented by low-income families.  These credits will generate approximately $60,000,000 in equity that will be used by these projects.

For more information about the AHTF, HOME Program, SMAL program or Housing Credits, contact Tammy Stansbury toll-free in Kentucky at (800) 633-8896 or (502) 564-7630, extension 411; TTY 711; or e-mail tstansbury@kyhousing.org.

-30-


Kentucky Housing Corporation - 1231 Louisville Road - Frankfort - Ky 40601-6191
www.kyhousing.org

Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities. As a self-supporting, public corporation, Kentucky Housing offers lower-than-market rate 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 in employment based on race, color, religion, sex, national origin, sexual orientation, gender identity, ancestry, age, disability or veteran status.