Kentucky Housing Corporation Announces
Latest Project Funding

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 Credits).  Sixteen recipients around the state will receive nearly $9 million to fund housing developments in their communities and produce approximately 631 units of affordable housing.  The list of recipients is attached.

“Because housing is a basic human need,” said Governor Ernie Fletcher, “we are thankful for these funds to help us create more affordable housing for Kentuckians in need.”

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 million 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 email tstansbury@kyhousing.org.

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.

Kentucky Housing CorporationAHTF, HOME, SMAL and HC Recipients