A new housing initiative in Louisville, KY, has got us at UPholdings excited: Brookside Apartments, a proposed 47-unit development in a high-opportunity area of Louisville. The project is located near important employment centers in Jefferson County, and has established connections to key workforce development agencies in the area to provide workforce housing to address the housing need for the growing local workforce.
By electing the ‘income-averaging’ set-aside, Brookside is able to serve residents earning up to 80% AMI, which opens up the project to working families and helps address the ‘cliff effect’ wherein families are made to choose between an increase in income and their ability to access services (in this case, LIHTC-subsidized housing).
UPholdings has secured local funds and subsidy commitments for the project, and has recently submitted a LIHTC application to the Kentucky Housing Corporation. The project is competitive, and should it be awarded tax credits, we expect to break ground by next year. Stay tuned!
