Existing Affordable Rental Community in Rural Kentucky Preserved for Local Families | |
The Need for Affordable Housing | |
The number of individuals that cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than seven million affordable homes for the nation’s more than 10.8 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. The development of affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates. | |
Project Overview:
Indian Hills Village
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Indian Hills Village Apartments, constructed in 1973, is a 40-unit affordable rental community that recently underwent extensive renovations to preserve the property. Located in rural Fulton County, KY, the property serves families earning up to 60% of the Area's Median Income. The preservation of Indian Hills Village was critical for local families, as it is one of the only low-income properties in the area and has maintained 100% occupancy for the last several years.
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The rehabilitation of Indian Hills Village was possible through our collaboration with Wallick Communities, who served as the developer for the project. Wallick is an industry leader in affordable housing, with over 400 Low Income Housing Tax Credit (LIHTC) properties developed for families and seniors. Winterwood, Inc., one of the largest affordable housing management companies, will manage and oversee daily operations at the property. Jessica Somerfield, site manager at Indian Hills Village, highlights the impact on the community by stating that "this property helps give people who otherwise may not have that chance of having their own home, the opportunity to do so."
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Like the entire country, Kentucky is experiencing a severe affordable housing deficit for low-income renters. The National Low Income Housing Coalition estimates that in 2021 there was a shortage of nearly 90,000 units for the more than 165,000 households considered extremely low income, earning at or below 30% of the Area Median Income. Residents in rural areas of the state are particularly impacted by the lack of affordable rental options, often having to sacrifice other necessary resources to afford rent.
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Renovations at Indian Hills Village included new energy-efficient appliances in each unit. Updated flooring, doors, paint, and cabinetry modernized the interior and improved safety for residents. A brand new community building with laundry facilities, a kitchenette, and a computer room was built at the property as well as a covered picnic area and playground. These improvements, along with others done at the development, will ensure residents have access to safe and affordable housing that will last well into the future.
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Created by Congress as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (LIHTC) generates private capital investment used to finance the construction and rehabilitation of affordable rental housing for households earning on average 60 percent or less of the area median income. According to the Joint Center for Housing Studies at Harvard University, the housing tax credit is "widely regarded as the most successful housing production and preservation program in the nation's history." Since being enacted, the LIHTC program has helped develop more than 3.34 million affordable housing units. | |
In addition to providing safe, decent, and affordable housing for working-class families and seniors on limited incomes, the economic impact of the LIHTC program is visible in communities throughout the country. The development of affordable housing increases spending and employment in the local economy. Moreover, affordable housing can affect an employer's ability to attract and retain employees. LIHTC investment plays a significant role in community revitalization, which in turn can improve economic opportunities for local residents. | |
One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of safe and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in twelve states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its inception in 1992, CAHEC has raised and invested over $3 billion to help develop more than 38,000 affordable housing units. | |
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Copyright 2023 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
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