Mt. Washington: A Beacon of Transformation and Community Impact in Kentucky | |
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:
Mt. Washington
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In Bullitt County, Kentucky, near the towns of Mt. Washington, Brooks, Hillview, and Shepherdsville, is Mt. Washington Apartments, an affordable housing development catering to families earning below 60% of the Area Median Income. The 24-unit rental community was built in 1982 and has since provided the community with access to much-needed affordable housing.
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Mt. Washington had not undergone significant improvements since its original construction and its occupancy rates have faced challenges in recent years due to the property's condition. However, renovations completed between 2020-2021 led by the experts at Winterwood Development, Inc., have ensured the property has not only restored its optimal occupancy levels but also become a beacon of hope for those seeking affordable housing in the region.
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The rehabilitation project entailed a comprehensive scope of work, including but not limited to roof replacements, siding updates, HVAC unit replacements, and interior refurbishments. The landscaping and exterior of Mt. Washington Apartments also underwent significant renovations, including the addition of a new playground for residents to enjoy with their children.
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The rental market in Bullitt County has seen consistent growth over the past several years, with the population of families in the area increasing steadily. With an occupancy rate of 100% since the project's completion, Mt. Washington Apartments is set to serve the community as a high-quality, safe, and affordable housing option for many years to come.
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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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