Louisville Affordable Housing Trust Fund

The Louisville Affordable Housing Trust Fund was created by Metro Council in 2008 to address the affordable housing shortage for working families, low-income families, seniors and individuals with disabilities, and veterans. 

The Trust facilitates the development and rehabilitation of decent, affordable housing through grants and loans, providing technical support, and enabling builders and developers to construct affordable housing with less financial risk. Since its creation, the LAHTF has assisted in the financing of 38 affordable units and will soon assist in the creation/preservation of 326 more!

In the city's FY17 budget, the Louisville Affordable Housing Trust Fund (LAHTF) received $2.5 million for project development and administration. $2.25 million of those funds have been distributed to local organizations for the creation or preservation of affordable housing units.

The breakdown of fund distribution is as follows:

  • $125,000 to Habitat for Humanity for gap funding for construction of five homes on vacant lots in Council Districts 5, 15, and 16. 
  • $477,000 to the Chestnut Street Family YMCA for the rehabilitation and preservation of 41 units of single-room occupancy housing in District 4. 
  • $60,000 to River City Housing for gap funding to rehab two homes in District 1. 
  • $641,114 to Backtrack Inc. to rehab and preserve 40 senior multi-family units in District 15. 
  • $546,886 to Housing Partnership Inc. to acquire and rehab 22 single family homes in the California, Russell and Portland neighborhoods. 
  • $500,000 to LDG Multifamily LLC for gap funding for the Bristol Bluffs project, near the juncture of Billtown Road and the Gene Snyder Freeway, which will produce 216 affordable housing units. 

The funds not being used to help rehab or build units will support program administration and establish a grant pool for supportive services grants.

The Trust currently receives funding through one-time allocations from the Louisville Metro Government and corporate and individual donors. The Board of Directors recommends establishing a dedicated funding source for the Trust. By increasing the insurance premium tax by 1%, Louisville will establish an estimated $10.15 million annually for the LAHTF to help struggling families and individuals.

Contributed By: 
National Housing Trust

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