Affordable Housing Boost Announced: $223M to Build 953 Rental Units in Tornado-damaged Kentucky

Affordable Housing Boost Announced $223M to Build 953 Rental Units in Tornado-damaged Kentucky

Kentucky Gov. Andy Beshear, along with leaders from the state’s housing corporation and local communities, announced on Monday that over $223 million in bonds and grants will be allocated towards the reconstruction of rental homes in Bowling Green and other Western Kentucky communities affected by the tornado.

Devastating tornadoes wreaked havoc in December 2021, causing extensive damage to rental housing in the affected region. Particularly hard-hit were the affordable homes that catered to low-income families, with areas like Mayfield and Dawson Springs bearing the brunt of the destruction. According to local leaders, the area was already facing a shortage of homes even prior to the occurrence of the tornadoes.

Mayfield, Dawson Springs, Madisonville, Hopkinsville, and Bowling Green have joined forces to construct a combined total of 953 rental units. The governor’s office has released a statement indicating that the housing projects will implement income limits to ensure affordability for moderate- to low-income families. The majority of the rental units will feature two to three bedrooms.

A significant portion of the investment, approximately $135 million, will be sourced from tax-free bonds provided by the Kentucky Housing Corp., the state’s public housing company, to private housing developers. The Kentucky Department for Local Government is distributing an additional nearly $60 million in government grant funds.

The U.S. Department of Housing and Urban Development provided a significant grant, which constituted a substantial portion of the funding allocated last year. State and national housing trust funds, additional government grants, and anticipated equity from tax credits are among the various sources of funding.

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