Kentucky governor to build 953 rental houses
Real Estate

Kentucky governor to build 953 rental houses

Kentucky Governor Andy Beshear unveiled plans to address the chronic shortage of rental housing in the state, particularly in the aftermath of a devastating tornado outbreak in late 2021. The governor revealed a ground-breaking initiative to construct 953 rental housing units across four counties in the region: Christian, Graves, Hopkins, and Warren.

To help towns not just survive but thrive, affordable housing is crucial, Beshear emphasised. For those survivors who may not have owned their homes or qualified for certain FEMA or insurance funding, there was a gap. And admittedly, it was a gap that kept me up at night.

This $223 million project is a collaborative effort between the state's housing finance agency, the Kentucky Housing Corp., and the state Department for Local Government. The funding, sourced from KHC and the state's disaster recovery program, will facilitate the development of the largest housing project undertaken by both of the agencies, focusing on disaster recovery and expanding access to affordable housing in western Kentucky.

Private developers will receive funding to construct apartment complexes, offering units to moderate- and low-income families at affordable rents. The majority of units will feature 2-3 bedrooms, with a mix of 4-bedroom and single-bedroom units. Construction is slated to commence no later than spring 2025, with applications for leasing becoming available as completion approaches.

In the heavily impacted town of Mayfield, 122 rental units will be erected to aid those still grappling with the aftermath of the December 2021 tornado. Mayor Kathy O'Nan emphasised that these units will provide much-needed relief to vulnerable individuals and families who have endured significant hardships.

The initiative spans across 11 projects in the designated counties, with Bowling Green set to receive the largest share of rental units at 635. Other areas, including Dawson Springs, Hopkinsville, and Madisonville, will also benefit from additional rental units. Beshear emphasised the on-going need for rental housing to support the state's economic development growth and address housing demands resulting from weather-related disasters.

Beshear reaffirmed his commitment to rebuilding lives and communities affected by natural disasters, reflecting on the devastating tornado outbreak that claimed 81 lives in Kentucky. As the state continues its recovery efforts, Beshear remains dedicated to addressing housing needs across the state, including on-going projects in eastern Kentucky impacted by severe flooding in 2022.

(Source: ET)

Kentucky Governor Andy Beshear unveiled plans to address the chronic shortage of rental housing in the state, particularly in the aftermath of a devastating tornado outbreak in late 2021. The governor revealed a ground-breaking initiative to construct 953 rental housing units across four counties in the region: Christian, Graves, Hopkins, and Warren. To help towns not just survive but thrive, affordable housing is crucial, Beshear emphasised. For those survivors who may not have owned their homes or qualified for certain FEMA or insurance funding, there was a gap. And admittedly, it was a gap that kept me up at night. This $223 million project is a collaborative effort between the state's housing finance agency, the Kentucky Housing Corp., and the state Department for Local Government. The funding, sourced from KHC and the state's disaster recovery program, will facilitate the development of the largest housing project undertaken by both of the agencies, focusing on disaster recovery and expanding access to affordable housing in western Kentucky. Private developers will receive funding to construct apartment complexes, offering units to moderate- and low-income families at affordable rents. The majority of units will feature 2-3 bedrooms, with a mix of 4-bedroom and single-bedroom units. Construction is slated to commence no later than spring 2025, with applications for leasing becoming available as completion approaches. In the heavily impacted town of Mayfield, 122 rental units will be erected to aid those still grappling with the aftermath of the December 2021 tornado. Mayor Kathy O'Nan emphasised that these units will provide much-needed relief to vulnerable individuals and families who have endured significant hardships. The initiative spans across 11 projects in the designated counties, with Bowling Green set to receive the largest share of rental units at 635. Other areas, including Dawson Springs, Hopkinsville, and Madisonville, will also benefit from additional rental units. Beshear emphasised the on-going need for rental housing to support the state's economic development growth and address housing demands resulting from weather-related disasters. Beshear reaffirmed his commitment to rebuilding lives and communities affected by natural disasters, reflecting on the devastating tornado outbreak that claimed 81 lives in Kentucky. As the state continues its recovery efforts, Beshear remains dedicated to addressing housing needs across the state, including on-going projects in eastern Kentucky impacted by severe flooding in 2022. (Source: ET)

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