Fahe’s Community Lending division has saved 92 units of affordable housing in Danville, KY by assisting Louisville-based SOCAYR in purchasing the Long Run Community Apartments from an absentee owner living in South America.
The Long Run Community Apartments represents a significant portion of the affordable housing in the area. By helping SOCAYR with the purchase, we are ensuring the apartments will be under the care of a local entity better suited with dealing with the needs of the tenants.
Unfortunately, lack of proper care has left the apartment buildings in poor conditions. Despite the conditions, the housing situation in Danville is such that there is a high demand for the units. In light of the needed changes, SOCAYR will also be accessing Fahe’s Community Loan Fund in order to provide necessary repairs to ensure the health and safety of the residents and the lifespan of the apartments. SOCAYR will be utilizing our Community Loan Fund for the following:
- Replacement of all 762 windows with energy efficient windows
- Repair and replacement of roofing, including mansard
- Replacement of 49 HVAC units with high efficiency units (the remainder have been upgraded over the years)
- Replacement of fascia board
- Installation/repair of all guttering
- Replacement of 66 entry doors insulated steel doors
- Upgrade and expansion of laundry facility
- Installation of handicap access to office/laundry
It’s easy to see that with hard work and the proper care, these apartments can return to being a vibrant, safe, and desirable place for families to live. Everyone deserves a quality home and we hope to help provide that for the residents of Danville.
For more information about the Long Run Community Apartments and our Community Lending division, please contact David Howard, our VP of Equity and Community Lending, at firstname.lastname@example.org.