Multi-family housing refers to housing where multiple units are available for individuals or families and are contained within one building or several building within one complex. Appalachia has a dire need for more affordable multi- family housing. Fahe Consulting works with public and private entities to obtain funding to provide these much needed housing options.
Fahe Consulting has experience in a variety of different types of multi-family housing ranging from rehabbed school buildings turned apartments to helping to develop drug addiction recovery centers. See below for a list of some of the projects we have helped get funding.
Richmond – Liberty Place Recovery Center – Recovery Kentucky Program utilized a combination of funding sources including Low Income Housing Tax Credits (LIHTC), Federal Home Loan Bank (FHLB), Affordable Housing Trust Fund (AHTF), and HOME to construct a 100-bed facility for women who are battling substance abuse. Located in the Linden Street Revitalization target area, Kentucky River Foothills Development Council (KRFDC) and the City of Richmond partnered to accomplish this 5 million dollar project as a capstone for the city’s revitalization efforts. The operations are funded in part by Community Development Block Grant (CDBG) funds and the Department of Corrections.
Richmond-Tipton Court-CDBG funds were granted to the City of Richmond for eliminating dilapidated housing and replacing it with 10 new energy efficient units for elderly Richmond residents. Pioneer Housing is the non-profit developer.
Morehead, KY Boodry Place Apartment – 32 apartments (14 two-bedroom and 18 one-bedroom) were created for low-income elderly persons, adults with disabilities, and families of children with physical disabilities. The total development costs came to $4.1 million and Fahe members Frontier Housing, Inc. and Community Housing Partners developed the apartments. Funding from LIHTC, HOME, several foundations, and a small permanent loan of $110,000 completed the funding package.
Mt. Sterling Main Cross Apartments Project – This projected utilized funding from several programs including HOME, LIHTC, CDBG, and Renaissance on Main in the amount of $6.5 million to rehabilitate 10 downtown historic structures into commercial and residential space.
Mt. Sterling Main Cross Apartments II – These apartments, located in Mount Sterling, KY utilized HOME, LIHTC, Affordable Housing Program Funds from FHLB, developer contributions, and Fahe permanent and Fahe construction loan for a funding package of $5,052,434. The apartments featured an energy retrofit and rehab for 51 one and two bedroom apartments for low-income elderly on the second, third and fourth floors of downtown buildings as the units came out of the initial LIHTC project noted above. Exterior façade work was included in the rehab activities.
Jackson-Pin Oak- This project combined CDBG Recovery funds and Kentucky Affordable Housing Trust Funds to assist non-profit Kentucky River Community Care in the development of 8 units of affordable rental housing in the City of Jackson.
Hickory Hill Project –The Hickory Hill Recovery Center for Men (Hickory Hill) will be a new construction project located in Knott County, Kentucky consisting of 68 efficiency apartments. Hickory Hill Recovery Center will be part of the Recovery Kentucky Program, an initiative created to address the issue of affordable housing in the Commonwealth by focusing on the special needs of homeless men and women who are addicted to drugs or alcohol. Recovery Kentucky uses recovery from addiction as a part of a long-term solution to the issue of homelessness. The project is utilizing funding from HOME, FHLB and LIHTC for the total project costs of $7,776,680.
If your organization needs help planning or finding the funding for a multi-family housing development project, then contact Fahe Consulting today. We can be reached by emailing Elsa Reynolds or by calling (859)-228-2141.