October 30th marked the ribbon cutting of the East Corbin School Apartments in Corbin, Ky. In Partnership with the Corbin Housing Authority, Corbin native and architect Steve Kersey re-purposed the vacant and deteriorating East Corbin School into 16 apartments and constructed an additional 16 units adjacent to the school, all for low-income seniors.
Fahe is very proud to have been a part of this renovation. Fahe Consulting wrote the application for Low Income Housing Tax Credits, Fahe Capital provided equity through the sale of the credits, and Community Lending provided the construction loan. We estimate that the project provided about 1/3 of the constructions jobs in Corbin for the year, added about $2,000,000 to the real-estate tax base in Corbin and, of course, 32 units of much needed affordable housing for seniors. Dora Mobley of Corbin Housing Authority reported that folks were lining up to rent the units.
These pictures of the front of the apartments were taken in the beginning, middle, and end of the project.
We also produced a video discussing the need for housing in Appalachia which features the East Corbin School Apartments: