Walton Senior Community Awarded Low-Income Tax Credits
A senior community to be constructed in Walton was among the recipients of more than $12.5 million in Low Income Housing Tax Credits (LIHTC) awarded statewide by the Kentucky Housing Corporation.
Haven Crossing, developed by Woda Cooper Development, will be a 57-unit senior community near Towne Creek Crossing on Towne Center Drive.
The project was awarded $1,083,000 in LIHTC.
Construction is expected to begin in the fall of 2021 with a late 2022 completion date.
Housing Credits are tax incentives allocated by the Internal Revenue Service and are designed to increase the supply of quality, affordable rental housing by helping developers offset the costs of rental housing development for individuals with low to moderate income.
This year, KHC received 31 applications requesting more than $29 million in Housing Credits and was able to fund 14 projects with $12,518,147 of 2021 Housing Credits in conjunction with $1,240,000 of HOME Investment Partnerships Program (HOME) and $840,000 of Affordable Housing Trust Fund (AHTF) funds, a news release said. These funding awards will result in the preservation and creation of over 791 affordable housing units throughout the Commonwealth.
“Housing is a basic need that many Kentuckians feared they would lose in the last year, and projects like these 14 help ensure that this need will be met into the future,” said Winston Miller, executive director. “Our homes now serve many functions. They are offices, schools, telehealth waiting rooms, playgrounds and entertainment spaces, and they allowed us all to safely shelter in place and care for ourselves and our families. These 14 projects will expand affordable housing opportunities throughout the state, enabling people to find stable, secure homes in the communities they love.”
While resources for affordable housing can be sparse, KHC now offers dedicated money in its Qualified Allocation Plan (QAP) that incentivizes innovative housing concepts in the Commonwealth. Three of the projects awarded achieve this objective.
“Many of these projects were concepts that developers had been exploring for a while, and now they have funding to make their ideas a reality,” said Tracy Thurston, managing director of multifamily programs. “Incorporating multiple partners and resources in the area, these projects strengthen the communities where they are located and improve the quality of life for the specific needs and populations they serve.”