Residents are moving into newly-renovated homes developed by Welcome House of Northern Kentucky, a local non-profit organization that works to end homelessness by providing a continuum of support services.
Welcome House works with clients in the key areas of housing, income and benefits and service coordination.
Welcome House currently owns and operates an emergency shelter for women and children, the Gardens at Greenup Apartments and King’s Crossing Apartments.
This latest development, a $9.5M 41-unit project was recently completed after 18 months of construction, and was primarily funded with Low-Income Housing Tax Credits and Federal and State Historic Tax Credits. Welcome House also contributed over $.5M in owner equity to fund the project.
Welcome House partnered with Model Group, Inc., who served as co-developer and general contractor on the project, and views high-quality affordable housing that is indistinguishable from market rate properties as an important asset for any community.
Welcome House’s Executive Director, Linda Young, explained, “I’m so excited to be part of making this project a reality after many years of planning and work. This is truly a vital preservation of housing resources for the families in our community.”
An open house will be held on Tuesday, June 20, 5–7 p.m. to showcase the new units.
Project Development Details
8 buildings scattered throughout the Mainstrasse Village neighborhood.
41 units – consisting of five efficiencies, 20 1-bedroom, 13 2-bedroom, two 3-bedroom and one 4-bedroom apartments.
Three ADA accessible and one visual/hearing impaired unit.
$9.5M total development costs.
Unit Amenities
Refrigerator
Range
Air Conditioning
Hardwood Floors
Ceiling Fans
Secure Entry
Window Treatments
Sources of Funds
Welcome House secured $633,627 in low-income housing tax credits from Kentucky Housing Corporation (KHC) which resulted in over $6.1M in equity from investor Ohio Capital Corporation for Housing.
RiverHills Bank provided $5,300,000 in construction loan dollars and provided the permanent loan to the project.
The project was awarded Federal Historic Tax Credits and State Historic Tax Credits which resulted in additional $1.5M of equity.
Welcome House contributed over $0.5M in owner equity to fund the project.
From Welcome House
