Independence KY – Federal, state and local officials and development partners gathered on Thursday to cut the ceremonial ribbon at Taylor Ridge, an affordable apartment community in Independence, Kentucky.
Attendees included: Shane Noem on behalf of U.S. Senator Mitch McConnell; Chris Moriconi, Independence City Administrator; Howard Wallick, Co-Owner of Wallick Communities; Jeremy Ratliff, Managing Director of Multifamily Program at Kentucky Housing Corp.; Stephanie Brown, Vice President of City Real Estate Advisors; Jeffery Banker, Vice President, Lancaster Pollard; and Kevin Donovan, Vice President, Fifth-Third Bank.
The $14 million rehabilitation includes energy efficiency improvements throughout; new kitchen cabinets, countertops and appliances; new bathroom vanities, cabinets and flooring; new patios, sidewalks and landscaping; new ENERGY STAR® windows and roof system; new bus shelter and playground equipment; new picnic patio area and new community room with kitchen and computer center.
“The Taylor Ridge renovation represents a reinvestment in the community and a commitment that the residents of Taylor Ridge, and families in the Independence area, continue to have decent, safe, affordable housing,” said Wallick.
Taylor Ridge consist of 99 units of project-based Section 8 Housing. The property was originally built in 1982. The project was financed through federal Low-Income Housing Tax Credits, administered by the Kentucky Housing Corporation.
The Housing Credit is the primary source of financing in the country for creating affordable housing opportunities. The program provides tax incentives for private companies to develop, preserve and invest in affordable rental housing. In exchange for the credits, the property must remain affordable and available to households at or below 60% of the area median income.