Posts

Cornerstone Crossing Celebrates Grand Opening

Cornerstone Crossing Senior Apartments, a new affordable apartment community in Elsmere, Kentucky, had its grand opening on Monday.

Amy Albery was there to welcome everyone and was followed by remarks from a variety of project partners, including State Representative Adam Koenig, Senator Mitch McConnell’s Field Representative Megan Bankemper, Kentucky Housing Corporation (KHC), Fifth Third Bank, HOPE of Kentucky, St. Henry Parish, Kenton County Judge-Executive, and City of Elsmere Mayor Marty Lenhof. The event proceeded with a ribbon cutting ceremony and site tours.

Cornerstone Crossing serves seniors over 55 years old. There are 50 apartment homes: 25 one-bedroom and 25 two-bedroom. This project had a total of $9.2 million in development costs. Through the KHC, it received an allocation of 9% Housing Tax Credit.

Find more information about Cornerstone Crossing here: https://www.cornerstone-crossing.com/.

Kentucky Housing Corporation Awards Wallick $1.43 Million in Housing Credits

Recently, the Kentucky Housing Corporation (KHC) awarded Wallick $1.43 million in 9% Low-Income Housing Tax Credits (LIHTC). Of those tax credits:

  • $780,000 will be used to develop Cornerstone Crossing, a soon-to-be 50-unit, new affordable senior community in Elsmere, KY.
  • $650,000 will fund the redevelopment of Liberty Manor, one of Wallick’s multifamily affordable communities in Liberty, KY.

Overall, 41 applications were submitted to the Kentucky Housing Corporation and only 18 of those applications received tax credits. In total, Wallick submitted two applications to the KHC in late 2018—both were awarded housing credits.