Tag Archive for: Kentucky

KHC Awards Wallick 9% LIHTC Award

The Kentucky Housing Corporation announced their 2022 9% low-income housing tax credit (LIHTC) Awards. Of the 33 applications submitted, only 13 applications received an award. Wallick received a 9% LIHTC reservation of $1,394,000 under the “New Supply – Urban” pool for Four Pointe Apartments. This award represents the largest tax credit award in Wallick’s history.

This community will be a new 82-unit development consisting of 18 one-bedroom, 46 two-bedroom, and 18 three-bedroom units serving families in Richmond, Kentucky. Wallick also partnered with several excellent organizations in the community, including AppHarvest, an applied technology company building some of the world’s largest high-tech indoor farms in Appalachia including a new 60-acre indoor farm currently under construction just 15 minutes from the project site, the New Opportunity School for Women, an organization that works hand-in-hand with under-resourced Appalachian women to overcome barriers, God’s Outreach of Madison County Foodbank, and the Blue Grass Community Foundation.

Wallick’s Development team would like to thank everyone who helped make the application for Four Pointe Apartments possible.

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/.

Wallick Welcomes Sen. Hornback, State Rep. Rand & Other Officials to KY Grand Reopening

Senator Paul Hornback and State Representative Rick Rand were among several officials to attend the grand reopening celebration for three of Wallick’s affordable apartment communities in Kentucky. Locust Ridge (72 units), Highpoint Senior Apartments (44 units) and Bedford Village (40 units) recently underwent rehabs after Wallick was awarded over $1.1 million in tax credits from the Kentucky Housing Corporation (KHC) in 2016. Overall, the rehabs totaled over $19 million. Each community received the following upgrades:

Unit Improvements

  • Kitchen cabinets, countertops and appliances
  • Bathroom vanities, showers and plumbing fixtures
  • Carpet and resilient flooring
  • Interior/exterior doors
  • Redesigned units for accessibility

Building & Site Improvements

  • New roof systems
  • Security cameras and improved site lighting
  • Landscaping and upgraded community patio
  • Bedford and Locust Ridge- New community building w/ kitchenette, computer lab, laundry facilities and Resident Service coordinator office
  • Bedford and Locust Ridge- Enlarged playground area w/ seating

In addition to Sen. Hornback and State Rep. Rand, those to speak at the ribbon cutting, held at Bedford Village, were:

  • Howard Wallick- Principal, Wallick Communities
  • Andrew M. Condia- Field Representative, on behalf of Senator Mitch McConnell
  • Stacie Rockaway- Field Representative, on behalf of Congressman Thomas Massie
  • Mayor Todd Pollock- City of Bedford, KY
  • Tracy Thurston- Managing Director, Multifamily Programs & Asset Management, KHC
  • Jeff Banker- Vice President, Red Capital Group
  • Sharon Johnson- Multi-Family Housing Program Director, USDA-Rural Development

After the ribbon was cut, guests were welcome to visit and tour Locust Ridge and Highpoint for the remainder of the afternoon. Thank you to Wallick’s Development team and project partners for reinvesting in the Company’s communities and improving the lives of its residents.