The number of individuals that cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than seven million affordable homes for the nation’s more than 10.8 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. The development of affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates.
Kentucky has recently experienced considerable population growth, resulting in increased senior renters needing affordable housing options. Coupled with the fact that there is an estimated shortage of 89,375 affordable rental homes available for the population, it is undeniable that efforts to develop or preserve affordable rental housing for seniors are both necessary and urgent.
Rehabilitation: 49 Units
Private Equity Investment: $5,291,471
Local Jobs Supported: 28
Local Government Revenue: $138,831
CAHEC and Winterwood, Inc.'s affiliate Smart Property Group, LLC, aided in preserving a former hotel in Winchester, Kentucky, that was renovated into an affordable multi-family rental property. Brown Proctor was initially constructed in 1905 and later converted into apartments in 1983. The property has averaged a 94% occupancy rate, demonstrating the need to preserve it for senior renters in the area. Brown Proctor Apartments comprises 49 one- and two-bedroom units targeted to senior households earning less than 60% of the Area's Median Income.
Renovations to the rental community in Kentucky included the installation of all new appliances in each unit, replacing the parking lot pavement, and accessibility improvements throughout the property. Residents not only have access to site amenities such as laundry facilities and a computer room but are conveniently situated in the heart of downtown Winchester, putting them within walking distance from medical services, shopping areas, and dining options. The improvements made to Brown Proctor Apartments will ensure that seniors in Kentucky continue to have access to affordable housing for years to come.