Multifamily Development
Forecasted
Kentucky Housing Corporation's Multifamily Development program funds research-driven creation and rehabilitation of affordable rental housing across Kentucky using tax credits and gap financing.
Funder: Kentucky Housing Corporation
Due Dates (Anticipated): September 2027 (annual application deadline, projected)
Funding Amounts: Typical awards: up to $1.8M in tax credits per project, plus potential gap financing; predevelopment loans up to $750,000; annual total funding varies.
Summary: Supports the creation and preservation of affordable rental housing in Kentucky through federal tax credits, tax-exempt bonds, and gap financing.
Description
The Kentucky Housing Corporation (KHC) Multifamily Development program is the Commonwealth’s primary competitive channel for funding affordable rental housing. Leveraging the federal Low-Income Housing Tax Credit (LIHTC) program (4% and 9%) and the Tax-Exempt Bond program, KHC enables developers to access key financial resources for new construction and substantial rehabilitation projects. Gap financing opportunities, such as HOME, National Housing Trust Fund, and Affordable Housing Trust Fund, may be paired with these allocations to address Kentucky’s affordable housing needs. The program aims to strengthen community infrastructure and increase the supply of quality, affordable rental units across the state.
