LAWRENCEBURG, KY - Greystone Affordable Development and Winterwood, Inc., together celebrated the grand reopening of 18 affordable housing communities across 14 counties in Kentucky with a ribbon cutting ceremony hosted at Brayton Apartments in Lawrenceburg, Kentucky. This $65 million recapitalization and rehabilitation transaction was comprised of 563 aging and at-risk affordable multifamily housing units. All properties in the transaction are part of the USDA Rural Development Section 515 program, which provides decent, affordable housing in rural America.
During the event, attendees toured the renovated property and units, which recently completed a transformative rehabilitation. Construction was completed in an astounding 12 months for all 18 properties. The tenant-in-place renovations included approximately $33,650 in improvements per unit, including new HVAC systems, plumbing, more efficient kitchen appliances, and aesthetic updates to both interiors and exterior portions of the property addressing accessibility, functional obsolescence and deterioration.
Distinguished speakers at the Grand Reopening event included:
· Carol Worsham, President/CEO, Winterwood, Inc.
· Tanya Eastwood, President/CEO, Greystone Affordable Development
· Bryan Hooper, Deputy Administrator, USDA Headquarters
· Kathy Peters, Executive Director/CEO, Kentucky Housing Corporation
· Greg Mayo, Vice President, Acquisitions, CAHEC
· Tatum Dale, Director of Field Operations, Congressman Andy Barr
· Ethan Witt, Field Representative, U.S. Senator Mitch McConnell
· Russ A. Meyer, KY Representative, House District 39
· Keith L. Marshall, Resident, Brayton Apartments
In the statewide-pooled transaction, Greystone’s affordable housing preservation team worked closely with Winterwood, Inc., USDA’s Rural Housing Service (RHS) Headquarters and Kentucky State Offices, the Kentucky Housing Corporation (KHC), as well as CAHEC to coordinate and secure the financing needed to acquire and rehabilitate this at-risk and much-needed housing. In addition to the recapitalization and modernization, Greystone arranged for 253 units in the portfolio to utilize energy incentives and rebates available through Louisville Gas and Electric Company and Kentucky Utilities Company, achieving an energy efficiency improvement of more than 30 percent for participating units. All properties in the portfolio, ranging from 12 to 60 units, also leveraged the Multifamily Preservation and Revitalization Program through USDA. The MPR Program is a loan restructuring tool that provided debt with favorable financing, contributing to an overall rent decrease of $22 per unit across the portfolio.
“Time and again, we are moved by the impact that a complex financial transaction can make on the everyday lives of residents who may often feel forgotten,” said Tanya Eastwood, President and CEO of Greystone Affordable Development. Added Eastwood, “We must continue to encourage our policymakers to recognize the importance of federal and state programs that support the preservation and financing of this critical affordable housing in rural areas of the United States, and continually advocate for the importance of the Low Income Housing Tax Credit program.”
“Now more so than ever, the preservation of affordable housing in Kentucky is critical to the well-being of so many residents of our state,” said Kathryn Peters, Executive Director and CEO of Kentucky Housing Corporation. “To see the final stages of the renovation come to a close, and unveil the beautiful homes the residents so greatly deserve, gives me extreme pride in the abilities of state and federal housing agencies to work together and make a difference in the lives of many who struggle to find affordable housing.”
Carol Worsham, President and CEO of Winterwood, Inc. went on to say, "We are thrilled with the outcome of the financing and renovations, and are pleased that our relationship with Greystone has been so fruitful for the local economy and the many residents of Winterwood properties across the Commonwealth of Kentucky. We certainly look forward to preserving even more properties across our state in this manner.”