Small Town Revitalization Initiative

owsley County


Community and Economic Development, Mixed Use, New Construction, Office, Redevelopment, Residential - Multi-family, z-Other

Description:

To combat dismal housing, poverty and employment stats in Owsley County, Partnership Housing, Inc. (PH), the only housing organization ever in existence, is requesting $250,000 of loan funds on a 20 year term and $3,231,500 of investment funds, totaling $3,481,500. Loan and investment funds combined with local committed donations will construct a 3-story multi-use building on PH’s property located in downtown Booneville. The 1st floor will provide professional office and meeting space for PH’s services offered, allow PH to expand services, hire additional employees, increase the applicants we serve and expand to an underserved contiguous county. The community services that PH provides is the development of single family homes, rehabilitation of existing housing stock, develop/manage affordable rental units, senior commodity distribution, homeownership counseling, case management and referrals. PH currently rents from the OCAT, but the space is not feasible for future expansion. The 2nd floor will be a small scale workforce development center that will include training/technical learning rooms, rental office space for certified online jobs and professional businesses. Currently there is no training or rental office space available. PH believes that there is a diverse population who would obtain technical and other online certifications, yet there is no space available for a community college or a certified instructor to conduct the classes. This would be an ample opportunity for residents that are certified for online jobs to take advantage of PRTC’s fiber optic cable that is readily available and is 10x faster than anywhere in the nation and 100x faster than anywhere in the state of KY. The 3rd floor will provide 4 affordable rental units consisting of 2 bedrooms for LMI applicants. The existing rental units that were once in good living condition now lack being safe, affordable and decent due to the landlord’s failure to complete necessary repairs and other energy upgrades. LMI households face the highest energy costs because they simply cannot afford to upgrade the rental units themselves and are already faced with paying the highest utility rates in the U.S. If funded, this initiative will provide affordable housing and community services to LMI individuals, will address economic, community and workforce development, increase asset building and revitalize a LMI geographic area that is underserved and distressed.


Potential Market/Users:
Partnership Housing, Inc. will serve all populations of the 4,755 that reside in the 198 sq. mile radius of Owsley Co. The population served includes the elderly, disabled, families, single-parent households and homeless. All homebuyer, rehab and rental applicants served must be at or below HUD’s 80% AMI. The Community Supplemental Food Program will serve elderly applicants who meet income guidelines implemented by the WIC State Agency Program. All jobs and businesses created will serve LMI applicants and small businesses.
Potential Competitors:
No other competitors exist in the market area for a multi-use space.
Current Investors:
Partnership Housing, Inc.

Point of Contact:
Cassie Hudson
Partnership Housing, Inc.
(606) 593-7296 Ext. 2 or (606) 401-5093
Project Address:
22 KY 28
Booneville, KY 41314
Management Team: