Funding will help build more lower income housing units in Union Co. | News
GRADD’s Green River Housing Corporation (GRHC) has secured $654,000 in Kentucky Housing Corporation (KHC) funds to construct five additional duplexes for low- and moderate-income households in Union County.
North Morgan Residences, built by Pivot Construction, LLC / Joe Mattingly Builders of Henderson, is a development located in the 800 block of North Morgan Street in Morganfield. Pivot, who will also own and manage the new units, has previously constructed five duplexes on the property.
The project’s initial phase is 95 percent complete, with five of the ten units already leased.
Phase II, set to begin next summer, will be funded through KHC’s HOME Investment Partnerships (HOME) and Small Multifamily Affordable Loan (SMAL) programs. Other funding will include private and local funds, labor, and materials, totaling $208,730.
“This is a much-needed project,” said Union County judge/executive and GRADD chairman Jody Jenkins. “In uncertain economic times like these, affordable housing can be very tough to find.”
The total cost for both phases of the North Morgan Residences project will be $1,786,106. The complex will house 20 families when finished.
KHC’s HOME program is the largest federal block grant program designed exclusively to create affordable housing for low-income households. The SMAL program is a state program designed to increase the supply of affordable rental housing for lower-income individuals, enabling developers to build smaller projects.
-Information from GRADD