Goodwill Kentucky and Woda Cooper Companies, Inc. recently celebrated the commencement of construction of Opportunity Village, a 4-story multifamily development with 76 affordable apartments being built on the Norton Healthcare Goodwill Opportunity Campus in West Louisville.
The event drew local and state officials, financing partners, investors, and community advocates to recognize the $19.7 million investment aimed at helping to reduce Louisville’s affordable housing shortage. The region faces a shortage of approximately 36,000 units for working-class and low-income families (Source).
Opportunity Village will include 28 one-bedroom and 48 two-bedroom apartments. Monthly rents will range from approximately $695 to $1,295, based on 50% to 80% AMI. Community amenities will include a fitness room, children’s playroom, game room, business center/library, dog park and playground.
Goodwill Kentucky, a co-developer and co-owner, provided the three-acre site for Opportunity Village on their Norton Healthcare Goodwill Opportunity Campus that houses co-located partners including KentuckianaWorks, Big Brothers Big Sisters of Kentuckiana, Downtown Family YMCA, Volunteers of America and more. Together, these collective organizations provide access to resources such as childcare, computer labs, dental services, second-chance banking, legal services, a business center, workforce training and behavioral health therapy, that help enhance the lives of residents.
“We know that safe and stable housing is one of the foundations for long-term success,” said Amy Luttrell, President and Chief Executive Officer of Goodwill Kentucky. “By bringing this affordable housing project with barrier reduction resources our community needs, we’re making it easier for residents to access career coaching, training, education, and employment opportunities that can lead to lasting self-sufficiency. This partnership is about creating pathways out of poverty and helping more Kentuckians build brighter futures for themselves and their families.”
“Every family should have a safe, quality, affordable place to call home,” said Louisville Mayor Craig Greenberg. “I’ve made it a top priority to make housing more affordable and accessible for our community, and I’m excited to see this project build on the more than 7,000 affordable housing units that we’ve created in my time as Mayor. I’m grateful to Goodwill Kentucky, Woda Cooper Companies, and all of the partners who made this project possible for the families, seniors, and individuals who will call the Opportunity Village home.”
The Louisville Affordable Housing Trust Fund financed the second mortgage. “Affordable housing is not only important for families. It also supports a stronger economy, a more reliable workforce and healthier neighborhoods,” said Christie McCravy, Executive Director, Louisville Affordable Housing Trust Fund. “Our partnership with the city allows us to support the development and preservation of affordable housing across Louisville.”
Opportunity Village was made possible with funding supported by Low-Income Housing Tax Credits allocated by the Kentucky Housing Corporation. “We believe every Kentuckian deserves access to safe, quality and affordable housing,” said Steven Jacob Bush, Project Specialist for Multi-Family Programs, Kentucky Housing Corporation. “Opportunity Village is another example of what can be accomplished when public and private partners work together to address housing needs.”
Affordable housing investor Marble Cliff Capital is providing the equity investment for the development. “Tax credit equity is a critical component in our capital structure that allows us to charge rents that are affordable to working families,” said Tammy Stansbury, Senior Vice President, Woda Cooper Companies, Inc. “Marble Cliff has been a long-term partner, and we appreciate their trust and confidence in our ability to deliver high-quality housing.”
Cedar Rapids Bank & Trust is providing the project’s first permanent mortgage. “We’ve had a long-standing relationship with Woda Cooper Companies and are proud to be part of their long-term commitment to working families in Louisville,” said Michael Goerdt, Senior Vice President, Cedar Rapids Bank & Trust.
Grimm Architecture is serving as project architect, with civil engineering provided by Blomquist Design Group, LLC. Woda Construction, Inc. is the general contractor, and Woda Management & Real Estate, LLC will oversee leasing and property management.
