Yarmuth and New Directions Housing Corporation Kick-Off Major Redevelopment Project in Shelby Park and Smoketown Neighborhood
Louisville, KY – August 31, 2010 – (RealEstateRama) — Today, Congressman John Yarmuth (KY-3) joined community partners from the New Directions Housing Corporation, HUD, NeighborWorks America, and PNC Bank to announce that final funding is now is place for the renovation and renewal of the Jackson Woods Apartments in Louisville. At the announcement, Congressman Yarmuth presented $475,000 to New Directions – which is the final amount needed for the $7.7 million project. “By working together in partnership with local agencies and the private sector, we’ve achieved something special here at Jackson Woods,” said Congressman Yarmuth. “The investments in this project are not going to provide vitally-needed affordable housing for Louisville families – they are helping create new jobs for Louisville workers.”
Jackson Woods is a 60-unit apartment complex for low and middle-income families in the Smoketown neighborhood of Louisville. Originally constructed by New Directions Housing Corporation in 1972, the six residential buildings in the Smoketown and Shelby Park neighborhoods are in need of major renovation and repair.
“New Directions is committed to the Shelby Park and Smoketown neighborhood revitalization, starting with Jackson Woods, literally the first housing site we created nearly 40 years ago,” said Joe Gliessner, Executive Director of New Directions.
More than $7.7 million in funding for the Jackson Woods redevelopment is provided by both private and public sources.
More than $3 million in federal funding was provided by the American Recovery and Reinvestment Act, and the renovations at Jackson Woods are expected to directly create up to 80 new jobs in Louisville. More than $2 million in support came from investments by PNC Bank Kentucky, while New Directions contributed more than $500,000 of its own resources. Recently, $475,000 in federal funds from the NeighborWorks America program completed the funding necessary to carry out the project.
“This award of a $475,000 Rehabilitation of Affordable Housing Capital Grant is part of our nationwide effort to aid agencies like New Directions as they rehabilitate and preserve much-needed affordable housing like that at Jackson Woods,” said Kathryn Gibbons of NeighborWorks America.
With renovations expected to be completed by June of 2011, the Jackson Woods Apartments will offer 60 affordable housing units to Louisville families. Energy-efficient technology will also be incorporated into the development, including a rain garden and Energy Star-rated appliances, while an on-site learning center will also be available for residents.
