Kentucky Opens 2021 Universal Funding Application, Predevelopment Loan Product

Kentucky Housing Corporation (KHC) opened the Universal Funding Application for the 2021 competitive Housing Credit funding round, with an application due date of noon ET, Thursday, August 20, 2020.

KHC is also making gap funding of $1 million of HOME Investment Partnerships Program (HOME) and $1.5 million of Affordable Housing Trust Fund (AHTF) available to Housing Credit applicants.

Development team members who have not received a capacity approval letter, or whose capacity approval letters have expired, must submit the Development Team Capacity Application no later than 60 days prior to the application submission deadline or Monday, June 22, 2020.  If you have any questions, please email multifamily@kyhousing.org.

KHC is once again offering its predevelopment loan product for financing predevelopment and preconstruction costs related to affordable multifamily housing projects, either new construction or substantially rehabilitated, which receive an allocation of nine percent LIHTC. Applicants may request a predevelopment loan of up to $500,000 as part of the 2021 LIHTC application. A signed Credit Report Certification must be included with the application attachments.

More information related to the terms and conditions of the predevelopment loan product can be found here. If you have any questions, please contact Tracy Thurston toll-free in Kentucky at 800-341-5622 or 502-564-7630, extension 218; TTY 711; or email tmthurston@kyhousing.org.