Major Projects
Madison View Apartments will create 88 affordable housing units (new construction) in Covington, KY featuring one, two, and three-bedroom apartments. Equal Development will partner with the Olynger Corporation as developers of the apartment complex, which received 2022 Tax Credits (award number KY-22-005). Total development costs will exceed $19.6 million. This was a partnership with New Hope Consulting, LLC.
Renaissance on Broadway will be the new construction of 55 units in Louisville, KY, at a total development cost of $11.1 million. Christ Temple Christian Life Center partnered with BWI, LLC (the developer) on this development funded from the innovation pool (award number (KY-22-012). The development team will partner with Toyota to implement a car-sharing program for residents, providing four hybrid vehicles to check out. Utility costs are reduced by smart meters and thermostats and a resident incentive. Further, several apartments are reserved for youth aging out of foster care and include supportive services.
Hope Nation will be constructing a 20-bed substance abuse recovery program in Huntington, WV (total development cost $1.87 million). The project was awarded a $750,000 grant from Pittsburgh’s Federal Home Loan Bank (Project number 6533, 2022).
The Bend at Murray is an upcoming rehabilitation of 84 units of one and two-bedroom apartments in Murray, KY. Volunteer Management and Development, Inc. is the project developer who received an allocation of 2021 Tax Credits (KHC award number KY-21-005). This $8.5 million project also utilized HOME funds (award number RN21-1048-01) to preserve and improve the property in rural Kentucky. This was in partnership with New Hope Consulting, LLC.
Greene Pointe Apartments is a small USDA Section 515 Apartment Community in McCreary County, KY, totaling 24 units. The units serve seniors and people with disabilities and are 100% subsidized with Rental Assistance. With the assistance of the consultants, A. Myers Davis Development Company secured an award of 2020 Tax Credits (KY-20-009) to fund a $3.4M renovation to preserve this critical housing resource. This was in partnership with New Hope Consulting, LLC.
· Audubon School Apartments is an important revitalization project in Henderson, KY, where a dilapidated school was replaced with a copycat building which will look like the old school, but will instead include 49 apartments for Seniors aged 55+. Equal Development, LLC and the Olynger Corporation are partners in this $8.3M development, which received an allocation of 2019 Tax Credits, KHC award number KY-19-002. This was a partnership with New Hope Consulting, LLC.
· Aireshire Apartments and Corinth Country Homes are two small USDA Section 515 Apartment Communities in Grant County, KY, totaling 28 units. The units serve seniors and persons with disability and are 100% subsidized with Rental Assistance. With the assistance of the consultants, A. Myers Davis Development Company secured an award of 2019 Tax Credits (KY-19-001) to fund a $3.35M renovation to preserve these important housing resources. This was a partnership with New Hope Consulting, LLC.
· Independence Homes will be the new construction of 24 SRO units for individuals with physical, mental, and developmental disabilities. Lexington Housing for the Handicapped, Inc. will provide services to the individuals, including meals and a 24/7 staff for security and support. The project is a partnership with New Hope Consulting, LLC, and received an allocation of 2018 Housing Credits as well as grants from the Federal Home Loan Bank and Lexington's Affordable Housing Trust Fund for an estimated total project cost of $3.25M. KHC award number is KY-18-007.
· Forest Residences was a proposed 42-unit new construction development, located in Ft. Wright, KY. The project was a partnership with New Hope Consulting, LLC and was awarded $655,200 in annual 2018 housing credits. KHC award number was KY 18-007.
· Evergreen Apartments is a 40-unit new construction development, which will be located in Florence, KY. Oracle Design selected a site where children will be able to attend Great Schools through an initiative of Kentucky Housing Corporation (KHC). The project is a partnership with New Hope Consulting, LLC and has been awarded $624,000 in annual 2017 housing credits, which will leverage $5.6M investor equity for a total project cost of $7.2 Million. KHC award number is KY-17-005.
· Carter Court Apartments was a 56 unit rehab project by Alco Properties, Inc., located in Tompkinsville, KY. The project was awarded $560,333 in annual credit (2017 round) which generated investment of $4.8M to fund a total project cost of $6.1 Million. The project preserved existing units of Project Based Section 8, and was a partnership with New Hope Consulting, LLC. KHC award number is KY-17-003.
· Tree Top Apartments preserved 48 units of Project Based Section 8 Housing in Edmonton, KY. Alco Properties, Inc. was awarded $454,045 in annual 2017 tax credit which generated $3.9M equity investment towards a total re-development cost of $4.9M. KHC award number is KY-17-002. This project was in partnership with New Hope Consulting, LLC.
· AMD Portfolio is a project of A. Myers Davis Dev. Co., Inc. and would have preserved 100 units of Rural Development subsidized elderly housing located in five cities in four counties over a broad geographic area of the Commonwealth of Kentucky. The project was funded with tax exempt bonds and a variety of soft second mortgages and grants, among them a $1.5M award of Affordable Housing Trust Funds from KHC and a grant from the Federal Home Loan Bank of Cincinnati in excess of $800,000, to offset total re-development cost of about $10 Million. KHC award number was TEBG-16-014. Unfortunately, this project did not survive the drop in equity pricing as a result of the 2016 election.
· Recovery Point of Parkersburg (RPP), an 80-bed facility with a detox center in Parkersburg, WV which was the adaptive reuse of a vacant US armory, located at 4200 Emerson Avenue, Parkersburg. The project was sponsored by Recovery Point of Huntington (RPH). The RPH model provides a culturally competent, evidenced based innovative residential recovery program for the addicted and the homeless, which establishes independence and results in employment and self-sustainability. In 2016, Sweeney & Associates was able to assist RPH in securing a grant of $650K from the Federal Home Loan Bank of Pittsburgh towards the $1.8M needed to renovate the facility.
· Poplar Plains Apartments was an existing 35 unit rural development for families rehabilitated using Low Income Housing Credits. The apartments were awarded$245,000 in HOME funds and $258,834 in 2016 housing credits by Kentucky Housing Corporation, resulting in $2.4M in syndication proceeds. Total development costs was $3.8 million. KHC award number is KY 16-025. This was a project of A. Myers Davis Development Company.
· Owensboro Historic Residences is an adaptive reuse of two historic buildings into 29 new affordable housing units for families. The City of Owensboro donated adjacent land to be used for parking for the project. The development was awarded $448,535 in housing credits by Kentucky Housing Corporation, resulting in $4.35M in syndication proceeds. The project was also be eligible for historic tax credits, resulting in $1M in additional syndication proceeds. Total development costs were $6.2M. KHC award number is 16-014.
· Country Place Apartments is a 56 unit complex rehabilitated by Alco Properties using Low Income Housing Credits. The apartments were awarded$223,887 in 2016 housing credits by Kentucky Housing Corporation, resulting in $2.2M in syndication proceeds. Total development costs were $4.2 million. KHC award number is KY 16-037.
· Merryman House is an adaptive reuse of a vacant medical building into Domestic Crisis Center containing 36 units for women and children in Paducah, KY. The project was awarded $540,000 in AHP funds through the Federal Home Loan Bank of Cincinnati, a $500,000 grant from the Carson Myre Foundation and a $76,824 grant from the Community Foundation of WKY. Total development costs were $1.1M.
· Baron Hills is an existing 24 unit family complex for families in Russell Springs, rehabilitated using Low Income Housing Credits. The apartments were awarded$155,844 in 2016 housing credits by Kentucky Housing Corporation, resulting in $1.5 in syndication proceeds. Total development costs were $2.2 million. KHC award number is KY 16-028.
· Highland Village is a 118 unit new-construction housing development for seniors 55 and older. It was constructed using Low Income Housing Credits. Kentucky Housing Corporation awarded the project $300,000 in Housing Trust Fund and $1,490,000 in housing credits, resulting in an anticipated $14,527,500 in syndication proceeds. Other funding sources include the Federal Home Loan Bank of Cincinnati and the Housing Authority of Newport, KY. Total development costs were $22 million. KHC award number is KY-16-009. This project is a partnership with Steve Percy Real Estate Consulting, Inc. (SPREC) and was highly unusual because it involved a Set-Aside of tax credits, because of the need to replace public housing units which are being demolished for a highway project.
· Alco Apartments is a 40 unit family complex in Scottsville, KY which was rehabilitated using Low Income Housing Credits. The apartments were awarded$215,302 in 2015 housing credits by Kentucky Housing Corporation, resulting $1.9 in syndication proceeds. Total development costs was approximately $3. 2 million. KHC award number is KY 15-009.
· Belmont Apartments in Harrodsburg, KY is a 63 unit family development, rehabilitated by Alco Properties using 2015 Low Income Housing Tax Credits. Kentucky Housing Corporation awarded the project $271,181 in 2015 credits which resulted in $2.44 million in syndication proceeds. Total redevelopment costs were about $4 million. KHC award number: KY -15-008
· Riverside Square Apartments in Warsaw KY is a 44 unit rural project for elderly and disabled people by the Olynger Corporation. It was allocated $341,482 in 2015 KHC Tax Credits, resulting in an anticipated $3 million in syndication proceeds. It was also awarded $750,000 HOME funds. Total redevelopment cost was $4.45 million. KHC award number: KY 15-012.
· Lancaster Estates is a 51 unit family development in Lancaster, KY that was rehabilitated by Hermann-Kittle Properties using KHC 2015 Low Income Housing Tax Credits. The development was allocated $517,876 in tax credits resulting in $4.66 million in syndication proceeds. Total project cost was $7.9 million. KHC award number is KY-15-011.
· Northside Apartments Phase II is a 36 unit family development located in Shepherdsville Kentucky, completed by Miller Enterprises. The project was awarded allocation of $309,416 in 2015 Low Income Housing Tax Credits from KHC resulted in an $2.7 million in syndication proceeds. The project was also awarded $275,000 in Risk Sharing funds. Total redevelopment cost as about $4.28 million. KHC award number: KY -15-038.
· The John W. Clem Recovery House is an 11 bed recovery house for men with substance use disorders that serves veterans and the community. It’s located in Athens, Ohio. In December of 2014, the project received a grant in the amount of $79,998 from the Federal Home Loan Bank of Cincinnati for redevelopment. The total cost to redevelop this project is $211,493.
· Goodall Apartments is a 32 unit family project in Danville, Kentucky. Oracle Design Group renovated an old factory in an Historic Adaptive Reuse, with a total project cost of $6.7M. The consultant participated in the site selection for this development.
· 2015 Coalition Houses is a 4 unit affordable housing project built by Cabell-Huntington Coalition for the Homeless in response to the need for housing for chronically homeless in Huntington, West Virginia. In December 2014, the project received a grant in the amount of $200,000 from the Federal Home Loan Bank of Cincinnati.
· Midland Square Apartments is a 46 unit Rural Development Section 515 project located in Shelbyville, KY. In January 2014, the project received an allocation of low-income housing tax credit through Kentucky Housing Corporation. The total cost to redevelop this complex was $5.9M. This was a project from the A. Myers Davis Development Company.
· Royal Arms Apartments is located in Elkton, KY is a 48 unit Project Based Section 8 community for families. It was upgraded and preserved with an investment generated by tax credit equity for a total cost of $3.9M. This was a project of Alco Properties.
· Hilltop Gardens Apartments, a project of Pike Metropolitan Housing Authority, received a grant in the amount of $244,900 from FHLB of Cincinnati’s Affordable Housing Program in November of 2013. The project is a six unit housing complex for people with special needs in Waverly, Ohio with a total project cost of $530K.
· Pennyroyal Regional Veterans Program Centerreceived notice of a grant in the amount of $405K from the Federal Home Loan Bank of Atlanta and $455K in Affordable Housing Trust Funds and HOME Funds from Kentucky Housing Corporation in December 2009. The Center has created 50 transitional housing beds in a new construction facility with a total project cost of $2.9M. Fort Campbell, one of the most active forward deployment military bases in the US is home to 30,000 military personnel and located 10 miles from the Center. The project opened in early 2012.
· Sunset Village Apartments, Mt. Washington, KY. A project of Miller Enterprises, Sunset Village preserved 24 units of RD Section 515 subsidized housing for senior citizens & persons with disabilities. A total project cost of $2.1M was funded by low-income housing tax credits and HOME funds awarded February of 2012.
· Wilderness Trail Manor, Pineville, KY. A project of Community Housing Concepts, Inc. preserved 123 units of HUD subsidized housing for senior citizens & persons with disabilities. A total project cost of $16M was funded by low-income housing tax credits awarded February of 2012.
· Clifton Hills Apartments, Newport, KY. Sweeney assisted Steve Percy Real Estate Consultants (SPREC) with an application for low-income housing tax credits, funded in February of 2012. Neighborhood Foundations, Inc., the development arm of the Housing Authority of Newport, provided 32 units of new construction housing for senior citizens. The total development cost was $4M and the units are rent subsidized for affordability.
· Fredericksburg Apartments, Warsaw, KY. The Olynger Corporation preserved 24 units of housing from the USDA Rural Development 515 Mortgage Loan Program through a LIHTC renovation funded in 2010. The total project cost was $2.7M. Sweeney has also worked with Olynger to provide USDA Transfer Applications for 2 additional preservation deals in Indiana totaling 102 units in 2010. All these units were placed in service in 2011 and early 2012.
· Dana Hotel, Cincinnati, Ohio. A project of Tender Mercies, Inc., the Dana Hotel provides 41 units of permanent supportive housing for the homeless mentally ill through renovation of a Historic building in Over-the-Rhine. Sweeney teamed with Steve Percy Real Estate Consultants (SPREC) to provide project management for this $6.1M facility financed through low-income and historic tax credits, the Ohio Capital Corporation for Housing, the American Reinvestment & Recovery Act, the Federal Home Loan Bank of Cincinnati and a variety of other sources.
· The Healing Place of Huntington, Huntington, WV. Substance Abuse Recovery Program. $250K Federal Home Loan Bank of Pittsburgh grant secured in 2010 for this $2.4M renovation of an abandoned school which serves 100 men. $150K West Virginia Affordable Housing Trust Fund forgivable loan secured in 2011.
· Lighthouse on Highland, Cincinnati, OH. Lighthouse Youth Services, Inc. was awarded a $420K grant from the Federal Home Loan Bank of Cincinnati (2010) to create a 28 bed shelter for homeless young people from ages 18-24. The total project cost was $1.8M and the shelter opened in 2011.
· Valley Health Integrated Care Facility, Huntington, WV. Valley Health Systems, Inc. (VHS) is implementing a new model for rural/urban integrated care in America's poorest rural state, by centralizing medical, dental and behavioral healthcare in one new facility funded by the American Reinvestment and Recovery Act (ARRA, 2009). Total project cost was $8.76M and was constructed on land donated by Prestera Center for Mental Health Services, Inc., a partner in the venture.
· Sojourner Recovery Services, Hamilton, OH. The renovations for the agency’s women’s shelter (11 units) were secured by a $165K grant from the Federal Home Loan Bank of Cincinnati in 2010; a partnership with SPREC.
· Trilogy Center for Women & Pennyroyal Community Apartments, Hopkinsville, KY. Substance Abuse Recovery Program. $5.9M total project development cost for 38 units to house 100 women in the initial stages of recovery, with a companion 12 unit permanent supportive housing program on the same campus for women suffering from dual-diagnosis who will require ongoing support. Project financing includes $500K Federal Home Loan Bank of Cincinnati Affordable Housing Program grant, $429K Annual Housing Credits, $150K Affordable Housing Trust Fund and $312K HOME Investment Partnership Program funds awarded to the sponsor, Pennyroyal Regional Mental Health – Mental Retardation Board, Inc. The Housing Credits generated $3.8M investor equity. Pennyroyal Permanent Housing was awarded $483K Kentucky Continuum of Care Supportive Housing Program funds, and ranked number one in the Commonwealth, 2004. Additional funding for the Pennyroyal Community Apartments includes Affordable Housing Trust Funds, HOME and Kentucky Housing Corporation SMAL Program Funds. This project was completed in September 2008.
· KCEOC Corbin Apartments, Corbin, KY. Acquisition/rehab of 78 units of Rural Development Section 515 financed housing utilizing low-income housing credits, RD Section 538 loan funds and HOME funds. KCEOC Community Action Partnership took on the challenge of preserving this two phase project, despite enormous complications. For example, one phase receives Project Based Section 8 rent subsidies and the other does not. It was necessary to assume the loan balances on the RD 515 funds while at the same time satisfying all the requirements of the LIHTC funds. Total project cost was $5.4M. The renovation was completed in July 2008.
· Prestera Addictions Recovery Center, Huntington, WV. $1M grant from the Federal Home Loan Bank of Cincinnati leveraged State, Local and Private sources of funds for a total project cost of $3.8M to convert the Stone Lodge to 92 units for substance abuse recovery. The Center was named Prestera at Pinecrest and opened in 2011.
· Father Maloney’s Boys’ Haven, Inc., Louisville, KY. Completed 3 projects for Boys Haven totaling 64 units; Boys Haven now serves females as well as males, empowering abused, homeless and struggling youth and their families to become healthy, self-sufficient members of the community through continuing professional care. Renovation of the Cottages - $263K Affordable Housing Trust Funds and Federal Home Loan Bank grant, completed 2005. Terrill Lane Apartments - $500K Affordable Housing Trust Funds and Kentucky Housing Corporation SMAL Program Funds, completed 2006. Klondike Lane Apartments - $750K Affordable Housing Trust Funds plus a Federal Home Loan Bank AHP Advance, completed 2007. In July 2009, Sweeney secured and additional FHLB grant for the Cottages in the amount of $186K.
· KCEOC Senior Housing, Corbin, KY. $1.7M HUD 202 grant created 16 units of affordable new construction housing for seniors including a Project Rental Assistance Contract to subsidize the rents; awarded 2008, completed 2011. This was a project of KCEOC Community Action Partnership.
· Blue Grass Community Action Partnership, serving nine counties in central KY, won the American Dream Homeownership Challenge, from the Federal Home Loan Bank of Cincinnati, 2007, providing $150K for four persons with disability to own their own homes. The consultant also assisted Blue Grass with the Franklin County Re-Entry Program to house men and women upon release from incarceration in the Franklin County Regional Jail which was awarded $54K, 2007. $105K, Affordable Housing Trust Funds & Federal Home Loan Bank grants for its Homeowner Rehab Program, 2006, 35 homes renovated, and a $465K KHC grant awarded to the Lincoln County Duplexes (4 units). Project financing included Affordable Housing Trust Funds, HUD Supportive Housing Program and Federal Home Loan Bank grant, 2005.
· Quad County Housing - Permanent Supportive Housing Programprovides 16 units of housing in Caldwell, Crittenden, & Lyon Counties in Western KY for persons with mental health and developmental disabilities. $210K Federal Home Loan Bank Grant, $17.5K from Housing & Homeless Coalition of KY, RHED Grant, $100K Kentucky Housing Corporation RHED Grant. The balance of the $2.2M total project costs came from Tax Credit Exchange funds and Affordable Housing Trust Funds.
· Welcome House of Northern Kentucky, Inc. received $418K Neighborhood Stabilization Program funds awarded to re-develop 8 units for homeless special needs households in the City of Covington. In July, 2009 the project received an award of a Federal Home Loan Bank of Cincinnati grant in the amount of $295K. The building opened as King’s Crossing in 2011.
· Buckeye Community Hope Foundation opened 24 units of new construction, 2 & 3 bedroom townhomes near Taylorsville, KY in 2011. Total project cost was $3.6M funded through low-income housing tax credits, HOME and AHTF funds through Kentucky Housing Corporation. Walnut Forest Apartments received 2009 tax credits, HOME funds and AHTF for the redevelopment of 48 units of one, two and three bedroom apartments in Franklin, KY for a total project cost of $5.4M and was completed in 2010.
· Hillcrest Hall provides 16 units for adolescent males in recovery from substance abuse for Pathways, Inc. the regional comprehensive mental health care provider serving Mt. Sterling, KY. $571K was received in the form of a Federal Home Loan Bank Advance and $500K was received in the form of a grant (2009). Placed in service, 2010.
· Samaritan Housing Initiative, provides $644K HUD Supportive Housing Program funds awarded to the Kentucky Balance of State, 2007 and provides leasing subsidies for 54 chronically homeless individuals residing in 18 counties.
· Franklin Landing, a new construction subdivision was proposed by Clermont, 20/20, Inc. in Felicity, OH received $374K Federal Home Loan Bank Advance, 2007.
· Chrysalis House Family Program, Lexington, KY. $650K Total project cost includes Kentucky Affordable Housing Trust Fund and Federal Home Loan Bank grant awarded 2002. 16 units serve women in recovery from substance abuse in the process of re-unification with their children.
· Olmstead House, $303K Kentucky Housing Corporation and Affordable Housing Trust Funds awarded to New Beginnings Bluegrass, Inc. for 10 units, independent living for persons with severe mental illness, 2004.
· Lyndhurst House, Lexington, KY. $150K Affordable Housing Trust Funds awarded to Shepherd’s House, 2004 serving 16 men in substance abuse recovery.
· Lotts Creek Community School, Knott and Perry Counties in Eastern KY. $197K Kentucky Housing Corporation Funds awarded to Lotts Creek Community School for homeowner rehab projects serving over 50 families, 2003-2006.
· HOPWA, Special Project of National Significance, statewide, KY. $1M Department of Housing and Urban Development Housing Opportunities for Persons with AIDS grant awarded to Kentucky Housing Corporation, 2005. This project focuses on HIV positive persons who suffered from some co-occurring disorder such as substance abuse, mental illness or other form of medical condition.
· Kentucky Heartland Outreach, received $225K in grant funds for a 30 unit homeowner rehabilitation program in Central Kentucky, July, 2009.
· $175K Department of Housing and Urban Development Supportive Housing Program funds awarded to the Permanent Housing Leasing project sponsored by Blue Grass Community Action Partnership and Kentucky River Foothills Development Council, Inc., 2006.
· $10K Permanent Supportive Housing Initiative Funds awarded to Taylor County Fiscal Court for feasibility analysis of Green River Recovery Program, 2005.
· $500K Federal Home Loan Bank of Indianapolis grant awarded to the Volunteers of America, Michigan, 2004 for a HUD 202 Program for the elderly.
· $191K Kentucky Affordable Housing Trust Funds and Federal Home Loan Bank grant for Bellewood Transitional Housing program, 2003.
· $475K Kentucky Affordable Housing Trust Funds, Federal Home Loan Bank and 5/3 Bank grant for Pathways Women’s Transitional Housing Program, 2003.
· $500K Bureau of Justice Assistance awarded to Comprehend, Inc. Regional Prevention Center, 2002.
· $74K Appalachian Regional Commission funds awarded to Hope in the Mountains, 2007, to operate a substance abuse recovery program serving 32 women.