Affordable Housing in Kentucky
With rental rates on the rise across Kentucky, a growing number of individuals and families with lower incomes are at risk because they can’t afford to rent at market rates. To make things more challenging, there are often long waitlists for Section 8 housing or vouchers, and many households who need affordable housing may not qualify. Thankfully, in partnership with federal programs like the LIHTC, Olympia Management, Inc. is making affordable housing accessible for more people in Kentucky who are seeking a clean, safe place to live at a rate they can afford.
Living in Kentucky
Home to the Mammoth Caves, KFC, bluegrass music, and the Kentucky Derby. Birthplace of Johnny Depp, Jennifer Lawrence, Bill Monroe, Abraham Lincoln, and bourbon whisky. These are just a few of the things that make up the rich heritage of Kentucky. Marked by the rolling hills and forested lands of the western Appalachian Mountains, this state is known for its rich farmland and incredible natural beauty – not to mention 95 percent of the world’s bourbon and some of the finest thoroughbred horses found anywhere on the planet.
Kentucky’s capital city, Frankfort, is relatively small, home to only about 27,000 people. While most of the state is rural, the two largest cities in the state are Lexington (pop. 323,000) and Louisville (pop. 767,000).
Olympia Management is pleased to offer affordable housing options in the following cities in Kentucky:
- Somerset, KY. Located adjacent to the ever-popular Lake Cumberland, this town of 11,500 people offers a charming small-town feel in the midst of natural beauty, with abundant opportunities for boating, fishing, hiking, and camping.
- Beattyville, KY. Situated along the Kentucky River in the Three Forks region, Beattyville is a lovely town of 1200 people on the eastern edge of Daniel Boone National Forest – a quiet community in one of the state’s most beautiful regions.
Understanding the Low Income Housing Tax Credit (LIHTC) in Kentucky
Also known as Section 42 housing, the Low Income Housing Tax Credit (LIHTC) is a federal program set in place by the 1986 Tax Reform Act. Under the program, developers and property owners who designate some or all of their housing units as “affordable housing” can receive generous tax credits to subsidize their costs.
While a federal program, LIHTC credits are allocated to state and local housing authorities, who in turn award these credits to qualifying properties in their states. Here in Kentucky, the Kentucky Housing Corporation is the agency responsible for administering and awarding LIHTC credits.
About Olympia Management, Inc.
Olympia Management, Inc. was established in 2014 as the management company for Olympia Construction, Inc. (OCI), an owner/developer of multi-family and elderly affordable housing complexes. While currently headquartered in Albertville, Alabama, Olympia Management currently manages hundreds of affordable housing properties across the southeastern United States.
See below to learn more about our affordable housing options in Kentucky. To learn more about Olympia Management or to inquire about availability in your area, contact us today.