Housing Equity Fund of Kentucky I, L.L.C.
The Housing Equity Fund of Kentucky I, L.L.C. (HEFK I) was formed in 2006 for the purpose of promoting corporate investments through the federal Low Income Housing Tax Credit Program (LIHTC) for development of affordable residential rental properties located in the Commonwealth of Kentucky. The Managing Member of the Company is Kentucky Community Development, L.L.C., a Kentucky limited liability company. The properties will serve families with a household income at or below 30% to 60% of the area median. VCDC will manage Fund affairs and in conjunction with The Federation of Appalachian Enterprises (FAHE), provide technical assistance throughout the life of the Fund. Equity invested in the Fund totals $17 million.
HEFKI Investors
Fifth Third Community Development Corporation
Community Trust Bank, Inc.
National City Community Development Corp.
Fannie Mae
Branch Banking and Trust Company
HEFKI Affordable Housing Projects
Redbud – Lee, Breathitt & Wolfe Counties – 32 Units
Scattered site special needs housing units situated in Jackson, Beattyville and Campton, KY. General Partner – Red Bud Housing, LLC Managing Member & Project Sponsor - Kentucky River Community Care. Total Development Costs: $3,466,244 - HEFK I Investment: $2,951,296.
Liberty Place - Madison County, KY - 38 Units (under construction)
A 38 unit SRO providing efficiency apartments with supportive services for women in recovery situated in Richmond, KY. Managing Member & Project Sponsor - Kentucky River Foothill Dev. Council, Inc. Total Development Costs: $4,808,680 - HEFK I Investment: $3,427,000.
Boodry Place - Moorhead, KY - 32 Units (under construction)
A three story apartment building serving elderly and disabled households. General Partner – Boodry Place, LLC Managing Member - Frontier Housing, Inc. Partners Project Sponsors – Frontier Housing, Inc. & Community Housing Partners. Total Development Costs: $3,715,172 - HEFK I Investment: $3,065,000.
For more information about Housing Equity Fund Kentucky I, LLC, contact Sara Morgan sara@fahe.org.
Project Financials Due
Q1-Apr 16, Q2-Jul 16, Q3-Oct 15, Q4-Jan 16,2013
Board of Directors Meetings
VCDC Office:
Mar 21, Jun 20, Sep 12
Call-In:
Feb 1, May 9, Aug 8, Oct 24
TBD:
Dec
12