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Developer pitches 88–110-unit affordable housing project, warns of RFP competition for tax credits
Summary
A local private developer proposed building up to 110 affordable units on 6.9 acres and urged coordination after the county issued an RFP that could compete for limited Kentucky Housing Corporation tax credits; he said the project would pay city school taxes and could deliver units by spring 2027.
Jeff Hancock, speaking for Affordable Housing Frankfurt LLC, told Franklin County fiscal court members on May 14 that his private proposal for 88–110 affordable housing units on a surplus 6.9-acre site (known locally as Leather's Field) is designed to meet federal guidelines and pay city school taxes.
"This project will take away a third of the need of housing in affordable manner," Hancock said, citing the county housing study figure that the county is about 324 units short. He said the LLC purchased the parcel from the local high school district with a deed restriction that the project would not abate school taxes and emphasized the project would contribute tax revenue to the city schools.
Hancock said the LLC has engaged local stakeholders including the Frankfurt housing coalition and Envision Frankfurt, and that plans and letters of support have been shared with city-school leaders. He said the project could begin occupancy as soon as spring 2027 if timelines and incentives align.
Magistrates raised concerns that a recently issued county RFP could put multiple local applications in direct competition for Kentucky Housing Corporation (KHC) low-income housing tax credits, which often allocate one award per congressional district. Squire Wisman noted KHC typically funds one project per community but said some jurisdictions have received multiple awards; court members scheduled a meeting with KHC representatives to clarify whether multiple projects could be financed in the same cycle.
Court members discussed whether better interagency communication or a single, coordinated application strategy would improve chances of securing credits and avoid fragmenting local proposals. Several magistrates urged convening all interested developers and city staff to align sites and applications before the KHC deadline.
No vote was taken on the private proposal; Hancock said the LLC planned to meet with KHC and pursue tax-credit incentives while remaining open to collaboration with the county and other applicants.
