Developer outlines 30-unit affordable housing proposal for Holmes Street

Mike Hines, president of Winterwood Incorporated, told the Franklin County Fiscal Court on July 29 that his company is preparing an application to the Kentucky Housing Corporation for a planned affordable housing development on Holmes Street. "We anticipate a construction cost of a little bit over 5,900,000," Hines said, and added that "total investment would be about 7,500,000." He described site renderings, a three-floor layout with community rooms and a mix of one-, two- and three-bedroom units.

Hines said the developer expects the project to compete for housing tax credits: "We're applying for housing tax credits," he said, adding that credits reduce construction costs but cap rents. He gave planned rent targets: "we're anticipating rents of about $930 for the 1 bedrooms, about 1,100 for the 2 bedrooms, and about 1,200 for the 3 bedrooms." Hines said rents will be subject to indexing and program caps and that the project would include set-asides for veterans, survivors of domestic violence and people in early recovery.

Magistrates asked about unit counts, parking and the project timeline. Hines said the design envisions 30 apartments and that the site allows for ample parking without variances. He described the expected funding timeline: the county's application to Kentucky Housing Corporation is due later this summer; awards are typically announced in January, followed by roughly six months before visible construction activity. "It's my hope that 1 year from now or less, people are seeing activity on the site," he said.

Court members praised the proposal and asked staff to circulate the plan boards by PDF. The judge also asked the developer to provide contact information for people seeking housing now; Hines said Winterwood would share a PDF and corporate contact details.