Mayor Fischer announces $12 million affordable housing plan - WDRB 41 Louisville News

Mayor Fischer announces $12 million affordable housing plan

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LOUISVILLE, Ky. (WDRB) -- Louisville Mayor Greg Fischer announced a $12 million plan to build affordable housing in Louisville.

Mayor Fischer unveiled the Louisville Creating Affordable Residences for Economic Success program this morning. The plan would create 1,500 housing units over two years and help families who are paying more than 50 percent of their income on rent.

"This new program -- and we're calling it Louisville CARES...includes an approximate $11 million revolving loan pool that non-profit and for-profit developers can tap to help build multi-family housing across the city," Mayor Fischer said.

Along with the $11 million to be used for multi-family housing, the city will set aside $1 million to buy land for construction of housing near major employment centers, so that people can live near where they work.

Mayor Fischer called Friday a "historic day" in Louisville as the new plan was announced to build more affordable housing.

“Here in Louisville, a home is out of reach to too many of our families, too many of our citizens, and too many of our children”, said Mayor Greg Fischer.

Fischer says, according to the latest census data, 60,000 households in Louisville spend more than 30 percent of their income on housing.

Of those, 24,000 are spending more than 50 percent of their income on housing.

Many people don't have anywhere to go.

“On any given night in our city, we have up to 1200 people who may be homeless,” said Mayor Fischer.

It's not only adults. Last school year, Fischer stated that more than 6,800 JCPS students had to deal with severe housing instability.

“They shared housing with others, including relatives and friends, because their family lost their housing, had economic hardship, or other similar difficulties,” said Mayor Fischer.

Now, there will be more affordable housing options.

This new plan is part of Mayor Fischer's 2016-17 budget proposal that will be presented later this month.

The proposal includes using more than $1 million dollars from general fund revenues, and an $11 million dollar bond to be paid off over 30 years.

Mayor Fischer says the new housing would also create construction jobs for plumbers, electricians, drywallers and masons.

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