After 15 years, affordable housing complex in downtown Louisville for sale again

LOUISVILLE, Ky. (WDRB) -- After more than 15 years, an affordable housing complex in downtown Louisville is back on the market.

Tucked away only blocks from the Second Street Bridge are the Cathedral Commons Apartment units.

Out of the 40 units, 32 are set aside for lower income households. Households earning less than 60% of the median income qualify, while eight of those units are for those households receiving 50% of area median income or below.

The affordable housing complex is up for sale.

"We'd really like for it to continue to be well-operated," said Matt Bradley, the Dean of Christ Church Cathedral.

Parking lot of Cathedral Commons Apartments on South Second Street in Louisville.

The complex is owned by Christ Church Cathedral, which is located next door. Bradley said loans have helped with development and upkeep.

One of the many loans the church has received came from the U.S. Department of Housing and Urban Development’s community development block grant in 2004.

"We got a loan for $500,000. As a result of the very thin margins that come from running affordable housing, we were not able to pay that in one lump sum," said Bradley.

This type of loan has zero interest, but after 15 years, single payment must be paid in full as opposed to a series of payments.

"It's not uncommon for something like this to happen," said Marilyn Harris, Louisville's director of housing. She says the church is $2 million in debt.

"But they've continued to put their own money into keeping it up and keeping it nice," she said.

Christ Church Cathedral.JPG — Street view of the historic Christ Church Cathedral located on South Second Street in Louisville, KY.

"We invested a lot of money, a lot of time, a lot of sweat," said Bradley.

After Louisville Metro Council unanimously voted to forgive a loan for $500,000 Thursday night, Bradley was relieved.

"The majority of these loans are eventually forgiven because that's how these projects are generally structured," he said.

Bradley hopes the church's groundwork helps the next owner willing to take on the challenges of a low-income housing project, while Harris says the tenants and the income-driven program will not be affected either way.

"We have a need for 30,000 units of low-income housing in this community and we can't afford to lose one or 40," said Harris. "This office would not do anything to jeopardize losing any of those units."