LOUISVILLE, Ky. (WDRB) -- The Kentucky Housing Task Force is addressing the state's housing issue.
The task force was established earlier this year to examine the factors affecting the state's housing market.
So far, it has found that the state is facing an unprecedented housing shortage of around 206,000 units that could grow to 280,000.
The task force also found that Kentucky's construction workforce has not recovered from the 2008 financial crisis, and the cost to build a home has increased.
Additionally, the state lost nearly 5,000 housing units from the 2021 western Kentucky tornadoes and the 2022 eastern Kentucky floods.
Now, the task force is recommending regulation reforms to improve the efficiency of construction and effectiveness of buyers and renters finding new homes.
It's also suggesting state incentives and investments, like tax credits, low interest loans and grants.
The task force is looking at what works in other states. Some examples include developing a state-level low income housing tax credit, direct investment in land banks and more.
Related Stories:
- City of Louisville unveils new plan to prevent trespassing, fires at abandoned homes
- Louisville plans to forgive liens on some abandoned homes to create affordable housing
- Metro Council to decide on expanded down payment assistance for low-income buyers in Louisville
- Delta Dental donates $1 million to Louisville home ownership program
- Louisville programs aim to help homeowners, buyers
- Louisville program helps homeowners combat redlining with renovation funds
- Louisville Metro Council streamlines process to renovate abandoned property in Portland
- City of Louisville looking to buy vacant, abandoned properties to be renovated
- Louisville program plans to provide 200 families $50,000 each to improve homes in previously redlined areas
Copyright 2024 WDRB Media. All Rights Reserved.
