Officials celebrate opening of Louisville’s newest affordable housing community
The opening of Donerail Run brings 312 units of affordable housing to Louisville
LOUISVILLE, Ky. – Local and federal officials joined LDG Development, one of the nation’s largest developers of affordable housing, to officially open Louisville’s newest affordable housing community, Donerail Run, located at 4305 Donerail Run Dr.
Donerail Run, off Taylorsville Road, just east of Blankenbaker Parkway, is situated on a 29-acre site and will offer 312 spacious 1-, 2-, and 3-bedroom apartments. Each unit includes granite countertops, an open concept living space and upgraded flooring. Residents can also enjoy a number of onsite amenities including a swimming pool, outdoor recreation areas and a dog park, as well as a clubhouse that includes fitness and business centers.
Donerail Run is reserved for families making 40-80% percent of the Area Median Income, or $ 33,880-$61,520 for a family of four. Monthly rental rates at Donerail Run range between $577-$1450 and as of April 22, the development is 29% leased and 18% occupied. Chris Dischinger, co-founder and principal of LDG Development, says that the brisk pace of leasing activity and the high level of interest in the property reflects the pressing need for more affordable housing communities like Donerail Run throughout Louisville.
“In order to meet the increased demand for high-quality housing that supports working families and their needs, we believe that affordable housing should be located in all parts of our community,” said Dischinger. “The overwhelming success of Donerail Run, is yet another example that there is demand and a place for affordable housing options in more suburban areas of our city.”
The name of the development was inspired by 1913 Kentucky Derby winner Donerail. The Derby winner was ridden by Jeffersontown jockey Roscoe Goose.
Financing for Donerail Run was provided through PNC Tax Credit Solutions, a PNC Real Estate business; R4 Capital Funding and the Kentucky Housing Corporation.
“PNC Bank recognizes that access to affordable housing is among the most critical needs in Greater Louisville, and we are committed to leveraging the power of our resources to help deliver on this challenge,” said Kristen Byrd, PNC regional president for Louisville. “Donerail Run represents a tangible solution, and PNC has provided more than $15 million in Low Income Housing Tax Credit equity financing to help fund this vital project.”
Winston Miller, executive director and chief executive officer of Kentucky Housing Corporation, said Donerail Run will be an excellent addition to the Louisville community.
“Its 13 buildings and 312 units will transform the affordable housing landscape in the area, giving more residents access to affordable, comfortable, stable, permanent housing. At Kentucky Housing Corporation, we say that affordable housing creates good neighbors, and we were proud to invest $48 million in tax-exempt bonds and $1.6 million in Low Income Housing Tax Credits to this project,” said Miller.
James Spound, president of R4 Capital Funding, stated that the Donerail Run project provides a needed and superior affordable living option for families in this area of southeastern Louisville.
“Given the scale of the property, it promises to make a truly positive neighborhood impact. Our firm was privileged to provide Donerail Run’s construction and permanent mortgage capital,” said Spound.
Spound further noted that Donerail Run closed its financing and commenced construction in late Spring of 2020 when the overall economy was largely shut down.
“The commencement of this development at that time reflected great perseverance on LDG’s part,” added Spound.
LDG Development is the country’s largest developer of affordable housing with more than 20,000 units, including almost 4,000 units in Kentucky. Dischinger believes that believes the addition of Donerail Run to the company’s growing portfolio reflects the organization’s desire to signifincantly reduce the estimated 30,000 Louisvillians who lack access to affordable housing
“LDG was founded more than 25 years ago based on the belief that everyone deserves a quality place to live,” said Dischinger. “Through the commitment of our employees and great city leaders like those found in Louisville, we are working to provide the high-quality, affordable housing needed for Louisville families.”