Officials join to celebrate groundbreaking for Riverport Landings
Scarlet Rappl (Marian Development)
Christi Lanier-Robinson (LDG Development)
Will Ford (Louisville Forward)
Charla Jackson Peter (KHC)
(502) 564-7630, ext. 454
Kate Brackett (Family Scholar House)
FOR IMMEDIATE RELEASE
August 7, 2017
Officials join to celebrate groundbreaking for Riverport Landings
Intergenerational development to provide affordable housing, community services to families, seniors and single parent families and young adult foster alumni
(Louisville, Kentucky–) Today, business leaders and elected officials join the development partners in breaking ground on one of the city’s newest and largest intergenerational communities – Riverport Landings. This intergenerational community will be home to families, senior citizens, single parent families and young adult foster alumni enrolled in FSH’s educational program. Situated on a 36-acre site, Riverport Landings includes various retail services and residents of Riverport Landings will have access to a 2.5 acre community park and other shared amenities conveniently located on a shared site.
“I want to congratulate the development team—LDG, Marian, the funders and many more—who have pushed this project forward,” Mayor Greg Fischer said. “This tremendous asset to southwest Louisville will provide stable housing for seniors and families, while spurring commercial development along Cane Run Road, and establishing a community center and a park that will be excellent resources for those living in these units and in the surrounding neighborhoods. I am especially pleased to see private-sector investment in affordable housing, and the recognition that safe and reliable housing leads to more productivity and security for all members of the family. I look forward to seeing this investment progress and returning once it is complete.”
Riverport Landings is a joint venture between Marian Development and LDG Development—two of the nation’s largest developers of affordable housing. Combined, the companies have provided more than 9,000 affordable housing units for seniors, students and families in various cities across the country. Riverport Landings will include three types of affordable housing developments: Riverport Senior Living—a 108 unit senior property; Riverport Family Apartments—a 240 unit affordable family property and Riverport Scholar House—a 64 unit community for low-income single parent families and young adult foster alumni enrolled in FSH’s educational program. The development will also include a community park, retail space and other amenities that residents from all three properties will be able to access.
Scarlet Rappl (Marian Development) (502)297-8130
Christi Lanier-Robinson (LDG Development) (502) 609-9141
Will Ford (Louisville Forward) (502) 574-5170
Charla Jackson Peter (KHC) (502) 564-7630, ext. 454
Kate Brackett (Family Scholar House) (502) 813-3086
“The need for more affordable housing in Louisville and throughout our country is well documented and is essential to attracting and retaining the diverse workforce needed for communities to grow,” said Jacob Brown, Chris Dischinger and Mark Lechner, principals for Marian Development and LDG Development.
“The addition of Riverport Landings to southwest Louisville not only fills a need for more housing choice, but allows a nationally recognized non-profit—Family Scholar House— to fulfill its mission to end the cycle of poverty and transform our community by empowering families and youth to succeed in education and achieve lifelong self-sufficiency.”
Cathe Dykstra, Chief Possibility Officer and President and CEO of FSH, agrees.
“Partnerships with high quality developers like Marian and LDG drive the expansion of physical sites to fulfill the needs of our families and young adults. We are not a housing program. We are an educational program with a housing component. Our partners allow Family Scholar House to focus on its mission and the housing component helps disadvantaged single parent families and young adult foster alumni transition from poverty and homelessness to financial independence and gratitude. Access to stable, affordable housing means these families and young adults can focus on graduating from college and looking forward to a future that includes self-sufficiency, home ownership and success.”
Funding for this $71,000,000 development was secured through Tax-Exempt Bonds, 4% Low Income Housing Tax Credits, and HOME and AHTF funds provided by Kentucky Housing Corporation, traditional construction and capital loans provided by RedStone Tax Exempt Funding, PNC Bank and U.S. Bank, Louisville Metro Government’s HOME and Louisville CARES programs, FSH’s capital fundraising which includes grants from James Graham Brown Foundation and Frank and Paula Harshaw, and capital contributions from The Ezekiel Foundation. Edwin King, Executive Director of Kentucky Housing Corporation (KHC) believes the mix of funding being used for this project demonstrates the support and need for this type of development within the area.
“KHC wants to engage in innovative solutions to problems related to housing. Part of the solution is leveraging partnerships and resources to achieve this goal and produce impactful outcomes. This mix of funding and partnerships allowed partners to increase the scope of this development and produce a greater number of affordable housing units while adding intrinsic community value to the project by including a community park, retail services and a community service facility.”
Construction of Riverport Landings is underway and is expected to be complete by January 2019.
ABOUT THE DEVELOPMENT PARTNERS
Riverport Landings is a joint venture developed, owned, and constructed by entities comprised of the principals of LDG Development and Marian Development. Marian Development has successfully completed 16 affordable housing developments producing a total of 1,192 affordable housing units utilizing low income housing tax credits. LDG Development and its principals have closed financing on 26 affordable housing developments utilizing tax-exempt bonds. These developments have created 4,802 units of affordable housing for hard working families and seniors in 5 states.
Since 1998, LDG Development has completed 42 developments in five states producing a total of 6,399 units of affordable housing. Of those developments, 26 are affording housing developments comprised of a total 4,802 units. LDG is focused on creating high quality affordable housing for working class families and seniors. LDG primarily develops new construction utilizing tax exempt bonds and 4% LIHTC’s. LDG has a wealth of experience in a wide breadth of financing sources, including but not limited to: 4% and 9% LIHTC’s; tax exempt bonds; HUD resources such as HOME, CDBG, HAP Contracts, and 221(d)4; TCAP & TCEP (monetized and non-monetized); Disaster Relief Funds; Freddie Mac & Fannie Mae mortgages; and conventional financing. Additionally, LDG has successfully partnered with nonprofits and public housing authorities to expand their mission of providing affordable housing to their clients through the development of new affordable housing units.
Since 2002, Marian Development has successfully completed 16 developments producing a total of 1,192 affordable housing units within budgets, which totaled $132,192,883. In addition to these affordable housing projects, Marian has completed the historic renovation of their own office space as well as three market rate developments, including a student housing project in coordination with Spalding University. These market rate developments produced another 226 units, with combined budgets of $22,916,966. Marian has successfully implemented the structuring and development of multiple financing strategies including Low Income Housing Tax Credits, Historic Tax Credits, Federal Home Loan Bank’s Affordable Housing Program grant and advance funds, Kentucky Housing Corporation’s AHTF and SMAL funds, and various HUD funding sources.
ABOUT THE FUNDING PARTNERS
Riverport Landings have combined project budgets totaling $71,390,614. $35,400,000 tax-exempt bond financing is providing new construction and permanent loan capital. The bonds were structured in three separate
issuances. $7,300,000 was issued for the Riverport Scholar House; $8,700,000 was issued for Riverport Senior Apartments and $19,400,000 was issued for Riverport Family Apartments.
Develop Louisville – HOME and Louisville CARES
Kentucky Housing Corporation – HOME and Affordable Housing Trust Fund Dollars, Tax-exempt Bonds and 4% LIHTC’s PNC Real Estate – 4% LIHTC Equity (Riverport Scholar House & Riverport Senior Living)
J.P. Morgan Chase – 4% LIHTC Equity (Riverport Family Apartments)
RedStone Tax Exempt Funding – Construction and Permanent Loan Capital
US Bank, Community Lending – Construction Loan Capital
Family Scholar House – Capital Fundraising
The Ezekiel Foundation – Capital Contribution
ABOUT FAMILY SCHOLAR HOUSE
Family Scholar House will be opening their fifth Louisville campus with the construction of the Riverport Scholar House, as part of Riverport Landings, a multigenerational housing and support services development that brings needed resources to an underserved area of our community.
The Riverport Scholar House campus will add 64 new apartments to the 215 that are already available at the four other Louisville campuses. Half of the apartments will be designated for families enrolled in Family Scholar House programs. The other half will serve as the first housing operated by Family Scholar House for young adults that have exited from foster care and want to pursue post-secondary education in Family Scholar House’s structured environment.
In addition to housing, the Riverport Scholar House campus will include a Family Scholar House educational services center that will serve not only residential families, but also neighbors and residents from the other components of the development. The educational services center will provide space for program staff to provide counseling, academic coaching, and workshops for participants and community members and includes a technology center, art studio, a children’s creative play space, tutoring rooms, community meeting rooms, a clothes closet and food pantry.
Family Scholar House plans to begin housing families and young adults at the new Riverport Scholar House campus in the 2017-18 academic year. In 2015, Family Scholar House provided programs and services for 3,102 low-income, single parents with 4,377 children. In addition to current residents, there are 907 families with 1,372 children receiving services while waiting for available housing.
We offer our special thanks to the James Graham Brown Foundation, and Frank and Paula Harshaw for providing match donation opportunities for the project. Commemorative and naming opportunities are still available.
What: Groundbreaking of Riverport Landings, an Intergenerational Community
When: Tuesday, August 8th, 2017 3:30 – 5:30 p.m. Comments will start promptly at 4 p.m.
Where: 3311 Cathe Dykstra Way, Louisville, KY 40216
Mayor Greg Fischer, Louisville Metro
Congressman John Yarmuth, US House of Representatives Councilwoman Jessica Green, Metro Council District 1 Edwin King, Kentucky Housing Corporation
Charles (Chuck) Denny, PNC Bank
Cody Z. Langeness, RedStone Tax Exempt Funding
Dan Smith, U.S. Bank, Community Lending
Cathe Dykstra, Family Scholar House
Mason Rummel, James Graham Brown Foundation
Frank Harshaw, Harshaw Trane
Jacob L. Brown, Marian Development
Chris Dischinger, LDG Development
Mark Lechner, LDG Development
Visuals: Groundbreaking by dignitaries
A ceremonial groundbreaking on the current construction site will follow opening remarks.
Refreshments will be provided by the Louisville Dessert Truck.