Kentucky Gov. Andy Beshear Unveils $223 Million Project to Address Rental Housing Shortfall

By Madz Dizon

Jun 04, 2024 03:44 AM EDT

Kentucky Gov. Andy Beshear Unveils $223 Million Project to Address Rental Housing Shortfall — US President Joe Biden stands with Dane Maddox, 7, Kentucky Governor Andy Beshear speaks next to Kentucky First Lady Britainy Beshear after touring storm damage in Dawson Springs, Kentucky, on December 15, 2021.
(Photo : BRENDAN SMIALOWSKI/AFP via Getty Images))

Kentucky Gov. Andy Beshear expressed his concern on Monday (June 3) about the rental housing shortage that has persisted since the recovery began from a devastating tornado outbreak in late 2021.

Gov. Andy Beshear Unveils $223M Rental Housing Plan

Kentucky made a significant move on Monday to address the ongoing housing shortage. The governor, who belongs to the Democratic party, announced a proposal to construct 953 rental housing units in four counties: Christian, Graves, Hopkins, as well as Warren.

A partnership between the state's housing finance agency, the Kentucky Housing Corp., as well as the state Department for Local Government led to the development of the $223 million project.

According to AP, The funds are provided by KHC and the state's disaster recovery program, which is administered by the local government department.

According to the governor's office, this housing development project will be the largest ever undertaken by either agency.

Kentucky's Affordable Housing Push Targets Low-Income Families

These housing projects aim to provide affordable housing options for low-income families. According to Wendy Smith from the Kentucky Housing Corporation, there are several other counties that also require additional rental units, ABC36 reported.

It has been found that Kentucky requires over 200,000 units. According to Smith, it is essential for every county to have units.

The funding will be allocated to private developers who will construct apartment complexes, offering units to families with moderate and low incomes.

The focus of the project is to ensure that rents remain affordable for residents. The majority of the units will consist of 2-3 bedrooms, with a combination of 4-bedroom and single-bedroom units available as well, according to Beshear's office.

The office has stated that construction is anticipated to commence by spring of 2025 at the latest. Once construction nears completion, eligible Kentuckians will have the opportunity to apply for apartment leases.