On Friday, July 10th at 11:00 am, HPI will celebrate the opening of its newest multifamily community in the heart of the historic Portland neighborhood.
The Montgomery Apartments was made possible through a joint partnership between HPI, Denton Floyd Real Estate Group and local developer Gill Holland, founder of the Portland Investment Initiative (Pii) and Urban Acupuncture, LLC.
With the apartment community next to the historic Montgomery Street School, also known as the Dolfinger’s building, and UofL’s Fine Arts Program Building, HPI and partners anticipate the green space will help build community activity. In the works is the coordination of a mural project on one of the outer walls of the four apartment buildings within the community.
HPI and Urban Acupuncture have invested interests in revitalizing the historic Portland Neighborhood through respective initiatives— HPI’s Beyond 9th Initiative: Revitalizing West Louisville through Strategic Homeownership and Urban Acupuncture’s Portland Investment Initiative (Pii), a 10-year plan to rehabilitate the historic neighborhood with a specific goal of refurbishing vacant and abandoned properties. Both initiatives similarly seek to revitalize the once-bustling historic stroll district.
HPI’s Beyond 9th Initiative is a multi-year effort to increase the homeownership rates in West Louisville neighborhoods, including Portland. Through its Homebuyer Education & Financial Counseling program, HPI lowers the cost of entry for new homeowners, working with residents to increase credit scores, coordinate downpayment assistance, and introduce residents to community mortgage lenders, real estate agents and real estate professionals who prepare residents for the long-term homeownership.
Funding for Montgomery Apartments took several years in planning with over a third of the $3 million investment coming from The Louisville Affordable Housing Trust Fund. Additional funding was secured from Hope of Kentucky, a consortium of Kentucky banks that pool loan funds to address affordable housing needs throughout the Commonwealth.
“Montgomery Apartments continues HPI’s commitment to innovative partnerships with private and public investors to ensure quality affordable housing is available to everyone,” states Andrew Hawes, HPI President. “HPI’s drive to revitalize neighborhoods in need of stability is the motivation behind Montgomery Apartments, where residents will receive the opportunity to advance further and become homeowners in the near future.”
The newly constructed apartment community serves individuals and families with incomes below 80% of the area median income, offering 9 two-bedroom and 15 three-bedroom units. For more information or inquiries into leasing an apartment at Montgomery Apartments, visit www.wearehpi.org or call 502-272-2267.
Montgomery Apartment’s Ribbon Cutting Ceremony will take place with respect to social distancing perimeters on Friday, July 10th at 11 a.m. in the community green space.
About The Housing Partnership, Inc. (HPI)
Since 1990, HPI has become the forerunner in affordable housing development in the Louisville Metro area. HPI’s mission is to create affordable housing opportunities to encourage family stability and to support and empower the community. HPI focuses its operations on housing production, property rehabilitation, property management, and resident resources, including homeownership counseling, workforce development, and financial literacy training. The vision of HPI is to offer each resident the opportunity of homeownership which, in turn, builds stronger communities. Within its portfolio, HPI owns and/or operates multi-family apartment communities, single-family homes, and mix-use properties that revitalize neighborhoods and enhance urban planning.
About Urban Acupuncture, LLC
Formed in 2015, Urban Acupuncture is a private real estate development firm with a social mission to impact downtrodden neighborhoods through innovative rehabilitation of residential and commercial properties. Located in the former Boys & Girls Club in Portland, Urban Acupuncture works to complete its Portland Investment Initiative, attracting locally-owned businesses to and rehabilitating dilapidated houses in the Portland area.
About The Louisville Affordable Housing Trust Fund (LAHTF)
Created in 2008 by the Louisville Metro Council, LAHTF is a private nonprofit agency that receives and awards monies to organizations dedicated to addressing the affordable housing needs of individuals and families of low- and moderate-income households by promoting, preserving and producing long-term affordable housing and providing housing-related services to low- and moderate-income households.