Affordable housing advocates say they will seek more money in Metro Louisville’s budget, despite a proposal by Mayor Greg Fischer to triple funding for the city’s down payment assistance program.
That’s because Louisville needs 32,000 affordable housing units, a number that makes Fischer’s current proposal in that area look like “a drop in the bucket,” said Cathy Kuhn, executive director of the Metropolitan Housing Coalition.
“Especially right now, in the course of the pandemic, what we’re hearing from developers is that the cost of producing housing is only going up,” Kuhn said.
Mayor Fischer’s budget proposal includes:
- $3 million in down payment assistance, up from $1 million in the current fiscal year
- $7.95 million to help existing homeowners make repairs or bring homes up to code. $3.2 million of that will be reserved for distressed neighborhoods such as Russell and Smoketown, a spokesperson for Fischer said.
- $10 million for the Affordable Housing Trust Fund, a number that matches last year’s appropriation.
There is a possibility funding for affordable housing could go up, with $430 million coming to Louisville from the latest round of federal stimulus, said Bill Hollander, chair of the Metro Council’s budget committee.
Part of that money is expected to arrive next month, along with guidance from the federal government on how it can be spent.
