Louisville Magazine

JUN 2019

Louisville Magazine is Louisville's city magazine, covering Louisville people, lifestyles, politics, sports, restaurants, entertainment and homes. Includes a monthly calendar of events.

Issue link: https://loumag.epubxp.com/i/1123912

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Page 80 of 92

78 LOUISVILLE MAGAZINE 6.19 she says, one arm swiveling like a compass. "I've known that since 1975." e Shelby Park Neighborhood Association has a partner, "a marriage," I'm told, with New Directions Housing Corp., a nonpro‚t aƒordable- housing developer. On a sunny morning, I meet Max Monahan, the group's assistant director of homeownership preservation, in front of a brick camelback that New Directions is renovating. Its guts are shredded but by mid-June it will charm: a stained-glass transom window, glistening hardwood ‹oors, re‚nished pocket doors in the front room. New Directions recently purchased eight properties from a Louisville man, Michael Meyer, who bought about a dozen properties in Shelby Park in the '80s and '90s. Meyer tells me he had plans to renovate them but "never got around to it." Many of his properties have stood vacant for years, deteriorating. One had a renter that Meyer asked to move when the deal with New Directions was secure. Of the eight properties, one was sold to another nonpro‚t developer, four will be sold at market rate and three will be sold slightly below market value and reserved for a buyer who makes 80 percent of the area median income or about $43,000 a year. (After ‚ve years, the deed restriction designating the home for a buyer at 80 percent AMI expires and anyone can purchase it.) What "slightly below market rate" translates to: A 1,050-square-foot New Directions home in Shelby Park recently sold for $130,500. (By comparison, a slightly larger house down the block sold at market rate for $160,000.) A 1,400-square-foot shotgun renovated by New Directions sold at below market rate for $145,500. (Pro‚ts made by New Directions go toward other aƒordable developments.) Recently, Metro Government commissioned a housing-needs assessment, analyzed how much aƒordable housing the city lacks. (Cities nationwide are experiencing a similar aƒordable-housing crunch.) e study found that individuals who make $43,000 — or 80 percent of area median income — required about 4,400 units to meet demand. For households earning about $27,000 or less, Louisville is in need of 50,000 units. Monahan explains that building very- low-income housing is tricky, often "It's the place to live. Highlands are there, Germantown there, Old Louisville there," Betty Kolb says, one arm swiveling like a compass. "I've known that since 1975." Chip Rogalinski, aka "Mr. Shelby Park."

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