Eastern Scholar House Program - Additional Information
The Eastern Scholar House Program is being made possible
by several organizations:
KENTUCKY HOUSING CORPORATION
Kentucky Housing Corporation is the primary funder and has allocated Low Income Housing Tax Credits and Affordable Housing Trust Fund representing $8.4 million in the project.
KENTUCKY RIVER FOOTHILLS DEVELOPMENT COUNCIL, INC.
Kentucky River Foothills Development Council, Inc. (KRFDC) is the driving force behind the Eastern Scholar House Program and is managing and operating the project.
Fahe has provided assistance in obtaining various sources of funding from Low Income Housing Tax Credits, Community Development Block Grant, and Federal Home Loan Bank. They are also assisting in project management, and are providing a $6 million construction loan.
EASTERN KENTUCKY UNIVERSITY
Eastern Kentucky University (EKU) is providing a long-term land lease for the property as well as access to services and amenities.
CITY OF RICHMOND
The City of Richmond provided pass-thru grant funds to KRFDC and also will provide rental assistance for the units.
OHIO CAPITAL CORPORATION
Ohio Capital Corporation for Housing made a $7.5 million investment through the purchase of the tax credits.
Additional photos below: