It’s one of two local projects that was notified of grant funding last week
Two local construction projects will receive funding to the tune of almost $900,000 through an agreement with Field & Main Bank and the Federal Home Loan Bank of Cincinnati.
Via FHLB grants funneled through Field & Main Bank, a project sponsored by the Center for Addiction Recovery will receive $480,000 funding. The project, called Grateful Living Apartments, will include 48 units. Additionally, the Habitat For Humanity of Henderson will receive $400,000 to help build 10 houses
The Center for Addiction Recovery consulted with Wabuck Development Co. Inc. of Leitchfield on the project. Amber Bowman, the development officer for Wabuck, said the apartments are intended for low-income residents from the general public. But women who are moving from the Women’s Addiction Recovery Manor get priority, she said.
Bowman said the project’s price tag will be $11.8 million. Getting the project built is dependent upon $9 million that has been applied for through a grant application to the Kentucky Housing Corporation, she said, adding that the results of that will probably come in January.
The remainder of the funding will come from a loan, she said.
The proposed site is on North Adams Street at its intersection with 14th Street on a 4 ½ acre parcel of land currently zoned agriculture, Bowman said.
Matt Reynolds, Habitat’s chief operating officer, said the organization is gearing up to build more homes next year than it has in previous years. He said the money will go toward the ten homes, but he didn’t say the exact date for when all ten of those homes will be built or if they could all be built in 2025.
He said the extent of the organization’s builds next year will be determined later.
Kyle Fuller, a senior commercial banking manager at Field & Main, said the funding is contingent upon future approvals. But if the other funding comes through, Fuller said Field & Main is excited to get the projects developed here and be the bank that supports them.