Kentucky Broad Street Portfolio Project, Louisville

Louisville Metro Mayor Jerry Abramson addressed a group—including New Directions Housing Corporation CEO Joe Gleissner—gathered June 11, 2003, to help celebrate the Kentucky Broad Street Portfolio project.  This $13.8 million acquisition of nearly 500 low-income housing units is reportedly the biggest HUD-assisted affordable housing effort of its kind in the nation.  The deal comprised 76 properties slated for $5 million in rehab.

Stites & Harbison, led by Jim Seiffert and Rick Vance, has represented New Directions, the Louisville area's largest non-profit developer, in a complex transaction involving the acquisition and preservation of 466 units of project-based Section 8 housing located on approximately 70 scattered sites in seven local neighborhoods.  The Kentucky Broad Street Portfolio project has allowed New Directions to double its portfolio of service-enriched, affordable housing to a total of 1,091 units. It also helped ensure efficient and locally responsible management and the introduction of site-based supportive services and unique synergies with neighborhood-based grassroots groups.