Sale of affordable housing complex in downtown Louisville leaves resident uncertain about future | News

LOUISVILLE, Ky. (WDRB) — An cost-effective housing complicated in downtown Louisville is no longer on the marketplace. Even though a single resident is uncertain about its upcoming, the new proprietors mentioned it really is their purpose to protect the assets.

These who head the holy sanctuary on South 2nd Avenue in the coronary heart of downtown mentioned that God had other programs for Cathedral Commons.

Terrie Allen has referred to as the advanced house for 15 yrs. What has held her there is a lot more than the centralized location.

“It is cost-effective,” Allen reported. “I like the apartments, yeah. It truly is close to city and (the) bus and I just never like going and it can be, you know, it’s a smaller neighborhood. It is really only 40 residences.”

Christ Church Cathedral marketed the house in December to New York-primarily based actual estate developer Fairstead LLC. The house is now managed by Beacon House Management.

Matt Bradley, who leads Christ Church Cathedral, explained before the sale, proudly owning Cathedral Commons was a heart move, not a enterprise 1. The church managed the residence for much more than 15 a long time, applying loans to support with routine maintenance and maintenance.

“We acquired a loan for $500,000,” Bradley said to WDRB in 2021. “As a end result of the very skinny margins that occur from managing very affordable housing, we were not able to pay that in one particular lump sum.”

For residents like Allen, parking appears to be the only situation. But she stated she can offer with that as extended as the residences stay affordable.

“It tends to make me sense actually great that they are not saying they’re likely to occur in and acquire everybody’s livelihood from them,” she reported.

According to indicators posted all-around the creating, there are however vacant units.

In a assertion, a spokesperson for Fairstead claimed their target is to preserve sustainable, higher-high-quality, economical housing across the country, and that stays the objective at Cathedral Commons.

“We acquired the home at the conclude of 2021 and have been investing the final couple of months getting to know our citizens, our neighbors, and connecting with neighborhood associates and stakeholders,” the statement ongoing.

The spokesperson did not give any information about possible upcoming ideas for the assets.

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