Kentucky Housing Corporation

Kentucky Housing Corporation (KHC), the Kentucky state housing agency, was created by the 1972 Kentucky General Assembly to provide affordable housing opportunities. KHC is a self-supporting, public corporation.

Kentucky Housing Corporation was created in 1972 as a state housing finance agency by the General Assembly under the Mae Street Kidd Act with a $150,000 appropriation. In 1973, KHC originated its first bond issue totaling $51.2 million and received its first allocation from the United States Department of Housing and Urban Development (HUD) for 623 Section 8 New Construction units totaling $1.9 million. In-house mortgage loan underwriting and the Kentucky Appalachian Housing Programs were established in 1976.

In 1978, the debt ceiling was raised by the General Assembly from $400 million to $700 million.

KHC purchased Wheelwright, Kentucky an abandoned coal company town in eastern Kentucky, to rehab and resell housing to its residents in 1979.

KHC’s debt ceiling was raised to $1.125 billion by the General Assembly in 1982. The first Governor’s Housing Conference was held in 1984 and grants for two programs were developed, Energy Repairs for the Elderly and Training for Affordable Construction. Three new KHC programs were added in 1985, Senior and Special Needs Housing Program, Homeownership Trust Fund for 1-6 percent loans, and the Kentucky Indoor Plumbing Program. In that same year, KHC purchased property at 1225 and 1231 Louisville Road in Frankfort, Kentucky, to construct a new office building.

In 1987, the Housing Foundation, a 501(c)3 nonprofit, was established to attract charitable contributions for affordable housing. Also in 1987, KHC was appointed to administer the federal Low-Income Housing Tax Credit Program for Kentucky. KHC created an in-house Loan Servicing program in 1989.

In 1990, KHC’s “Yes You Can” (homeownership education course) and Rental Deposits Surety Programs were developed. KHC became the first state Housing Finance Agency (HFA) to receive AAA bond credit rating from Standard & Poor's in 1991 and began administering the Family Self-Sufficiency Program.[2]

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