CHPC Partners to Create Boodry Place in Kentucky
Synergy. The interaction of two or more forces so that their combined effect is greater than the sum of their individual effects.
Such is the strategic partnerships behind the creation of Boodry Place, a 32-unit residential property in downtown Morehead, KY for elderly households and families with special needs who are below 50% of the area median income.
Earlier this year, Community Housing Partners (CHPC) joined forces with three Kentucky-based organizations to create a multi-generational community targeting senior citizens and families with a child with physical disabilities. Each group is bringing their individual expertise to add value to this multi-family project.
While Boodry Place received a $3,328,000 tax credit award, the Federation of Appalachian Housing Enterprises, Inc. (FAHE) supplied valuable equity to fund the project. With Virginia Community Development Corporation (VCDC), FAHE launched the Housing Equity Fund of Kentucky, which supports the development of affordable and special needs rental opportunities.
On the development side, Boodry Place is being co-developed with Frontier Housing, the largest non-profit provider of affordable homeownerhsip opportunities in northeastern Kentucky. Acting as the managing partner, Frontier Housing is bringing their expertise in affordable housing and development in the Morehead area to the project.
As a general partner, CHPC is providing knowledge and practice of green design and construction through architectural and general contracting services. Led by Colin Arnold, CHPC’s LEED® Certified Architect, the design utilizes universal design, to promote accessibility for individuals of all ages and abilities. Specific features include a green space with a playground for children of all abilities, and a community space for health screenings and therapeutic services for physical, occupational and speech therapy.
In order to provide these services, Community Housing, Inc. (CHI) will manage the property and oversee the needs of Boodry Place residents. CHI serves five counties in eastern central Kentucky, focusing on family services to help household attain and maintain housing.
According to Jim Pritchett, CHPC’s VP of Housing Development, the resulting partnership allows each organization to share knowledge and create capacity.
“We get to work together to achieve a common goal, which is to provide safe, decent affordable housing in a local community,” he said. “And there are also individual opportunities for growth and success for each organization.”
As part of increasing CHPC’s footprint throughout the southeast, Boodry Place is a model for forming partnerships to increase capacity. Initial site work has already begun in Morehead, with an anticipated occupancy date of spring 2007.
“In the interim, CHPC continues to look for more opportunities to partner with like-minded organizations to fulfill our mission,” Pritchett said.