August 5, 2002

Louisville Mayor Dave Armstrong traveled to New York City last week to describe his city's successful Downtown Housing Fund for the political, government and business leaders from across the nation who attended the 2002 Democratic Leadership Council National Conversation at the Hilton New York.

A partnership of government and business that has added hundreds of badly-needed units to Louisville's housing stock, the Fund has helped create four new downtown housing venues, ranging from a three-unit renovation of an old fire station to the construction of Waterfront Park Place, a $42 million, 22'story residential tower with 76 condominiums and 36 apartments.

"We combined $3 million in city funds with $3 million raised from local businesses to create a pool which enabled us to create the downtown housing fund," explains Mayor Armstrong, "and today the evidence of the city Fund's success is simple and unmistakable: For the first time in a generation, the city of Louisville can point to a significant number of housing starts, including hundreds of new market rate condos and apartments." The Fund's loan pool is controlled and administered by the Downtown Development Corporation, a local non-profit membership organization composed of many of Louisville's leading downtown businesses.

Mayor Armstrong described the pool's administration, along with the other major features of the Fund, in his presentation to the DLC meeting participants. The mayor was joined in a discussion of strategies to create affordable housing in cities by Bronx Borough President Adolfo Carrion, National Affordable Housing Tax Credit Coalition Chair Rich Richman, and the Progressive Policy Institute's Anne Kim.