Monday, January 7, 2013

CVC Showcases What Can Happen to Foreclosed Properties When Government and Private Sector Work Together

Community Ventures Corporation, our affiliate in Kentucky, in partnership with the Governor’s Office, the Attorney General’s Office, Kentucky Department of Local Governments, Kentucky Housing Corporation, and other partners showcased what can happen to foreclosed properties when government and the private sector work together.

Attorney General Conway; Marshall Crawford,
NeighborWorks America; Governor Beshear; Kevin Smith,
Community Ventures Corporation

Today, the Hartford Place Apartments were highlighted as congratulations were made and partnerships were celebrated with all of the partners at CVC’s headquarters in Lexington. Attorney General Conway; Marshall Crawford, director, NeighborWorks America Southern District; Governor Beshear and Kevin Smith, president and CEO of CVC, spoke at the event.

CVC’s purchase of Hartford Place coincides with the Commonwealth’s neighborhood revitalization mission of acquiring and providing safe and decent affordable rental opportunities to low and middle income residents and returning foreclosed properties to a useful community asset.

The project consists of three buildings with a total of 49 units. The property, which was a foreclosed property for sale by lender, had only a 70 percent occupancy rate and needs rehab due to the poor condition of many of the units. Sixteen currently vacant units will be completely rehabbed, more efficient HVAC systems will be installed, one unit will be updated to meet handicap accessible criteria and resident services, such as financial literacy and homebuyer education, will be provided. All units will be rehabbed as they become vacant.

Kevin R. Smith, president and CEO of Community Ventures Corporation praised the public and private partnerships that made it possible for 49 families to have safe and affordable housing in Lexington. "Without all of these partners coming together, it couldn’t have happened," Smith said. "Families on Martha Court now have a place to call their own. Some of these folks have been through foreclosure and had to leave their home. Through this project, they have landed and can be successful as renters."