Creating More Affordable Housing in Kentucky
Louisville’s Russell neighborhood, one of the nine communities of Fifth Third’s Empowering Black Futures program, will soon have a new affordable housing complex called The Eclipse, which is slated to welcome families in late 2024. Fifth Third made a $21.9 million construction loan in support of The Eclipse, which is a project of LDG Development.
The creation and sustainability of affordable housing is one of the goals of Fifth Third’s Empowering Black Futures program, an innovative place-based approach to community development in which Fifth Third works with a lead community organization to achieve local residents’ vision for their neighborhood. Fifth Third’s partner organization in Kentucky is Russell: A Place of Promise.
In a news story on WHAS11 covering the groundbreaking earlier this year, Congressman Morgan McGarvey said the new development will be more than a place for its residents to live.
"If you can have stable housing, you can begin to focus on your healthcare. If you're not moving your kids around every 8 or 9 months then you can begin to focus on your education. If you have that stable housing, then you can find a job. It is the cornerstone of success," McGarvey said in the news story.
The Eclipse will be located in an area of the Russell neighborhood where houses had been abandoned or boarded up. The new complex will have 280 units of housing along with a clubhouse, fitness center and other amenities. It also is located three blocks from the first hospital to be built in West Louisville in 150 years. LDG Development has committed to helping residents access educational and apprenticeship program where they can earn and stack credentials in the medical field.
More information about Fifth Third’s Empowering Black Futures program is available here.