New Directions Housing Corporation
Brandeis Apartments, Louisville, KY
2014 $600,000 Permanent Multifamily
2019 $1,000,000 Permanent Multifamily Refinance
Purpose: Interim Loan Conversion to Permanent Multifamily
Units counted as part of another loan
The Brandeis Apartments was an expired Low Income Housing Tax Credit (LIHTC) project that completed its 15 year compliance period in 2011. At that time, New Directions Housing Corporation (NDHC) acquired 100% ownership of the property. Brandeis is a 50 unit building, built in 1920 as an elementary school and is listed on the National Register. The apartments underwent a $521,000 renovation and upgrade in 2011/12 that included exterior paint, roof repair/replacement, new water heaters, elevator upgrade, new stoves, refrigerators and carpeting throughout parking lot paving, new playground equipment and an updated learning center. CHC’s existing Interim loan was converted to this $600,000 permanent loan in 2014.
Founded in 1969 and organized as a nonprofit agency in 1971, NHHC’s mission is to develop and maintain affordable housing and vital communities in partnership with neighborhoods and other stakeholders. It endeavors to extend the agency's vision of "Caring neighbors building community" to its business practices. Services and programs range from the development, construction and maintenance of affordable housing to human services tailored to aid homeless or distressed low-income families.