Northern Kentucky business leaders say the region should focus on four key areas to bridge its significant housing gap.
The NKY Chamber's Housing Blueprint released Monday says those solutions should include creating a regional housing fund, expanding the local home construction workforce, building more housing for middle-income people, and trying pilot programs like employer-assisted housing.
"We know from our ongoing work on income-aligned housing that there will not be a one-size-fits-all solution to Northern Kentucky’s housing challenges,” NKY Chamber President and CEO Brent Cooper said in a news release. “As the region’s leading business organization, we recognize the direct connection between housing availability and our ability to attract and retain talent. These four priorities are where we believe the business community can move the needle.”
A 2023 study by the Northern Kentucky Area Development District found the region needs 6,650 new homes by 2028 to keep pace with demand from the region's workforce. The report shows median home prices have risen by 70% since 2016, while rents have risen by 46%.
The NKADD study found the region needs to increase its share of rental housing and more attainable homeownership opportunities. Currently, about 67% of its housing stock is single-family homes.
The Chamber's report points to the statewide Kentucky Housing Trust Fund and the region's Catalytic Fund as examples of the way housing funds can help meet demand.
The report also highlights examples of employer-supported housing programs like the one the University of Kentucky runs. UK offers forgivable loans for down payments on a house up to $15,000 for employees under that program.
When it comes to boosting middle-income housing, the report mentions the Kentucky Housing Corporation's Small Multifamily Affordable Loan program and proposed land use adjustments in the city of Louisville that would allow more duplexes and small apartment buildings.
On the workforce development front, the Chamber points to programs like Covington's Enzweiler Building Institute, which helps train people in various aspects of the building rehabilitation trades.
You can read the full 62-page report on the Chamber's website.
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