Cincinnati drivers on I-75 may have seen two, fully constructed houses pulled by trucks on their commute Wednesday. The houses were built in a warehouse in Vandalia, Ohio and mark the start of Covington’s plan to expand homeownership opportunities on Pleasant Street.
Executive Director of Community Development Brandon Holmes arrived at the site after the homes were delivered. He is both on the development team and the city government lead.
“These are 15 new units that are going to be coming online,” he said. “[The] two, here very soon, are priced where folks in our workforce can afford them.” He said these first models will be priced around $250,000, but the city also plans to add smaller, less expensive homes.
Providing affordable and workforce housing has been a city priority for a long time, from delegating federal loan programs to building a new riverfront neighborhood.
The Kentucky Housing Corporation found that Kenton County needed 9,157 more units for sale or rent to meet demand in 2024. It projected that gap will expand by 2029. For Covington, the housing gap was predicted at 891 units by 2028, according to a Kenton County Planning Commission report.
Holmes said this is the next step to bridging that gap.
“This isn't about the city and the nonprofit partner trying to make money and make a splash,” he said. “It's about providing a product that's needed in Covington and helping our families that are having troubles finding a place to live and buy have an opportunity to buy.”
About 94% of all Covington residents are employed, according to the most recent demographic data from the city. As global and national companies move to Covington, there’s a growing need for more owner-occupied homes tailored to the expanding workforce.
Holmes said the location of the houses helps — since they won’t be moved into the suburbs where the price goes up.
“We were able to figure out how to do it in Covington,” he said. “To be at a price point where our working families can afford a house and not be a long-term renter and cross over that gap to the American Dream and become a homeowner.”
The federal HOME Investment Partnerships helps subsidize the cost of construction — and it also helps people buy and repair their homes. Holmes said they use the program’s income limits to set the final price.
Since those limits fluctuate, the design of the home has to accommodate different types of homeowners.
“So it's creating a high-quality product at the right price for the right people, and not quite knowing who that person is going to be when you start,” Holmes said, noting prospective homebuyers will be encouraged to apply for loans through the federal homebuyer assistance program.
The city plans to move the homes to vacant lots in Pleasant Street in the next two days. They are expected to hit the market for sale by the end of this month.
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