From Louisville Metro Housing Authority's press release:
Louisville Metro Housing Authority (LMHA), Louisville Metro Government (LMG), and McCormack Baron Salazar (MBS) today hosted the grand opening of Phase III of the Beecher Terrace redevelopment. Phase III offers 185 multi-family units with indoor and outdoor community spaces, as well as an outdoor swimming pool. The development also features on-site management offices, a fitness center, and nearby playgrounds. The partners utilized a portion of the $29.575 million Choice Neighborhoods Initiative (CNI) Implementation grant awarded in December 2016 to redevelop the Beecher Terrace site. Additional financial sources for the $49 million Phase III development include LMHA capital funds, Low Income Housing Tax Credit equity, and a Federal Housing Administration insured mortgage.
Keynote speaker United States Department of Housing and Urban Development Southeast Regional Administrator, Jose A. Alvarez, called it an honor to witness the revival of Beecher Terrace and the Russell neighborhood in which it resides. “The transformation is a reminder that HUD programs and funding, like the CNI Implementation grant used to transform Beecher Terrace, are more than an investment in affordable housing or community development - it is an investment in people,” Alvarez noted.
The redevelopment is a key component of the broader Vision Russell Transformation Plan, a collaborative process between Russell residents, community stakeholders, LMHA and LMG to transform Russell into a neighborhood of opportunity and choice. The initiative’s geographic boundaries span from Market Street to Broadway and from Roy Wilkins Avenue (9th Street) to 32nd Street.
“The new Beecher Terrace is a testament to what’s possible when we work together,” Governor Andy Beshear said. “Thank you to the many public servants and private sector partners who came together with the people of Beecher Terrace to recreate their community. They’ve provided a new home for the people of this neighborhood and an inspiring model that other Kentuckians who are looking to lift up their own communities can follow.”