Assisted and Affordable Housing

Tax Credit Properties. AACS is the owner and General Partner or Co-General Partner in a number affordable housing properties built under the Low-Income Housing Tax Credit (LIHTC) program created by Congress in the Tax Reform Act of 1986 and governed under Section 42 of the federal Internal Revenue Code. The LIHTC provides bottom-line tax credits over a ten-year period in exchange for private investors' equity investment in these projects. Tax credits are awarded by the Kentucky Housing Corporation and all other state housing finance agencies on a competitive basis.

AACS, Inc. currently has 115 LIHTC apartment units in operation (or imminently so), with an additional 93 units awarded and in the early stages of development.

AACS' development partner in most of these LIHTC projects is Wabuck Development Company, Inc., Leitchfield, Kentucky. Projects developed through Wabuck include:

The Learning Villa (56 apartments) | Wabuck is also AACS' co-general partner.
The Learning Villa is Kentucky's first operational"Scholar House" and is operated in partnership with four local colleges and universities to serve student-families with young children. On-site child care and support services to the students are provided on the residential campus.
Independence Heights (25 apartments) |
Independence Heights is Kentucky's first residence designed to serve youth "aging out" of the state's foster care system. It will focus on former foster care youth age 18-25. Each young adult will receive a wide range of support services, including counseling and empolyment preparation/job training services to help them prepare for full self sufficiency and successful adulthood.
Horizon Place (34 apartments) | Senior apartments. (55 and older)

The equity syndicator for the above projects is Ohio Capital Corporation for Housing.

In addition, AACS and Wabuck were in December 2008 awarded tax credits and grants to construct a new 60-unit development of duplex apartments to be called Presidents Place. Presidents Place will include a community facility which will house the Community Non-profit Resource Center, which will be home to other community non-profits and civic groups providing significant services and support both the residents and the community at large. This service facility is being developed in conjunction with the Public Life Foundation of Owensboro and the Hager Educational Foundation.

Finally, AACS is the co-general partner with Lighthouse Recovery Services, Inc. in the development and operation of the Owensboro Regional Recovery, Ltd., a men's drug recovery center and one of Kentucky's ten Recovery Kentucky centers.

The equity investor for the above Recovery Kentucky project is National City Bank / Community Development Association, now part of PNC Bank.

Most of the above properties are HUD Section 8 subsidized.

Lincolnshire Apartments, Inc. | Lincolnshire North Apartments, Inc.

Audubon Area purchased the 100-apartment Lincolnshire Apartments and the 108-apartment Lincolnshire North complexes from Jagoe and Ray in November 1995. Both properties are located at 1001 Pennbrooke Avenue, Owensboro. They are HUD-sanctioned "preservation program" properties.

Lincolnshire/Lincolnshire North Applicant Requirements...

Minimum age requirement for application is 18 years of age or older regardless of emancipated status.
Applicants are required to complete an application form and consent to the release of information necessary to verify all income, expenses, assets, household characteristics, and circumstances that affect eligibility or the calculation of rent.
All applicants will be required to furnish Social Security numbers and documentation of those numbers for all household members under the age of six who have been assigned a Social Security Number.
Applications meeting the eligibility criteria will be reviewed by management and placed on a waiting list in the order of the date and time received, according to unit size, and program requirements.

Both of the above properties are HUD Section 8 subsidized.

Program Service Hours and Summary

Assisted Housing Management Center.
The hours of operation for the center are 8:00 a.m. until 4:30 p.m. The center manages its own HUD- and KHC-assisted properties and performs all other functions necessary and appropriate to help improve the area's safe, decent, affordable housing stock.
Contact >> Sheila Boling

Service Summary
The services summary for housing is located on the audubon program summary page which can be accessed by clicking more.
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