The Housing Investment Partnership of Kentucky (HIP) is a collaborative effort of Ohio Capital Corporation for Housing and others to facilitate private investment in affordable housing throughout the Commonwealth of Kentucky. The purpose of HIP is to raise and invest corporate equity capital into quality, sustainable affordable rental housing funded through the Low Income Housing Tax Credit Program administered by the Kentucky Housing Corporation. The projects financed by HIP will meet a variety of housing needs of Kentuckians and Kentucky communities by investing in developments for senior citizens, working families, service enriched housing for the homeless and special needs populations, and preservation of historic buildings.
Key participants in the initiative include for-profit and nonprofit developers, the Kentucky Bankers Association and their affiliated loan consortium, HOPE of the Midwest, and the Federation of Appalachian Housing Enterprises (FAHE). Corporate investors contributing capital to HIP will receive a market rate of return while creating new housing opportunities and spurring economic activity. For financial institutions, an investment will count toward Community Reinvestment Act goals.
Mr. Luther Deaton, Jr.Chairman/President/CEOCentral Bank & Trust Company, Lexington, KY