COVINGTON, Ky. — Fairstead has completed a $4.5 million overhaul of Colony Apartments, a 43-year-old affordable seniors housing community in Covington, located just across the Ohio river from Cincinnati.
Residents of the 137-unit complex received home upgrades, including new kitchens, bathrooms, cabinetry, energy-efficient appliances and lighting, as well as lower monthly utility bills. Fairstead also partnered with local organizations to bolster on-site support services at the property.
Financing for the rehabilitation of Colony Apartments came from the Kentucky Housing Corp., Capital One and Boston Financial.
“Kentucky Housing Corp. was proud to participate in the revitalization of the Colony Apartments by providing $662,000 in Low Income Housing Tax Credits and $13.5 million in tax-exempt bonds,” says Winston Miller, the organization’s CEO.