Region's Housing Blueprint from NKY Chamber outlines tactics to boost local housing supply
In a bid to tackle the growing housing shortage and support workforce development in Northern Kentucky, the Northern Kentucky Chamber of Commerce (NKY Chamber) has unveiled the Northern Kentucky Housing Blueprint. The document, based on the community-led Home For All report, outlines four key strategies to address the region’s housing crisis.
The first strategy is the creation of a regional housing fund, aimed at providing financial backing for housing development that meets the community’s needs. Over the course of five years, a $10 million fund could support the creation of 1,000 new income-aligned homes, repair 500 existing homes, and provide downpayment assistance to 275 new first-time home buyers.
The Blueprint also encourages the exploration of innovative pilots like employer-assisted housing programs. These programs would involve employers helping employees secure affordable housing, a move aimed at retaining and attracting talent in the rapidly expanding job market.
Another strategy is to add a variety of housing types to Northern Kentucky’s housing stock. This includes expanding the supply of rental homes and smaller homeownership units such as duplexes and townhomes, addressing the current imbalance where single-family homes make up 67% of the region’s housing.
Strengthening the local construction workforce is essential to increase the housing supply and meet the demand for about 6,650 new housing units needed by 2028 to support economic growth. The Housing Blueprint emphasizes strategies to strengthen Northern Kentucky's construction workforce, addressing the national shortage of skilled trades workers.
Jeanne Schroer, President & CEO of the Catalytic Fund, a key player in Northern Kentucky's housing development, believes that a housing fund for Northern Kentucky could have a significant impact on housing shortages across the region. The NKY Chamber, through the Housing Blueprint, positions itself to advocate for solutions that directly impact this issue.
The full Northern Kentucky Housing Blueprint, along with additional information on the NKY Chamber's housing policy efforts, is available at www.nkychamber.com. Community members, business leaders, and policymakers are encouraged to explore the Blueprint and join the effort to ensure there is a home for all in Northern Kentucky.
According to the 2023 Northern Kentucky Housing Study, job creation in Northern Kentucky is outpacing workforce housing availability. Addressing this workforce gap through expanded training programs, apprenticeship opportunities, and outreach to younger generations is critical, according to Brian Miller, Executive Vice President at Building Industry Association of Northern Kentucky. A survey of the NKY Chamber’s 1,750 member businesses identified growing, attracting, and retaining talent as a top concern.
Since its founding in 2013, the Catalytic Fund has helped create over 1,000 new residential units and delivered hundreds of thousands of square feet of commercial space in NKY's river cities. The NKY Chamber's Housing Blueprint focuses on the report from a business perspective and outlines four priorities.
[1] Northern Kentucky Chamber of Commerce. (2023). Northern Kentucky Housing Blueprint. Retrieved from www.nkychamber.com [2] Home For All. (2023). Community-led report on housing affordability, availability, and income alignment in Northern Kentucky. Retrieved from www.homeforallnky.com [3] 2023 Northern Kentucky Housing Study. (2023). Report on the housing shortage and workforce development in Northern Kentucky. Retrieved from www.nkyhousingstudy.com [4] Building Industry Association of Northern Kentucky. (2023). Statement on the housing shortage and workforce development in Northern Kentucky. Retrieved from www.bianky.com/housing-statement
- The Northern Kentucky Chamber of Commerce has introduced the Northern Kentucky Housing Blueprint, a document based on the community-led Home For All report, which outlines strategies to address the housing crisis in Northern Kentucky.
- One key strategy of the Blueprint is the establishment of a regional housing fund, aiming to provide $10 million over five years for housing development that aligns with the community's needs, potentially creating 1,000 new income-aligned homes and helping 275 first-time home buyers.
- The Blueprint also encourages the investigation of employer-assisted housing programs, a means of retaining and attracting talent in the region's rapidly expanding job market.
- In addition, the Blueprint emphasizes the need to diversify Northern Kentucky’s housing stock, particularly by increasing the supply of rental homes and smaller ownership units like duplexes and townhomes, to address the current imbalance of housing options.
