The Northern Kentucky Chamber of Commerce (NKY Chamber) has released the Northern Kentucky Housing Blueprint, outlining top priorities the organization will champion to address the housing shortage across the region.
The Northern Kentucky Housing Blueprint builds on the momentum of the Home For All report – a community-led report coordinated by the Northern Kentucky Area Development District with Brighton Center and Brighton Properties – that identified 50 actionable strategies that prioritize housing affordability, availability, and income alignment as key drivers of workforce and economic development.
The NKY Chamber’s Housing Blueprint takes a deeper dive into that report from a business perspective, identifying four priorities the Chamber will champion through leadership and advocacy. Those priorities are:
• Create a regional housing fund to support regional priorities
• Explore innovative pilots like employer assisted housing programs
• Add a variety of housing types to NKY’s housing stock supply
• Bolster construction workforce development
“We know from our ongoing work on income-aligned housing that there will not be a one-size-fits-all solution to Northern Kentucky’s housing challenges,” said Brent Cooper, President & CEO of the NKY Chamber. “As the region’s leading business organization, we recognize the direct connection between housing availability and our ability to attract and retain talent. These four priorities are where we believe the business community can move the needle.”
According to the 2023 Northern Kentucky Housing Study, job creation in Northern Kentucky is outpacing workforce housing availability, putting strain on residents and employers. An additional 6,650 housing units, beyond currently planned developments, are needed by 2028 to support projected economic growth.
In a survey of the NKY Chamber’s 1,750 member businesses, growing, attracting, and retaining talent was identified as a top concern. The Housing Blueprint positions the Chamber to advocate for solutions that directly impact this issue.
One key strategy is the creation of a regional housing fund. According to projections, over 5 years a $10 million a regional housing fund could support the creation of 1,000 new income-aligned homes, increasing options for families, young adults, and fixed-income adults; repair 500 existing homes to keep individuals in their communities; and provide downpayment assistance to 275 new first-time home buyers.
“A housing fund for Northern Kentucky could have a major impact on housing shortages across the region,” said Jeanne Schroer, President & CEO of the Catalytic Fund. “Our experience over the past decade demonstrates what’s possible when you combine strategic capital investment with a deep understanding of community needs and development expertise. This kind of targeted investment is essential to keeping our vibrant communities where people of all incomes can live, work, and play and give back.”
Since its founding in 2013, the Catalytic Fund has helped create more than 1,000 new residential units, preserved 91 underutilized historic buildings, and delivered hundreds of thousands of square feet of commercial space that put new life into NKY’s river cities.
Beyond creating funding sources for physical housing developments, the Housing Blueprint emphasizes strategies to strengthen Northern Kentucky’s construction workforce. There is a national shortage of skilled trades workers, according to The U.S. Bureau of Labor Statistics (BLS).
“A lack of sufficient workforce in residential construction is one of the largest drivers of housing costs and the lead time to build new homes” said Brian Miller, Executive Vice President at Building Industry Association of Northern Kentucky. “Without skilled labor – such as carpenters, electricians, and HVAC specialists – projects are delayed, costs increase, and the housing shortage persists. Addressing this workforce gap through expanded training programs, apprenticeship opportunities, and outreach to younger generations is critical. Investing in the people who build our communities is just as essential as investing in the structures themselves.”
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.
Northern Kentucky Chamber of Commerce
Featured photo: From the housing report