Regional leaders in Northern Kentucky announced the launch of the Northern Kentucky (NKY) Housing Fund, a new revolving loan fund designed to increase housing production across Boone, Kenton, and Campbell counties.
With a minimum capitalization target of $25 million, the Housing Fund will be a permanent financial resource to expand the supply of housing for Northern Kentucky’s workforce and families.
The NKY Housing Fund will be housed within and operated by The Catalytic Fund, a not-for-profit community development financial institution with a 17-year track record of investing in many transformational projects in Northern Kentucky. Greater Cincinnati Foundation (GCF) is seeding the Housing Fund with a $1M investment for lending capital toward the initial launch goal of $5M.
GCF is also providing a $500,000 grant for operating support through its Carol Ann and Ralph V. Haile Jr. Fund underscoring a shared philanthropic commitment to addressing the region’s housing challenges.
GCF’s Director of Housing and Place-Based Initiatives Ron Stubblefield said “Northern Kentucky’s housing challenge isn’t a lack of effort or vision; it’s a capital structure that hasn’t kept pace with the region’s growth. While recent studies help ground the conversation, practitioners on the ground know the true gap is significantly larger. This fund is a disciplined response to that reality, designed to make income-aligned housing viable at scale. GCF is proud to be an early investor and partner, helping unlock the momentum this region has already built.”
Recent data indicates an urgent need to expand housing supply in Northern Kentucky.
In 2023, the NKADD Housing Data Analysis found the region must build at least 6,650 additional housing units over the next five years to support economic development and population growth, and suggested a housing finance fund would help overcome the housing gap. The Home For All report by the NKADD and Brighton Center detailed the need for a regional housing fund, and NKY Chamber of Commerce’s Housing Blueprint study stated a dedicated financial capital source is needed to support housing production in NKY. The NKY Housing Fund is a direct response to these identified needs.
The NKY Housing Fund will support new housing development including workforce housing, and “missing middle” options by offering below‑market, flexible financing products tailored to the needs of local housing developers and communities. The Housing Fund is designed to become self-supporting, and will revolve repayments into new loans, ensuring it can address ongoing and future housing challenges.
Jeanne Schroer, CEO of The Catalytic Fund, said “Housing is the backbone of our communities – without strong neighborhoods and enough housing our families can afford, our region cannot grow and prosper. Establishing the NKY Housing Fund is a natural extension of the work we are already doing across our region, and we are excited to invest in more housing in Northern Kentucky.”
Horizon Community Foundation of NKY is also supporting the NKY Housing Fund with its newly launched NKY Home for All Fund. This will enable individual donors to participate in solutions that strengthen the region’s housing landscape including supporting the operations of the NKY Housing Fund.
Horizon Community Foundation President & CEO Nancy Grayson said “Horizon Community Foundation has been working with our regional leaders for more than four years to document and understand our region’s housing needs. We are excited to launch the NKY Home For All Fund as a response to what we have learned – the success of our region lies in the people who live here and housing them is a regional priority.”
The NKY Housing Fund is a revolving loan fund that supports housing production in Boone, Kenton, and Campbell counties. Managed by The Catalytic Fund, it is a permanent resource for leveraging philanthropic and public‑private investment to lower housing costs, diversify housing choices, and meet the region’s housing needs.
Catalytic Fund