The Kentucky Housing Corporation presented at a meeting of the Kentucky Housing Task Force, a special legislative committee formed in early 2024 to better understand and address, through policy, the housing shortage throughout the Commonwealth.
Wendy Smith, KHC’s deputy executive director of housing programs, discussed Phase II of the Kentucky Housing Supply Gap Analysis. By 2029, Smith said, Kentucky will need 287,120 more housing units, including for-sale and rental, to serve the projected population needs. In terms of overall numbers, Fayette and Jefferson counties account for over 85,000 units.
However, in terms of percentage, counties across Northern Kentucky, said Smith, will be hit particularly hard. Boone County is on track to have a deficit reaching 25.1% of its households, with Kenton and Campbell counties close behind with 22.3% and 20.7% respectively.
Phase II uncovered contributing factors, too, such as employment and economic development, income, rental supply, and natural disasters.
In addition to Kentucky, Smith discussed how other states are addressing their supply gaps. In the past 12 months, 65 housing supply bills have been enacted in 20 states. Particular emphasis is being paid to zoning, state housing tax credits, and innovative funding opportunities.
This is the second time Smith has gone before the Kentucky Housing Task Force to discuss the housing challenges in the Commonwealth. In June, she presented Phase I of the Kentucky Supply Gap Analysis, which reported the current deficit at 206,207 units -— 101,569 rental and 104,638 for-sale units.
• To see a recording of today’s meeting, visit https://www.youtube.com/watch?v=udjJX0_Go8c.
• To learn more about the committee, including to see who the members are, visit the Task Force website.
• For more information about the Housing Supply Gap Analysis, including county-by-county breakdowns of current and projected housing gaps, visit www.kyhousingsupplygap.org.
Kentucky Housing Corporation