HOPE of Kentucky (HOPE) was formed in 2011 to provide permanent loans to affordable housing projects that are financed primarily through the low-income housing tax credits (LIHTC) federal program. We saw as one of the obstacles the shortage of longer-term debt financing for LIHTC projects that often require permanent loans of up to 15 years. As a subsidiary of the Kentucky Bankers Association (KBA), HOPE has been able to pool funds from a network of KBA members in a consortium structure that allows risks to be spread among multiple participants, thereby facilitating banks’ ability to extend long-term, permanent loans. The consortium structure also enables banks of all sizes to access loans that allow them to support their community reinvestment efforts.

Today, we provide a wide variety of debt financing for projects both within and outside the housing industry. Our loan products span construction, bridge, acquisition, predevelopment and permanent loans, all structured to meet specific needs of a project at hand.

HOPE of Kentucky is now HOPE of the Midwest

After a decade of delivering these benefits to our communities and partners, we are adopting a new name – HOPE of the Midwest. We have expanded our presence beyond Kentucky borders, working with both banks and developers in multiple states, such as Ohio, Indiana, West Virginia, and Tennessee. The new name is more representative of this growth and conveys our ability to both source capital and work on projects across the Midwest region.

While our primary focus will always be Kentucky, we are looking forward to welcoming additional Midwest lenders and projects into our portfolio.