NYCHA & Partners Announce Financial Closing of $635.6 Million Project to Renovate the Homes of Nearly 3,500 Residents at Reid Park Rock
Developer and government representatives came together at a press conference to announce details relating to the Green and Resilient Retrofit Program grant award at affordable housing community.
LOUISVILLE, K.Y. (November 13, 2023) – Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, hosted a press conference at the Chenoweth Woods Apartments in partnership with the U.S. Department of Housing and Urban Development (HUD) to announce the recent Green and Resilient Retrofit Program (GRRP) Elements $750,000 grant award for the Chenoweth Woods community.
This grant will fund a rooftop mounted solar system at the Chenoweth Woods apartments that will generate up to 291.1kWh of electricity each year. This initiative aims to provide residents with a cleaner, more reliable, and sustainable living environment, while also improving Louisville’s affordable housing stock. The installation of the solar system is expected to begin next year.
“Fairstead has made a commitment to building sustainable and affordable communities, and receiving this grant will allow us to continue that critical work at the Chenoweth Woods apartments,” said Bobby Byrd, Managing Director, Development, Fairstead. “This initiative would not be possible without the support of HUD, our partners and our residents, as we embark on an exciting new chapter of solar energy for this community.”
“As a part of the federal government’s historic investment in climate resiliency, HUD is building a more equitable and sustainable affordable housing system,” said David Railey, Senior Management Analyst, Field Policy and Management, HUD. “Without partners like Fairstead, our commitment in these critical areas for our communities would not be possible.”
“Energy costs are difficult to control, and we must be proactive in working to harness energy sources we have readily available,” said Marilyn Harris, Director, Department of Housing and Community Development, Louisville Metro Government. “With this on-site solar power initiative, Fairstead is pushing the industry forward. I look forward to working with HUD and Fairstead to further climate resiliency in Louisville and ensure we leave this city a better place than we found it.”
“Sustainable, safe, and affordable housing for all is a priority for Mayor Greenberg’s administration,” said Sumedha Rao, Executive Director, Louisville Mayor’s Office of Sustainability. “We are thrilled that through the work of the U.S. Department of Housing and Urban Development, Fairstead, and other partners, the impactful Green and Resilient Retrofit Program dollars are reaching Louisville’s residents and organizations. We look forward to supporting this work and helping scale sustainable affordable housing strategies across the city.”
In conjunction with the solar panel installation, Fairstead will separately undertake a significant rehabilitation of all residential units, including new kitchens, bathrooms, flooring, windows, efficient fixtures and appliances, and HVAC systems at Chenoweth Woods. Upgrades will also be made to the property’s management office and community room and will introduce a new library and business center for resident use. The renovations will also introduce new outdoor amenities to building residents, including a gazebo, picnic area and dog run, while also renovating the shuffleboard court and implementing new landscaping.
Fairstead was awarded the grant in the first round of funding under the Green and Resilient Retrofit Program in September, 2023.
