Northern Kentucky real estate fund lands US Department of Treasury grant
A fund designed to boost real estate investments in Northern Kentucky has landed a sizable federal grant.
According to a news release, the Catalytic Fund announced Monday that it received a $640,000 financial assistance grant from the US Department of Treasury’s Community Development Financial Institution (CDFI) Fund. The Catalytic Fund is a CDFI-certified organization, which made it eligible for the grant.
The grant will funnel into the fund’s flexible capital pool, which the Catalytic Fund uses in conjunction with its investor fund to bring non-traditional growth capital to communities needing investment. Aiding in projects spanning Covington, Newport, Ludlow, Bellevue and Dayton, the Catalytic Fund channels its funding into underutilized sites and buildings.
“The Catalytic Fund’s work supports redevelopment of vacant and blighted properties, provides capital to attract investment in historically underserved communities, and creates places that enhance our community’s quality of life,” Joe Klare, chief operating officer of the Catalytic Fund said in a release. “Increasing our Flexible Capital Pool via this CDFI grant will provide greater capacity to provide flexible investments in projects that create lasting positive change our community and make our region an amazing place to live.”
Since 2013, the Catalytic Fund’s capital pool has grown from $10 million to its current $22.7 million, according to a release. The fund has provided financing, and in some cases, other development services that have advanced 81 real estate projects in Northern Kentucky, valuing over $400 million in new investment in the region.
According to a release, the new grant money that expands the Catalytic Fund’s flexible capital pool will help fund projects that have “high community impact but are more challenging to execute due to the development complexities encountered in undertaking urban redevelopment projects,” according to a release.
The Catalytic Fund’s signature projects include Hotel Covington, Boone Lock Lofts, Bradford Building, Bellevue’s Kent Lofts and Dayton’s Burton’s Building. According to a release, funds and development services were also provided to projects such as the Life Learning Center, the Northern Kentucky Emergency Shelter, and the Samaritan Car Care Clinic.
