Kentucky Opportunity Zone Initiative, Revised Multifamily Cost Certification Guidelines and Forms, and Holiday Hours

The Tax Cuts and Jobs Act signed into law in December 2017 introduced the Opportunity Zone Program, which provides a new federal framework for stimulating private investment in economically distressed areas across the country.

The Kentucky Cabinet for Economic Development oversees the Commonwealth’s Opportunity Zone program through the Kentucky Opportunity Zone Initiative. The Cabinet has indicated that if your business and community is in a designated Opportunity Zone, and you are looking for potential investors, they want to list your potential project on their website. To access a form where you can enter your data to be showcased on their website, please visit www.kyozinvestment.org.

Additional resources and information related to the Kentucky Opportunity Zone Initiative can be found at www.kyoz.com.

Kentucky Housing Corporation (KHC) has revised the Owner’s and Contractor’s Cost Certification Guidelines, which are available on KHC’s website under Development, Multifamily, Post-Award Resources.

In addition to the revised cost certification guidelines, KHC created a Contractor’s Cost Certification Form. This Excel workbook includes a cost breakdown worksheet, profit and overhead calculation, contractor identity of interest certification, and owner identity of interest certification. The completed workbook must be submitted along with the contractor’s final cost certification when the Land Use Restriction Agreement (LURA) and 8609 request stage is submitted.

Beginning Wednesday, January 2, 2019, all developers will be required to manually enter the contractor’s cost information from the breakdown worksheet within the Universal Funding Application (UFA) system prior to submitting the LURA and 8609 request. The purpose for this new requirement is to assist KHC in collecting cost data, which can later be used for reporting purposes.

If you have any questions, please contact Michele Huybers or Shawn Dyer toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 331 or 762, respectively; TTY 711; or email mhuybers@kyhousing.org or sdyer@kyhousing.org.

In honor of Christmas Day, KHC offices will be closed on Monday and Tuesday, December 24 and 25, 2018. KHC offices will re-open at 8 a.m. on Wednesday, December 26, 2018. In honor of New Year’s Day, KHC offices will be closed on Monday, December 31. 2018 and Tuesday, January 1, 2019. KHC offices will re-open at 8 a.m. on Wednesday, January 2, 2019.

KHC wishes you and yours a Merry Christmas and a Happy New Year! Thank you for helping us provide housing solutions for Kentuckians in all communities.