Frequently Asked Questions
Question: Is this all about relocating Beecher Terrace residents to Prospect?
Answer: Many fast-growing markets across the United States are facing the challenges of offering their residents affordable housing options–and Louisville is no exception to this trend. One of our communities, called Veridian at Prospect’s Edge, is about a lot more than relocating some residents of the recently razed Beecher Terrace complex. Prospect Cove has no connection to the closing of Beecher Terrace.
At LDG Development, we strongly believe that everyone deserves a quality, secure place to live that they’re proud to call home. We’ve built our reputation on this core belief for over 25 years, successfully developing almost 15,000 housing units in eight states.
It’s also a fact that in 2016, Metro Louisville and the Louisville Metro Housing Authority (LMHA) were awarded a $29.5 million grant to support the redevelopment of the Russell Neighborhood, including Beecher Terrace. As part of this redevelopment process, the residents living at Beecher Terrace were relocated and the 758-unit public housing complex is being demolished and replaced with a mixed-income community. More information about the redevelopment process can be found by visiting www.visionrussell.org.
While the former Beecher Terrace site contained 758 units, only 316 will be replaced on the original site. As part of the CNI grant, HUD required that LMHA and Louisville Metro Government replace every unit torn down with off-site units located within the Louisville Metro/Jefferson County area.
Veridian is one of the locations relocated Beecher Terrace residents, who at some point may choose to move, can consider. Up to 100 former Beecher Terrace residents will have the OPTION of moving to Veridian, should they decide it meets their housing needs, but these former residents may also choose to remain where they currently are or relocate to other parts of our community. The likelihood of many — or ANY — former Beecher Terrace residents moving to the Prospect area is unknown. The expectation is the majority will either move back to the new Beecher Terrace community or remain in their current off-site units.
Question: Doesn’t affordable housing allow residents to free-load on the government welfare system?
Answer: According to the Center on Budget and Policy Priorities, nearly 90% of the 4.6 million households who receive rental assistance through HUD programs are working, recently working, single mothers, elderly, retired, or disabled.
Every Veridian resident will pay rent, but the amount will be based on their household gross income. We’ll serve families earning up to 80% of the area’s median income, or $61,200. There’s no free ride, just rent made more affordable.
Prospect Cove residents will pay prevailing affordable housing rates.
Question: Doesn’t a lack of bus service cause inherent problems with increased population density?
Answer: If we restrict housing development to areas located on well-served transit lines, we will restrict it to only urban areas. This is a clear violation of Fair Housing Laws. Like all of our developments, Veridian will be built on the belief that everyone deserves a quality place to live. Affordable housing choices should be available in all areas of a community. For the past 25 years, we’ve made that a reality locally and across the country and we have no plans of walking away from that mission now.
Simply put, if the location of any development creates a burden on the resident — such as a lack of bus service — they’ll choose to not live there.
Question: Won't additional housing, especially affordable housing, bring increased crime to the Prospect area?
Answer: LDG Development is committed to providing its residents a quality, accessible, and most importantly, safe place to live for a rent they can afford. In fact, the background checks we conduct on perspective residents are more thorough and rigorous than those conducted by market-rate developments. All applicants’ backgrounds are carefully pre-screened to make sure they meet the necessary requirements. Additionally, multiple studies have shown there’s no link between affordable housing and increased crime.
Question: Doesn't new housing mean increased traffic?
Answer: Like most communities in Louisville, Prospect experiences traffic congestion from time to time. The planning and zoning for our new developments have been designed to seamlessly integrate into existing community traffic patterns. Recent reports illustrate the lengths LDG has gone to maintain optimum access and flow to the city’s main arteries.
Question: Won’t this new apartment housing depreciate nearby home values?
Answer: With an extensive track record of developing housing throughout the U.S., we know first-hand that there’s little or no impact on nearby home values.
This is a common misconception of community residents who fear and fight new housing developments, especially in expensive, tight housing markets across the nation. Even a study conducted by Trulia on low-income housing found “In the nation’s 20 least affordable housing markets, low-income housing built during a 10-year span shows no effect on nearby home values.”
Question: Won’t these housing developments become eyesores in a few years?
Answer: We’re in this for the long haul. We screen all of our applicants with employment, background, and credit checks. We screen far more carefully than most. As a result, we ensure only hard-working, contributing members of society will live at our properties. Our residents will be proud of where they live and they’ll work hard to take care of their homes.
Question: Don’t developers often “flip and run” and leave others to clean up the mess?
Answer: LDG has been locally owned and operated for nearly 30 years. We’re in this business because we care about building up local communities and providing homes for our residents. We typically own our properties for more than 30 years and spend the time it takes to ensure they’re kept to our high standards.