Goal, Strategies and Initiatives
As we strive to capitalize on our history, architecture and neighborhood experience, our urban communities are among our most significant assets. Therefore, Northern Kentucky will restore our urban core to a position of prominence.
Seven strategies for achieving urban renaissance:
- Increase the availability of market-rate housing by 3,000 units in 10 years
- Create a catalytic development corporation to stimulate redevelopment of urban areas
- Increase the rate of home ownership and quality, affordable housing options
- Expand arts, retail, dining and entertainment opportunities
- Improve access to and use of the Ohio and Licking rivers through a network of parks and green spaces with walkways and bike paths that connect the river cities
- Reduce crime and improve safety through collaborative law enforcement efforts
- Ensure each neighborhood has a strong, active association that increases civic engagement
Latest Developments on Related Initiatives
Catalytic Development Funding Corporation (CDFC)
www.soapboxmedia.com/devnews/cdfc0805.aspx
The Catalytic Development Funding Corporation (CDFC) was established 18 months ago to invest and leverage funds in the Northern Kentucky urban core. The Fund has set a goal of $10 million committed over the next year. The CDFC is led by board chairman William Butler, founder and chairman of Corporex Companies Inc., and vice chairman Charles Scheper. Jeanne Schroer, an urban planning and real estate financing expert is the executive director of the Fund.
The Catalytic Fund has established the following fund raising goals:
- $250,000 in 2010 for ongoing operations with a long-term goal of funding a $500,000 operating budget. To date, the Catalytic Fund has raised $100,000 in initial capital as well as $85,000 on a multi year basis to fund operations. Additionally, the Catalytic Fund has received a $10,000 grant from LISC to conduct revitalization work in Covington. Several other requests are pending
- $10,000,000 in capital to invest in urban revitalization projects in Northern Kentucky’s urban core cities with a long-term goal of maintaining a $20,000,000 revolving fund. To date, $8,500,000 has been committed. Specific requests for another $2,000,000 are currently under consideration by potential funders
- Additionally, the Catalytic Fund has applied to the US Department of Treasury to be certified as an “emerging” Certified Development Financial Institution (CDFI) with the goal of becoming a CDFI in 2011. Obtaining CDFI status will qualify the Catalytic Fund for significant Technical Assistance grants as well as grants for investment capital and will make it easier for lending institutions to invest in the Catalytic Fund
Affordable Housing
Vision 2015’s Urban Renaissance has been working with the urban core communities to foster housing and public safety strategies. One resource that Vision 2015 will be providing the river cities and local non-profits is a report organizing recently collected data into an easy to use format for grant applications, strategic planning and other uses. Urban Renaissance Task Forces, formed around specific action agendas, are being formed . If you are interested in serving on a team, or if you have any questions, please contact Tara Ford at tford@vision2015.org
An additional update impacting Northern Kentucky’s urban core:
- Gateway Community and Technical College has announced the release of an RFP for a master plan design of its Urban Campus. The Urban Center’s enrollment has risen from 78 in Fall 2008 to 863 in Spring 2011, an increase of 1,106%
Increase home ownership
Vision 2015's staff monitors and supports the work of Northern Kentucky’s chapter of Protect My
Kentucky Home (PMKH), a regional coalition of organizations such as the Brighton Center, Legal Aid
and Catholic Charities formed as a result of the foreclosure crisis. PMKH meets quarterly at the Center
for Great Neighborhoods of Covington. While this group works throughout Northern Kentucky, the
negative impacts of foreclosure and vacancy have greatly impacted our urban core. Protect My Kentucky
Home (NKY) recently reported that while the number of families served declined from 532 in 2009 to
464 in 2010, the number of homes “saved” from foreclosure increased slightly from 253 in 2009 to 260
in 2010 across the three reporting agencies. This data also would indicate that while foreclosures are not making headline news as they once did, this is an issue that continues to play a role in our neighborhoods and our regional economy.
The Covington Business Council Foundation has become the Urban Partnership of Covington and is
working in partnership with the City of Covington and others including Vision 2015 and the Catalytic
Fund toward the eventual creation of a Business Improvement District (BID) in Covington’s urban core,
business districts and neighborhoods. This work is occurring in tandem with the recently publicized
Center City Action Plan. The Urban Partnership addresses a number of the strategies under Vision 2015’s Urban Renaissance goal to restore our urban core to a position of prominence in the region.