On March 5, 2024, DIG Frankfort requested Alison Davis, from CEDIK (Community & Economic Development Initiative of Kentucky), to present the recent findings of a comprehensive housing study for Kentucky. Alison's presentation delved into the discussion surrounding economic growth and emphasized the necessity of advocacy and education to tackle the housing supply and demand imbalance. With Frankfort/Franklin County’s Comprehensive Plan in the crucial finalization stages, pinpointing areas for housing expansion to stimulate economic development, and vice versa, becomes paramount. This information can equip planners and stakeholders with the insights needed to propel the plan forward effectively.
Several highlights of her oral and written presentation follow:
Housing Challenges: Nearly every community in America has housing challenges but each situation is unique because each community's housing demands are diverse.
A strong connection exists between economic development and housing. Meaningful economic development/workforce development cannot take place without meeting the housing demands.
What Economic Development can do to mitigate the problem…a housing study, incentives for housing development, creative housing ideas, support of proper zoning, collaborate with developers to meet the demand.
What every community should know about housing: Quantity of housing, Quality of housing, housing performance, housing cost burden.
Affordable or Income Aligned housing plays a key role, but all types of housing are needed. For example, middle income housing for teachers and firefighters in the $200,000 range homes are most in need.
Examples of best practices include Somerset, KY – How they help their employers with housing, childcare, and healthcare to accommodate economic development growth.
Read presentation for more information.
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