The goal of the West End Opportunity Partnership is to support financial investment and community development in the West End of Louisville. To do this, the Partnership has developed a funding system that allows 80% of new tax revenue collected in the development area to stay in the West End for the next 20 years.
By reinvesting and recycling money in the West End neighborhoods, we are able to use our funds to support existing businesses and allow more businesses to settle in the West End and thrive financially. This will kickstart economic development and provide opportunities to finance quality-of-life improvement projects up front.
Our future potential projects include, but are absolutely not limited to:
- Providing loans to new and existing businesses,
- Conducting environmental cleanups,
- Financing more affordable rental units and owner-occupied housing options,
- Continuing to fund home improvement projects for existing homeowners, and
- Allowing consideration for additional projects brought to the board through community input.
Our current quality-of-life improvement projects are focused on two areas:
- Homeownership stabilization to keep housing costs in the West End affordable for residents and new homeowners.
- Practicing good governance provisions for transparency of the Partnership’s development and activity.
Homeownership stabilization works to prevent current residents from being crowded out with increasing neighborhood home values by keeping housing costs affordable. We work closely with lawmakers to ensure this, and as of January 1, 2021, homeowners and their heirs are provided refundable tax credits for any increase in their annual property tax bill over its assessment.
However, our investment in the West End housing market does not stop at keeping costs affordable. With the help of our sponsors and resources, we are also able to prioritize providing funds for home improvements to existing residential property owners. As an important sector of the city of Louisville, we are excited to offer the means to renew, restore, and maintain the beauty of the West End.
Our Good Governance Policies
We implemented our Good Governance provisions in order to maintain transparency for the public and include everyone in the process of the Partnership’s movement in the community. By sticking to the outlined policies, we hope to bring the people of the West End into a conversation where everyone feels seen, heard, and secure in the ways that the Partnership puts revitalization plans into action. To do this, we will:
- Give an in-depth report to the General Assembly every 2 years,
- Require our board members and other staff to complete finance equity and community engagement training,
- Require our board members and staff to comply with our conflict of interest disclosure, and
- Uphold the local participation agreement between Louisville Metro and the Partnership.