LOUISVILLE (LBF) -- An aging affordable housing development on Jefferson Street between 9th and 11th streets in Russell could undergo a significant renovation.

Santa Monica, Calif.-based Allied Argenta LLC, a multifamily real estate firm that develops, builds and manages affordable and special-needs housing, is pursuing a $17.5 million redevelopment of the Henry Greene Apartments at 901-1101 W. Jefferson St, according to Louisville Metro Council documents.

The company would transform the 4.4-acre apartment complex, which was built in 1969, into a modernized 125-unit affordable housing complex that would continue to serve low-income residents as defined by the U.S. Department of Housing and Urban Development, according to city documents. The complex has about 120 units now.

Louisville Metro Council is considering a participation agreement in which Allied Argenta could collect a portion of the incremental increase of the local ad valorem real property taxes from the development through a tax increment financing district. which would be capped at $1.27 million, according to city documents.

The ordinance is sponsored by Councilwoman Barbara Sexton Smith, D-04, and will be discussed at 4 p.m. today during the Metro Council's Labor and Economic Development Committee meeting.

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