- Associated Press - Saturday, May 16, 2015

LOUISVILLE, Ky. (AP) - Louisville Mayor Greg Fischer has announced a $12 million plan to build more affordable housing in the city.

The mayor launched Louisville Creating Affordable Residences for Economic Success on Friday as part of his upcoming budget proposal to create 1,500 affordable housing units over two years.

Fischer says the housing would be funded by a mix of city funds and a 30-year bond.

He says the initiative will be focused on helping the nearly 24,000 households that spend at least 50 percent of their income on housing.

The program will include an $11 million revolving loan pool that nonprofit and for-profit developers can use to build housing units across the city.

Fischer will present the initiative to the Metro Council on May 28 as part of his budget address.

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