Providing High-Quality, Affordable, Energy-Efficient Housing in Western Kentucky
FULTON, KY. (April 9, 2024) – Community Ventures (CV), in partnership with the City of Fulton, the City of South Fulton, Fulton County, and the Fulton-Hickman Counties Economic Development Partnership today announced that structural insulated panel (SIP) technology fast-tracked the construction of two new homes in Fulton. These high-quality, affordable, and energy-efficient homes were built to create affordable housing options for residents and meet the ongoing housing demand in Fulton County.
“Building new homes plays an essential role in Western Kentucky’s recovery from the devastating tornados and storms that struck the region in 2021,” said Brenda Weaver, Community Ventures President of Lending and Western KY Disaster Recovery. “We want to help communities in Western Kentucky rebuild as quickly as possible, and we hope that incorporating the SIP technology into our new home construction initiative will demonstrate one method for doing that. This process allows us to build extremely energy-efficient, resilient, quality, affordable homes much more quickly and efficiently.”
From April 9 – 10, Community Ventures will build two new homes at 409 and 411 Fourth Street in Fulton using Extreme Panel Technologies SIPs to aid the area in rebuilding following the 2021 tornadoes.
SIPs are high-performance panels used to construct walls, floors, and roofs of residential and commercial buildings.
This project is made possible by funding awarded to Community Ventures from the Rural Housing Trust Fund (RHTF), which is administered by the Kentucky Housing Corporation (KHC). The RHTF dollars originate from State Aid Funding for Emergencies (SAFE) allocated by the General Assembly to aid disaster-impacted communities in Eastern and Western Kentucky to help rebuild and repair homes.
“Kentucky faces a statewide shortage of rental and for-sale homes for middle, moderate, and low-income households,” said Wendy Smith, KHC’s Deputy Executive Director of Housing Programs. “The need for more housing supply includes most of our rural communities as well as urban centers. The Community Ventures development in Fulton not only adds to the housing supply but does so via an innovative construction approach. This is just what communities across the Commonwealth need.”
As housing, construction, and energy rates rise, aiding disaster-impacted communities in rebuilding and recovering has become more difficult and expensive. Because SIP construction uses prefabricated walls, floors, and roofs fitted together onsite, it offers a rapid, affordable, and energy-efficient path to quickly constructing new residences.
“At Extreme Panel Technologies, we’re proud to be at the forefront of innovation, delivering quality and efficiency in every project. From the construction of two new homes in Fulton, our Structural Insulated Panels (SIPs) technology promises durability, sustainability, and exceptional energy efficiency, setting new standards in modern living.”
These two SIP-constructed residences are part of an ongoing effort by Community Ventures to provide housing solutions in Western Kentucky.
“We are very excited about reversing a long draught of new housing starts in the City of Fulton,” said Mark Welch, President of Fulton-Hickman Counties Economic Development Partnership. “Our partnership with Community Ventures has rejuvenated Fulton and Fulton County in the most significant way by providing a means to meet our most significant need – available and affordable housing – using traditional and innovative building techniques.”
Last October, Community Ventures and community partners celebrated the completion of the first CV-financed and developed home and the second new residence to be built in Fulton since 2008.
See construction progress via our live webcam by visiting, https://cvky.org/venture/wkydisasterrelief.
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About Community Ventures: Founded in 1982 as a community-based, non-profit organization, Community Ventures (CV) strengthens communities and improves the overall quality of life for Kentuckians by supporting job creation, small business ownership, and home ownership. CV is headquartered in Lexington with branch locations in Bowling Green, Campbellsville, Louisville, Mayfield, Millersburg, and Owensboro. For 21 consecutive years, CV has been named Microlender of the Year by the Kentucky Small Business Administration.
About Kentucky Housing Corporation: Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities. As a self-supporting, public corporation, Kentucky Housing offers down payment assistance loans to assist first-time homebuyers obtain home mortgages, housing production financing, homeownership education/counseling, rental assistance, housing rehabilitation, and supportive housing programs for special needs populations.
About Extreme Panel Technologies: Extreme Panel Technologies is a leader in the high-performance home, construction science, and manufacturing industries with a focus on solutions for our customers. Extreme Panel Technologies has been manufacturing superior, high-performing structured insulated panels (SIPs) for over 30 years. This technology provides a 100 percent American-manufactured product that fast-tracks construction, reduces labor costs, and decreases utility costs for residents.