Building a Stronger Future Through Homeownership — William “Bill” Jones
Homeownership is deeply personal for me. When I was a child, we lost our house. I vividly remember my mother working tirelessly to secure a stable home for us. The day she closed on our new property is etched in my memory. It wasn’t just a financial transaction — it was the realization of a dream. Homeownership became the foundation for my future success. I want to ensure others have the same opportunities.
The ability to own a home allows families to focus on education, careers, and wealth-building. Unfortunately, this dream is slipping further out of reach for many Americans. In the U.S., we face a housing shortage of over 4.5 million homes. High mortgage rates and reduced housing inventory have led to skyrocketing prices. In my own state of Kentucky, too many families are priced out of homeownership. In some areas, median home sale prices are now nearly five times median household incomes — up from less than three times thirty years ago.
Recent reports from the Kentucky Housing Corporation (“KHC”) and the Kentucky Chamber of Commerce underscore the urgency of this crisis. KHC identifies a housing shortage driven by high construction costs, restrictive zoning, limited funding, and a diminished post-recession builder base. Natural disasters have compounded the problem. Thousands have been displaced, overwhelming the existing local supply. The Kentucky Chamber’s 2024 report further frames housing as key to economic growth, calling for reforms in zoning, infrastructure investment, workforce development, and tax incentives.
While Kentucky has made strides in addressing the housing crisis, achieving lasting progress requires collaboration. Organizations like the Kentucky Chamber, KHC, the Kentucky Bankers Association, and Bluegrass Community Bankers Association need to join forces with the public sector. Collaborating with Governor Beshear and the state legislature is crucial to solving this issue.
Here are several strategies implemented in other states for Kentucky to consider:
Zoning and Permitting Reforms: Outdated zoning laws restrict housing supply. By modernizing these regulations and streamlining permits, states like Tennessee, Montana, and Florida have sped up construction and increased housing availability.
Increasing Housing Development Funding: Expanding programs like the Affordable Housing Trust Fund and creating a state Low-Income Housing Tax Credit can incentivize developers to build homes that working families can afford. States like Indiana have seen success with initiatives such as the Residential Infrastructure Assistance Program, which created a revolving loan fund to support infrastructure improvements necessary for residential development and incentivize pro-building zoning reform. The Kentucky Chamber is currently collaborating with the Kentucky League of Cities, KHC, and Home Builders Association to advocate for a similar program.
Addressing Construction Costs: The rising costs of building materials must be tackled by working with suppliers and adopting new technologies that reduce costs without sacrificing quality. Other states, like Texas, have utilized modular construction techniques and prefab homes to reduce building costs and expedite construction.
Workforce Development: A skilled labor shortage in construction hampers housing development. Investing in workforce training programs can help build the talent necessary for homebuilding projects. Programs like those in Ohio, which have partnered with community colleges to train the next generation of builders and skilled laborers, have proven successful.
Fostering Private Sector Innovation: By partnering with private sector innovators using modular homes and 3D printing, Kentucky can explore cost-effective, efficient housing solutions. In places like rural Texas and towns across Oklahoma, these innovative approaches have helped create affordable housing options at a fraction of the typical cost.
Kentucky’s housing crisis demands decisive, unified action. Public and private sectors must work together to make homeownership attainable across the Commonwealth. Just as it changed the trajectory of my own family, stable housing can offer Kentuckians the foundation they need to thrive. With smart investment and shared commitment, we can close the gap and secure a better future for all.
Independent board director and business leader William “Bill” Jones is an inspired idea creator and positive change maker. He is a member of the Kentucky Housing Corporation board and former chairman of the Kentucky Chamber of Commerce. A former public company CEO and CFO, Bill has been serving on multiple boards in diverse industries, from banking and health care to utility and broadcasting. Bill is known for his financial expertise, transformational approach, and distinct ability to build authentic relationships.
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