A new housing development in the Portland neighborhood is open and will soon house homeless veterans.

L1C4 Properties, LLC developer Mike Mcknight bought the 10-unit complex from Louisville’s Land Bank Authority for $2,600, spending nearly a year and $325,000 to rehabilitate it.

The development, which was vacant, will help the neighborhood and homeless veterans, according to Louisville Mayor Greg Fischer.

“Vacant and abandoned properties can become hubs for all kinds of trouble. Crime can take place, they can become a hazard, they can depress surrounding property values,” Fischer said. “The price for [veterans’] service could be their life. The least we can do is when they come home to make sure they have good, stable housing like what you’re seeing here.”

Veterans comprised 10 percent of Louisville’s homeless population in 2018, according to the nonprofit Coalition for the Homeless. Prior city initiatives have attempted to address the problem.

Judy Schroeder, a member of Portland’s neighborhood association, said the new development could benefit the quiet street.

“It’s just a nice little side street with not a whole lot of activity,” Schroeder said. “It needs people to stay put and love it, and I’m sure that he’s going to bring in tenants that do that.”

Eight veterans have signed one-year leases for the property, and will start moving in this week.