COVINGTON — When the Catalytic Fund was launched in August 2008, hopes were high in the community. The fund’s mission was to raise $10 million in capital to help jump-start development in Northern Kentucky’s urban core.
Then the recession set in.
The initial goal of raising that capital in a year stretched into two years, then three and finally into five; the fund reached the $10 million mark last November.
Now, nearly six years after its launch, the fund is finally embarking upon its first project: a $130,000 gap-financing loan for a $1 million apartment development in Covington’s emerging Pike Street corridor.