May 29, 2022

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Groundbreaking for new affordable housing project in Lexington


Kearney Ridge is a $43 million reasonably priced housing project with 252 apartments

LEXINGTON, Ky. (WTVQ) – Approximately 3,000 people will have a new residence many thanks to a venture in Lexington. Friday, city leaders collected to break floor on a new $43 million affordable housing undertaking with 252 flats.

“We continue on to hammer away at the require for inexpensive housing,” explained Mayor Linda Gorton. “This 12 months we have devoted an further $10 million in federal cash, plus $3.5 million in community cash, to develop or rehabilitate cost-effective housing, as well as supplemental resources for rental support. As we carry on to emerge from the pandemic we know the want will improve.”

In accordance to the city, Kearney Ridge Apartments was designed doable by making use of Low Profits Housing Tax Credits from Kentucky Housing Company and $2.5 million from the City of Lexington’s Residence application and Inexpensive Housing Fund. Building and lasting funding are getting presented by Fifth 3rd Lender and Bellwether Enterprise. Ohio Capital Company for Housing is the tax credit investor.

Since it was produced in 2014, the City’s Economical Housing Fund has offered funding to for-financial gain and non-earnings builders for the generation and preservation of 2,933 units of affordable housing. The Town has leveraged $23.6 million in government resources into a total financial commitment of $350 million in reasonably priced housing in our neighborhood.

AU Associates is establishing the Kearney Ridge job that characteristics vitality successful, garden-type residences with washer/dryer hookups, a clubhouse containing neighborhood and health rooms, and a swimming pool. The residences are an infill task situated at 2559 Kearney Ridge Blvd.

Councilmember Josh McCurn, who represents the area, claimed inexpensive housing enhances high-quality of lifestyle and will carry on to be transformative for Lexington, “I am thrilled to have AU Associates provide a further challenge to the district, particularly with it being shut to Coldstream Legacy Enterprise Park, wherever we will soon see the hustle and bustle of even additional job possibilities.”

According to the city, the vast bulk of these units are built for households with incomes at or underneath 60% of the place annual median profits – $36,240 for a two-individual household.

“This groundbreaking ceremony is an option to rejoice with the City and our task partners on a prosperous collaboration to create a lot essential inexpensive housing within just the urban service boundary,” claimed Johan Graham, President of AU Associates.

 





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