Over the past three years, Lexington’s affordable housing program has preserved and created well over 700 units for low income eligible people.
Council members got an update at Tuesday’s work session.
$8.5 million has been committed to the preservation and development of affordable housing in Fayette County.
Office of Affordable Housing Director Rick McQuady estimates close to 2000 people have benefited from the government program.
Vice Mayor Steve Kay says taxpayer support for such housing may not be required eventually, but that day may also be a decade or more away, “I would hope that that would be the case at some point, but it is far away. We are not coming close to meeting the need."
McQuady says principal and interest repaid to the fund for construction loans stays in the fund and can be recycled into other developments. He says 21 projects have received allocations with about half finished and fully occupied.
He hopes plans can be finalized this summer for a project to meet the needs of a special group.
“We’re working with an organization for a donated building that will be rehabbed and will serve special needs populations. That project is in the pipeline. We’re still working through the details on that,” explained McQuady. “But, it’s one I’m very excited about.”
The city’s affordable housing program serves households at or below 80 percent of Fayette County’s median income.