Lexington program financing affordable housing units

LEXINGTON, Ky. (AP) – A program in Lexington is allocating grants and low-interest loans to groups developing affordable housing projects.

The Lexington Herald Leader (http://bit.ly/22iMSoI ) reports that Lexington’s affordable housing fund has financed 443 affordable housing units since it was created in September 2014.

Rick McQuady, the director of Lexington’s affordable housing fund, gave the Urban County Council the first update on the fund’s progress during a council work session March 8. He says the program has financed 164 new units and rehabilitated 269 existing units.

To date, the fund has allocated $5.3 million in grants or low-interest loans that will go toward developing the projects.

McQuady says he has talked to various groups that want to rehabilitate or create an additional 300 to 500 units in the coming year.

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Information from: Lexington Herald-Leader, http://www.kentucky.com

Copyright 2016 The Associated Press.