Groundbreaking for new affordable housing project in Lexington

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

LEXINGTON, Ky. (WTVQ) – Nearly 3,000 families will have a new home thanks to a project in Lexington. Friday, city leaders gathered to break ground on a new $43 million affordable housing project with 252 apartments.

“We continue to hammer away at the need for affordable housing,” said Mayor Linda Gorton. “This year we have dedicated an additional $10 million in federal funds, plus $3.5 million in local funds, to build or rehabilitate affordable housing, plus additional funds for rental assistance. As we continue to emerge from the pandemic we know the need will grow.”

According to the city, Kearney Ridge Apartments was made possible by utilizing Low Income Housing Tax Credits from Kentucky Housing Corporation and $2.5 million from the City of Lexington’s HOME program and Affordable Housing Fund. Construction and permanent financing are being provided by Fifth Third Bank and Bellwether Enterprise. Ohio Capital Corporation for Housing is the tax credit investor.

Since it was created in 2014, the City’s Affordable Housing Fund has provided funding to for-profit and non-profit developers for the creation and preservation of 2,933 units of affordable housing. The City has leveraged $23.6 million in government funds into a total investment of $350 million in affordable housing in our community.

AU Associates is developing the Kearney Ridge project that features energy efficient, garden-style apartments with washer/dryer hookups, a clubhouse containing community and fitness rooms, and a swimming pool. The apartments are an infill project located at 2559 Kearney Ridge Blvd.

Councilmember Josh McCurn, who represents the area, said affordable housing improves quality of life and will continue to be transformative for Lexington, “I am thrilled to have AU Associates bring another project to the district, especially with it being close to Coldstream Legacy Business Park, where we will soon see the hustle and bustle of even more job opportunities.”

According to the city, the vast majority of those units are designed for households with incomes at or below 60% of the area annual median income – $36,240 for a two-person household.

“This groundbreaking ceremony is an opportunity to celebrate with the City and our project partners on a successful collaboration to create much needed affordable housing within the urban service boundary,” said Johan Graham, President of AU Associates.

 

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