Affordable housing partnership project in Lexington is getting a financial shot in the arm.

Originally published by WEKU.

A public-private affordable housing partnership project in Lexington is getting a financial boost from the public sector.

Five local banks recently announced the purchase of 12.5 acres, formerly Transylvania’s baseball field, as a site for an affordable housing project. The banking group established a $3 million revolving capital fund. State government has gotten on board as noted by Central Bank President Luther Deaton.

“President Stivers called me up and so did Speaker Osborne and said ‘we’re gonna put ten million dollars in there to help to do this. I said, ‘really’? They said yes sir, said we’re gonna try to get this done for you,” said Deaton.

Deaton said the real on-the-ground work is being done by affordable housing developers AU Associates, Habitat for Humanity, Lexington Housing Authority, Urban League, and Winterwood.

Plans call to build various types of affordable housing on the site along Radcliffe Road and Haggard Lane. Deaton is thanking state lawmakers for appropriating $10 million toward the effort. He sees a need statewide.

“It needs to happen throughout this state, throughout this country. And hopefully, my goal is to try to get with the Kentucky Bankers Association and see if we can get a lot of banks to come up with a fund that can be used in other parts of the state, that we can take care of this affordable housing.”

The project would require a zone change. Deaton said affordable housing developers are doing it right including their plans to talk to the neighborhood association. Groundbreaking is planned for next summer. The final development is expected to feature both home ownership and rental properties.

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Originally published by WEKU.

Republished with permission.