Lexington city leaders get latest info on affordable housing development
Originally published by WEKU.
City leaders got a snapshot Tuesday of where Lexington is in addressing affordable housing needs. The man heading up the effort again emphasized gains are being made but added the need is still very strong.
Affordable Housing Manager Rick McQuady told committee members the City has invested $48 million dollars over 11 fiscal years to make more than 35 hundred affordable housing units available. When adding in all the other financial contributors, it comes to almost a half billion dollars. McQuady said staffing for projects can be difficult.
“Property management firms are having trouble hiring and retaining staff. So, we’re having to pay more. Unfortunately, those costs are being passed on to the tenants. That’s a big challenge out there at this point in time,” said McQuady.
McQuady said developers are looking for affordable, available, and suitable property inside the Urban Service Boundary all the time. The veteran housing official noted occupancy in developments runs above 90%.
Committee Chair Jennifer Reynolds said the City may look into initiatives found in other cities.
“There are cities that buy abandoned buildings or buildings that are in need of being redone and then they partner with an organization and that organization converts it into affordable housing,” said Reynolds.
Reynolds said this is just an idea with nothing, “on the table” right now.
McQuady said the City has invested some $48 million over the past decade plus and another $441 million came from outside sources including financial institutions and the Kentucky Housing Corporation.
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Originally published by WEKU.
Republished with permission.
