Lexington will now allow the use of Industrial Revenue Bonds for housing developments located within Lexington’s Urban Service Boundary, Mayor Linda Gorton said.
The change is one of many Lexington has made recently to encourage the development of housing, especially workforce housing, and housing that is affordable.
“As Lexington continues to grow, we must make sure that growth is beneficial to the community overall,” Gorton said. “It’s important that we continue to find ways to bring meaningful development that will create new opportunities for housing, along with jobs, and economic development throughout our community.”
Updates to the Industrial Revenue Bond policy were approved by the Urban County Council on Oct. 9.