LFUCG Affordable Housing Board Unveils Preliminary Allocation Plan
Lexington’s Affordable Housing Board met for its first meeting of 2015 Wednesday. The group, which oversees the trust fund created by Mayor Jim Gray last September, revealed initial plans on how it would allocate the money. Affordable Housing Manager Richard McQuady says for-profit and non-profit developers, as well as the Lexington Housing Authority, can apply for the $4,819,709 in funds on an “open-window” basis.
"I really want to have the opportunity for developers to come in, apply when they are ready, instead of some deadline that I create, and then therefore they may not be ready to come in and apply. I think it’s important that as we evaluate these proposed developments, that we have a complete application and we know they’re ready to move forward," he said.
McQuady stressed, however, that the process would not be first-come, first-serve.
According to the preliminary allocation plan, $4 million will go toward development and preservation of affordable rental housing, mostly consisting of loans. $625,000 will be used to help build and repair affordable houses to own, while the remaining funds (194,7078) is likely to go to loans for preliminary planning and housing studies. Members of the board, including Vice Mayor Steve Kay and Councilmenber Bill Farmer, said there needed to be more discussion on the specifics of the plan, which they hope to finalize in their next meeting, which will take place in March.