You’ve heard the numbers:
- A shortage of more than 20,000 housing units.
- Home prices rising 100 percent in 10 years, which is pushing the median price to more than $300,000.
- Rent increases among the highest in the nation.
But more importantly, you or your children, essential workers and young professionals are feeling the impact of these numbers.
The good news is that innovative collaborations and solutions are being implemented to ensure that anyone who wants to make Lexington home is able to do so – whether you are a teacher, social worker or public safety officer.
We must create more housing options to support our families and work force.
Lexington’s Transformational Housing Affordability Partnership is a historic collaboration of community organizations, several banks and affordable housing developers to do just that.
The project will create both homeownership and rental opportunities for families. In addition, it fully meets the goals and objectives of the Comprehensive Plan, which outlines how land will be used and developed in Fayette County.
Banks are providing $3 million in interest-free loans that, once they are paid back, will be invested in other projects again and again.
The project also caught the attention of the state legislature, which provided $10 million dollars in funding. This is a model for future developments here and across the commonwealth and country.
But this $13 million is in jeopardy if the project isn’t approved. We must encourage innovative projects like this, or the opportunity will be lost.
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