A consortium of local banks — currently including Central Bank, Community Trust Bank, Republic Bank & Trust, Stock Yards Bank and Traditional Bank — has established a $3 million revolving capital fund to support a variety of housing opportunities for families and seniors that will be affordable.
The banks purchased the former Transylvania University’s Marquard Field baseball field complex for $2.8 million. In addition to private funding, the project also will include public partnerships at the local, state and federal levels.
Lexington affordable housing developers collaborating on the project are AU Associates, Habitat for Humanity, Lexington Housing Authority, Urban League of Lexington and Winterwood.
As the project gets underway, developers will repay the fund interest free, and those funds will be reinvested in future affordable housing projects.
Groundbreaking is planned for summer 2025 following community meetings, master planning, rezoning and solidifying public-private partnership opportunities. The final development will include a combination of housing types, including both home ownership and rental properties, for families earning 30 to 80 percent of area median income.