Lexington Housing Commissioner Envisages Long-Term Advantages from State Affordable Housing Funds
Infrastructure Support
Lexington’s Commissioner of Housing Advocacy and Community Development, Charlie Lanter, has recently emphasized the enduring benefits of a $10 million state appropriation designated for an affordable housing initiative. Lanter asserts that while the funding isn’t for building houses, it will provide critical support for the infrastructure required at their local site. This plot of land, which once hosted Transylvania baseball games, is now envisioned to be home to a variety of affordable housing structures.
“So what that ten million will do is help to fund the infrastructure that’s gonna be needed on that site. You got to run sewer lines. You got to run water lines, curb and gutter, all that kind of stuff. So, that will help get the lots in place so it will be easier to develop that land,” Lanter explicated.
Revitalizing Land
Five local banks have secured the 12.5-acre property and established a $3 million revolving capital fund. This fund supports five affordable housing developers involved in the project, which is anticipated to yield diverse types of housing, including homeownership and rental opportunities.
Beneficial Ripple Effects
Lanter sees this as just the beginning. Upon completion, this project is expected to lay the foundation for additional affordable housing endeavors in the future. “And then what’s great is once that project is up and running the funds that come back to the fund that the banks set up, that will get reimbursed from the development costs and then the fund the banks created can be used to buy more land to do more projects,” Lanter added.
Looking Ahead
With the projected groundbreaking set for next summer, this initiative holds significant potential to usher in a more promising future for viable and affordable housing opportunities in Lexington.
