Lexington, Ky.— The City of Lexington has officially unveiled new affordable housing units located off Liberty Road. The project, known as the Richwood Bend Apartments, was celebrated during a special event on Thursday. It aims to provide housing solutions amid a growing need for affordable units in the area.
The Richwood Bend Apartments consists of 83 affordable housing units, offering a mix of one, two, and three-bedroom apartments. The venture has been made possible through a collaboration between AU Associates and the city, highlighted by a significant investment of $21 million.
“Today we celebrate not just the opening of a new building, but the promise of home for many,” stated Johan Graham, the President of AU Associates. “Affordable housing is the foundation for vibrant communities. Where dreams can take root and futures can flourish.”
District 7 Councilmember Preston Worley emphasized the importance of affordable housing, stating, “The most important thing we can do for people is provide them safe, decent, and affordable housing. That is the launching point for a good job, good education, food security, but most importantly, a place to call your own.”
Terry Helton from the Kentucky Housing Corporation addressed the pressing housing supply gap in Kentucky, mentioning that Fayette County alone is short by 14,000 rental units. By 2029, this need is projected to rise to 18,000 units.
An Affordable Housing Needs Analysis conducted by the city revealed that Lexington lacks 13,450 units for renter households earning below 80% of the area median income. Mayor Linda Gorton noted that the Richwood Bend Apartments will play a crucial role in addressing this shortage. “Since 2014, our city’s Affordable Housing Fund has invested $48.3 million into construction or preservation of 3,500 units,” she specified.
The city council approved the allocation of 1% of the previous year’s revenues for the Affordable Housing Fund. In the current year, over 400 new housing units have been added, with more developments expected. Three projects are slated to open this month and in November.
“In the next budget, we will have the largest one-time investment of affordable housing dollars the city has ever seen,” added Councilmember Worley.
Construction for the Richwood Bend project commenced in April 2023 and utilized low-income housing tax credits, alongside over $5.6 million from the city’s HOME Program and Affordable Housing Fund.
