Property Impact: New Development in KY Provides Local Seniors with Increased Affordable Housing | |
The Need for Affordable Housing | |
The number of individuals that cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than seven million affordable homes for the nation’s more than 10.8 million extremely low-income households, of which nearly 46 percent are seniors or have a disability. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. Developing affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates. | |
Project Overview:
Meadowthorpe Landing
| |
The National Council on Aging reported that more than 15 million adults aged 65+ are economically insecure, with incomes below 200% of the federal poverty level. With senior households anticipated to be the largest growing cohort over the next 20 years, it is essential that affordable housing options for older individuals increases. Very few affordable rental properties are currently available in Lexington, KY, and those that exist maintain average occupancy of 99% with waitlists, making it difficult for local seniors to find affordable housing. | |
Meadowthorpe Landing is a newly constructed affordable housing property developed by AU Associates, Inc. in partnership with CAHEC. Since its founding in 1990, AU Associates has generated over 29 multi-family properties, including Meadowthorpe, which it manages through affiliated company AU Management, LLC. Meadowthorpe Landing contains 71 one- and two-bedroom units targeted to individuals 55+ who earn less than 50% and 60% of the Area Median Income. "Meadowthorpe Landing responds to an increasingly acute need for affordable senior housing in Lexington. We are delighted to partner with Lexington-based Brett Construction, architecture firm Lord Aeck Sargent, Kentucky Housing Corporation, CAHEC, Berkadia, Freddie Mac, and RiverHills Bank to provide essential affordable housing in a desirable neighborhood in the core of Lexington," says Johan Graham, President of AU Associates. | |
Units at Meadowthorpe Landing come equipped with energy-efficient appliances, central heating and air, extra storage, a secure building access control system, and modern interior aesthetics. The property also features a community building that houses on-site management, a community room, a fitness center, laundry facilities, a medical provider office, a rooftop patio, and raised gardens with walking paths. Meadowthorpe Landing, with its modern appliances and safety features, will provide local seniors with high-quality, affordable housing for years to come. | | |
|
Created by Congress as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (LIHTC) generates private capital investment used to finance the construction and rehabilitation of affordable rental housing for households earning on average 60 percent or less of the area median income. According to the Joint Center for Housing Studies at Harvard University, the housing tax credit is "widely regarded as the most successful housing production and preservation program in the nation's history." Since being enacted, the LIHTC program has helped develop more than 3.34 million affordable housing units. | |
In addition to providing safe, decent, and affordable housing for working-class families and seniors on limited incomes, the economic impact of the LIHTC program is visible in communities throughout the country. The development of affordable housing increases spending and employment in the local economy. Moreover, affordable housing can affect an employer's ability to attract and retain employees. LIHTC investment plays a significant role in community revitalization, which in turn can improve economic opportunities for local residents. | |
One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of safe and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in twelve states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its inception in 1992, CAHEC has raised and invested over $2.9 billion to help develop more than 37,000 affordable housing units. | |
|
Copyright 2022 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
| |
| | | |
