The man who oversees the City of Lexington’s affordable housing program says there continues to be a tremendous need for more units. Affordable Housing Manager Rick McQuady presented an update to a City Council committee last week. In answering a question about how much additional funding could be spent to build affordable units, McQuady said there are some limitations.
“You know I’m just looking at capacity. What we can do. What we can spend. And if it’s five million a year that just keeps on adding up. We depend on other funding sources, we’re not the only funding source. Kentucky Housing Corporation, they need to provide funding. Financial institutions, we’re working with them,” said McQuady.
McQuady said the City’s affordable housing fund provides gap financing for new and rehabilitation projects. He said the cost and maintenance of good quality units should be the same for affordable housing complexes as the market rate projects.
McQuady was asked about maintenance contractors for newly built affordable housing complexes.
“I don’t want anybody to drive by one of the properties we’ve funding as say, ‘that’s affordable housing.’ I’ll give you a perfect example. Both the Alcove and Kearney Ridge. They have received numerous applications from people who are over-income because they want to live there because of the quality of those units,” said McQuady.
McQuady told committee members a new affordable housing project focused on elderly needs is planned in southwest Lexington. While saying he wouldn’t want to turn down additional funding, an annual allocation of $5 million would be a good start to making progress.
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