Lexington’s Commissioner of Housing Advocacy and Community Development says a $10 million state appropriation will benefit an affordable housing initiative in more ways than one. The money will support various affordable housing types on property that was once home to Transylvania baseball games. Charlie Lanter said the funding is not for house construction.
“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,” said Lanter.
Five local banks purchased the 12.5 acres and established a $3 million revolving capital fund. Five affordable housing developers are involved in the project which is expected to be different types of housing including home ownership and rental. Lanter said this could set the stage for additional projects.
“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,” said Lanter.
A groundbreaking is planned for next summer.
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