Lexington’s affordable housing stock has grown by another 16 units. This west Lexington project involved significant transformation.
The Maywick View Lane project turned two once-condemned buildings into 16 apartments. The overhaul included new insulation, plumbing, electrical systems, and heating and air. The $745,000 renovation was financed by developers Dylan Palmer and Colt Litkenhus and the City’s Affordable Housing Fund. Palmer said such a project can still bring a profit.
“Because of the help with the City it has allowed us to be able to produce these buildings at still a financial and profitable business,” said Palmer.
The apartments rent for $700 a month and have already been filled. By year’s end, more than 800 additional affordable apartments will have come online in 2023.
Charlie Lanter is the commissioner of Housing Advocacy and Community Development. Lanter said this type of affordable housing project carries a double benefit.
“One is it creates affordable housing units which is one of our primary goals, but it also resolves a neighborhood eyesore, one that was a common issue for our Code Enforcement division. I mean the buildings were condemned, which means Code had been out here quite a bit and had cited multiple things. And if you drive around the city you know there are a lot of other places like this.”
In fact, Lanter noted the current vacant property list contains 50 other properties. He added that’s just those making the list.
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