Affordable housing is defined by the Department of Housing and Urban Development as costing no more than 30% of occupants’ income for housing costs and utilities.
Lexington Mayor Linda Gorton made remarks on the city’s progress Friday. She’s currently running for re-election.
“Investments in affordable housing are a powerful driver of economic development across our city,” she said. “These projects create good paying jobs for residents in the fields of construction, property management, maintenance.”
Gorton has proposed more than $5 million towards affordable housing in next fiscal year’s city budget. The city has invested more than $50 million since 2014. Around $500 million in private investments have also gone towards those efforts.
About 270 units of affordable housing are currently being built across the city, mostly for seniors. District 9 city council member Whitney Elliott Baxter called affordable housing necessary for a population that lives on a fixed income.
“If we can help relieve stress and free up additional resources for health care, nutrition and in-home care, all while preventing homelessness, we are making a difference,” she said.
This comes as Lexington is figuring out how to address a housing shortage. A study from EHI Consultants found Lexington is around 22,000 units short. The city’s upcoming budget also includes a liaison position that would help streamline the construction process for interested developers.
