Lexington affordable senior housing complex renovated with state, local funding
Through a $9.5 million public-private partnership, Lexington renovated 204 affordable rental units for seniors and people with disabilities.
Briarwood of Lexington, an apartment complex owned by Indianapolis-based Gene B. Glick Company, cut the ribbon on upgraded apartments Wednesday thanks to state and local investments. That includes $500,000 from Lexington’s affordable housing fund, plus $16.5 million in tax-exempt bonds with 4% low-income housing tax credits from the Kentucky Housing Corporation.
Briarwood, originally built in 1979, had about $45,000 in renovations done to each unit.
Lexington Housing Advocacy and Community Development Commissioner Charlie Lanter said the local money came from the city’s American Rescue Plan Act funds, which were federal dollars designated to local entities to help with economic viability after the COVID pandemic.
As President Donald Trump cuts federal funding across the nation, Lanter said it’s more important now than ever to invest in affordable housing.
“This is a great example of what can happen when we put federal resources to work at the local level, with state funds and local funds, and everybody comes together to finance a project,” he said.
“It’s the reason we need to protect our federal housing funds … Everything we do is under threat right now.”
Public-private partnerships are the most viable way to fill the affordable housing gap, said David Barrett, President of the Glick Company.
He said renovation projects are often overlooked in favor of new construction, but preservation is the most economic way to keep people in low-cost housing.
“The United States currently has a shortage of 7.1 million affordable rental homes available to renters with extremely low incomes. This shortage leaves behind seniors, people with disabilities, teachers, child care workers and many of our public servants,” he said.
“It’s a problem that has only gotten worse since I joined Glick 18 years ago and, sadly, demand continues to far outstrip supply.”
The burden of the housing crisis is not lost in Kentucky, with an estimated 206,207 homes needed to fill the current shortage, according to a study by the Kentucky Housing Corporation.
Fayette County is no exception, said Terry Helton, Managing Director of Multifamily Programs at the Kentucky Housing Corporation.
A study commissioned by the local government found that Lexington needs over 22,000 housing units to meet demand, most of those being rental units.
“There’s about 14,000 rental units that are needed here right now, and by 2029 that number is to go up to about 18,000,” Helton said.
“It is essential that we do not lose any of our affordable housing stock. This is why this project is so very important to this community.”