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Single And Multi-Family Housing


Submitted by uladmin on Wed, 09/03/2008 - 14:08

Single & Multi Family Housing

Fayette County Local Development Corporation (FCLDC) is the Urban League’s housing development initiative. FCLDC was selected as the designated Community Housing Development Organization and it continues to build and renovate units for low to moderate-income families in the heart of Lexington. FCLDC partners with Community Action Council and V & D Construction in an effort to safely and efficiently build multiple units.

By using this approach we are not only aiding in the economic development of our minority contractor, but also teaching a skill to high school dropouts who are participating in the Young Builders Challenge program. This program assists the students in preparing for their GED while also learning the construction trade. This initiative increases a student’s employment opportunities and economic earning potential. Still, this approach aids in increasing property values in the area and has an even greater impact on the families who no longer have to live in substandard, overcrowded housing units.

HOMEOWNERSHIP

  • The League’s Housing Division, Fayette County Local Development Corporation, has built five homes in the Konner Woods subdivision located at Georgetown and Sandersville Roads.
  • Two of the units have been sold, two are under contract, and one is in its final stage of completion.
  • These homes were built by a total of 60 Young Builders Challenge participants in conjunction with our minority contractor, V & D Construction.

RENTAL UNITS

  • Currently FCLDC has 23 single-family rental properties; this is an increase of four units in 2008-2009. The majority of the units are located in the downtown Lexington area including Chestnut Street and Corral Street.
  • Multi-family units include the Elm Tree Lane apartments (17 units) and ETL apartments (7 units) which are located adjacent to the Lyric Theatre. These units serve as home for seniors aged 55 and older.
  • Through a partnership with Community Action Council, the Russell School project will result in 23 one-bedroom units in Phase I, and social services being provided by CAC in phase II.
  • Funds have been received by way of: Low-Income Tax Credits ($2,458,000), HOME Funds ($300,000), Affordable Housing Trust Fund ($300,000), Historic Tax Credits ($900,000), HUD 202 Funds ($2,326,000), Rental Subsidy ($213,900), Congressman Ben Chandler Earmark ($196,000), and Local CDBG Funds ($200,000) for a total of $6,893,900.

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