Lexington, KY

Affordable Housing Strategy

Lexington, KY

Affordable Housing Strategy

During 2013 and 2014, czb worked with the Lexington-Fayette Urban County Government to create a framework for affordable housing strategy and development. The county’s needs were stark: when czb arrived, there was a $36 million gap in affordable housing funding and a shortage of more than 6,000 affordable housing units.

  Team Members: Charles Buki, Karen Beck Pooley
  Services: Housing Analysis, Strategy Development, Report Creation

“How do we create the political will to invest in fixing our affordable housing gap?”

Population

Median Household Income

%

of adults have a bachelor's degree or higher

%

of all households live in poverty

$36,000,000

affordable housing funding gap per year

6,000+

affordable housing unit shortage

Assessment & analysis.

czb analyzed demographic factors, wages, property values, housing assistance, and rent prices in Lexington, a market of approximately 125,000 households.

A truth revealed.

czb’s findings showed Lexington was meeting the needs of households with incomes of $40,000 or more but that there existed a 6,000-unit shortage of homes for the city’s lowest-income households. Our analysis showed that the shortage would likely climb by 400 units each year, presenting a growing problem for the city’s poor.

To fund the subsidy required to provide 6,000 affordable housing units, czb proposed the creation of an affordable housing trust fund, requiring that the local government commit to an initial investment of between $3 million and $4 million.

In 2014, Lexington’s Urban County Council voted unanimously to allocate $3 million to establish a Lexington Affordable Housing Trust Fund and follow that up with $2 million annually over the next five years.

Program directors have used that fiscal commitment to leverage more than $10 million in additional funding for the construction or rehabilitation of affordable housing across the city. More than 430 affordable housing units have been built or renovated since the city began allocating taxpayer money to the fund.

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Alexandria, VA 22301

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czbLLC

2018, czbLLC. all rights reserved.