Single and Multi-Family Housing

The FCLDC, in 2005, began to develop housing units for this low-income market. The Gunn Street townhouses were the first project. Two 1400 square foot units with three bedroom, 2.5 baths, all appliances furnished and a one-car garage were put into service in November. Since Gunn Street, six similar units have been developed on Coral Street, five others on Coral Street are in the planning stage, one is under development on East 2nd Street, two are pending approval for development in the four hundred block of Chestnut Street adjacent to the location of the first development undertaken in 1984. Rental development projects are also planned for the Spiegel Heights neighborhood on Robertson Street and Anderson Street for a total of nineteen income restricted rental units with an aggregate market value of nearly $2 million. The four units planned for Speigel Heights and the three single family residential units completed in 2005 are fresh beautification to the aging housing stock of an older neighborhood.

The FCLDC through the application of its CHDO fund for the development of affordable housing is providing two, three and four bedroom rental units with market rate amenities to the low-income rental market.

The FCDLC is the designated Community Housing Development Organization of the Lexington-Fayette Urban County Government’s Division of Community Development. As the CHDO, the FCLDC receives funds to develop affordable housing through the “HOME” Program of the Department of Housing and Urban Development. Spacious hallways and full kitchens are the hallmark of our rental properties.

Participation in the Konner Woods development was a major milepost for the FCLDC. Still under development the 95-unit subdivision at Georgetown and Sandersville Roads offers modestly priced homes for first home buyers and homes for families making an upgrade to their second home. FCLDC has three spec homes now in the mix of inventory listed with the LBAR. These homes feature three bedroom, 2.5 baths, dining rooms and breakfast nooks, a fireplace, patio or deck and two-car garages. Prices range from $159K to $176k. A builder’s warranty and the homeowner’s 2/10 warranty are provided by the FCLDC.

In 2001 the Fayette County Local Development Corporation shifted its focus to the development of affordable rental housing for the low-income tenants. In December 2003, tenants moved into the 17-unit, Elm Tree Lane Apartments and the 7-unit ETL Apartments located in the historic Lyric Theater block of Elm Tree Lane. The Elm Tree Lane tax credit project and the ETL, HUD 202 project offer safety, efficiency and an accommodating living environment for an aging, low-income population. This Multi-family apartment complex has a market value of $3 million.

The FCLDC will be the development sponsor for the Russell School Community Center Project. This tax-credit initiative will harness the service delivery expertise of the Community Action Council and the Urban League and the housing development experience of the FCLDC to convert the old Russell Elementary School into a senior housing and community service complex. The $6 million plus project will preserve a community landmark and bring viable services to an inner-core neighborhood.

2005-2006 RENTAL DEVELOPMENT QUICK FACT.
Two units completed on Gunn Street
Two unites completed on Coral Street
Five additional lots purchased on Coral Street
Tow lots purchased on East Second Street
Two new units to be built on Chestnut Street
Section 8 vouchers are accepted for Rental units