Mayor Linda Gorton, Councilmember Jennifer Reynolds, and officials of Mansermar Development today celebrated the construction of Christian Towers II, affordable housing for low income senior citizens and mobility impaired adults over age 18.
“Affordable housing for low income seniors is a pressing need in our community,” Gorton said. “This facility is a big step forward.” The company is building an addition with 40 units, and rehabbing the original building that has 92 apartments.
Councilmember Jennifer Reynolds said, “I am happy to have Christian Towers expansion in my neighborhood. I often get inquiries about affordable housing options, and I am glad that this development is providing a necessity in our community.”
The new 40-unit building, located at 1511 Versailles Road, will have four floors. Each apartment will have one bedroom and include new appliances, individual heating and air conditioning, washer and dry hook-ups, and walk-in showers. The accessible building will have a beauty salon. The buildings will share a fitness center and other community spaces. Landscaped grounds offer places for walking and outdoor seating. Pets will be welcome, said Cissy Watson, President of Mansemar Development, LLC, said.
The development is for people age 62 and over whose household incomes are at or below 60% of area median income. It will be ready for occupancy early next year.
It takes many sources of funding to create and preserve affordable housing. This property was the recipient $500,000 from the City through its Affordable Housing Fund, as well as low income tax credits from Kentucky Housing Corporation. Total development costs exceed $37 million.
Since its inception in 2014, Lexington’s Affordable Housing Fund has invested over $24 million and leveraged another $350 million for the development and preservation of about 3,000 affordable housing units.
“This year, we are taking the government’s commitment to affordable housing to the next level,” Gorton said. “The Council and I committed $10 million in American Rescue Plan funds to affordable housing. And through our city budget I proposed an additional $3 million for our Affordable Housing Fund, which the Council adopted.”