Chris Taylor - Long Range Planning Apr 12 2024 at 12:56PM on page 3 Answer Thank you for your comment. During our review of the proposed text with Lexington's affordable housing providers we received several comments that for the land use element (as opposed to the financial incentives that KHC, HUD and others provide) of affordable housing that there needed to be more flexibility, especially for affordable housing ownership opportunities, which have less control over utility expenditures. This text also provides a density bonus to builders who are able to build without financial incentives or through gap funding from other agencies. However, we do not want to make it so those who are at the 60-80% level are left out of this text. These provisions focus on lowering costs associated with the planning process, what the providers refer to as their entitlement costs. It's critical to point out that zoning reform for affordable housing doesn't offer financial incentives and must cast a wider net to enable more projects to move quickly past the planning process and compete for available funding sources. The feedback we heard stressed that from a land use regulation standpoint, we should not be as stringent as funding providers and potentially prohibit certain projects within our community. 0 replies
Carlie Laughlin Apr 12 2024 at 8:05AM on page 3 Suggestion According to the federal government, housing is “affordable” if it costs no more than 30% of the monthly household income for rent and utilities. Most affordable housing developments are built for families and individuals with incomes of 60% or less than the area median income (AMI). Decrease affordable level to 60% and housing expenses to 40%. 1 reply
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