KHC Helps Fund Meadowthorpe Landing, One of Lexington's Largest Senior Affordable Housing Developments
FRANKFORT, Kentucky — After 30 years, Pam Moore decided to move. It was a decision she did not make easily. Her sister, Pat Moore, had recently lost her husband and moved in with Pam. Pam was caring for her sister, and they both felt they needed more room and a change.
Enter Meadowthorpe Landing. The new 71-unit senior living development is one of the largest in Lexington, Kentucky, where affordable senior housing is a necessity.
"Affordable housing gets a bad rap," Pam said. "People think there is no class to it. But this is top notch, and we need more (affordable housing developments) for our seniors."
"So many seniors, including myself and my sister, are on a fixed income, and you can't just go out an get any apartment," Pat said. "We are thankful that there are places like this. Just having the security of knowing you are able to afford your home and not have to worry about whether you can pay your rent and your bills each month has been a blessing."
Offering 57 one-bedroom and 14 two-bedroom apartments, Meadowthorpe Landing is located close to downtown. On a bus line and across from a shopping center with restaurants and a grocery store, the location is a selling point for many new residents, said Johan Graham, director of development for AU Associates Inc., the company that developed and manages the building. AU Associates worked with neighboring homeowners and businesses to make the development seamlessly fit into the area.
"Our goal at AU has always been to build a home that we would want to live in ourselves," said Holly Wiedemann, AU's founder and president, at the development's ribbon cutting in August. "Each and every one of our projects is unique to the community in which it are located, and Meadowthorpe Landing exemplifies our mission. It was architecturally designed to highlight the surrounding context of the area, as evidenced by its extensive use of brick and abundant landscaping."
While several units are handicap-accessible, all of the units can be modified to accommodate walkers and wheelchairs, so seniors can age in place. The development also offers energy efficient appliances, central heating and air, extra storage, a secure building access control system, a community room, laundry facilities, fitness room with senior-friendly equipment, walking paths, a gazebo and a room for telehealth appointments or community health programs.
"We have told everyone we know to come here," Pam said. "It is going to get full quick, but it is so nice, that I can't see anyone moving out."
Kentucky Housing Corporation was one of several funding partners for the project, offering a 9 percent Low Income Housing Tax Credit for $1,081,369, which generates $9.4 million in equity. Other funders include a Federal Home Loan Bank of Cincinnati loan for $442,500, a RiverHills Bank Permanent Loan for $2 million, a RiverHills Bank Construction Loan for $7.9 million and a deferred developer's fee for $180,035.
In light of Governor Andy Beshear's suggestion to socially distance, AU Associates and Lexington officials held a small ribbon cutting ceremony to officially open the development. A virtual tour of the facility can be seen here.
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Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities. As a self-supporting, public corporation, Kentucky Housing offers down payment assistance loans to assist first-time homebuyers obtain home mortgages, housing production financing, homeownership education/counseling, rental assistance, housing rehabilitation, and supportive housing programs for special needs populations.
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