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Council adopts amended industrial revenue bond policy, narrows workforce-housing definition
Summary
After a committee recommendation, the council approved amended industrial revenue bond policies and procedures and adopted a council-floor amendment that narrows the program’s workforce-housing definition to households earning 80–120% of AMI with rents capped at 30% of monthly income.
Lexington City Council on Sept. 16 adopted amended industrial revenue bond (IRB) policies and procedures after a recommendation from the Budget, Finance and Economic Development Committee and a council-floor amendment redefining workforce housing for IRB leaseback arrangements.
Councilmember James Brown reported the committee’s work, saying the IRB policy review aimed to permit housing in some…
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