Affordable housing manager Rick McQuadey reports $53M invested; $1.5M available as challenges persist

Affordable Housing Manager Rick McQuadey told the Social Services and Public Safety Committee on April 14 that Lexington’s Affordable Housing Fund has received "just over $53,000,000" in public allocations over the last 12 fiscal years and has committed about $59,000,000 to projects. He said the fund’s approach is to serve households at or below 80% of area median income (AMI) and to prioritize lower-income households, noting that "the vast majority" of funded units serve households at or below 60% AMI.

McQuadey defined affordable housing in operational terms: "Housing is affordable when it cost for a household when it costs no more than 30% of their income" for rent, utilities or mortgage, taxes and insurance. He described the fund primarily as a gap financier that uses repayable loans, deferred or forgivable loans and deed restrictions to lower a project’s debt service so owners…