The National Council on Aging reported that more than 15 million adults aged 65+ are economically insecure, with incomes below 200% of the federal poverty level. With senior households anticipated to be the largest growing cohort over the next 20 years, it is essential that affordable housing options for older individuals increases. Very few affordable rental properties are currently available in Lexington, KY, and those that exist maintain average occupancy of 99% with waitlists, making it difficult for local seniors to find affordable housing.
Meadowthorpe Landing is a newly constructed affordable housing property developed by AU Associates, Inc. in partnership with CAHEC. Since its founding in 1990, AU Associates has generated over 29 multi-family properties, including Meadowthorpe, which it manages through affiliated company AU Management, LLC. Meadowthorpe Landing contains 71 one- and two-bedroom units targeted to individuals 55+ who earn less than 50% and 60% of the Area Median Income. "Meadowthorpe Landing responds to an increasingly acute need for affordable senior housing in Lexington. We are delighted to partner with Lexington-based Brett Construction, architecture firm Lord Aeck Sargent, Kentucky Housing Corporation, CAHEC, Berkadia, Freddie Mac, and RiverHills Bank to provide essential affordable housing in a desirable neighborhood in the core of Lexington," says Johan Graham, President of AU Associates.
New Construction Units: 71 Units
Private Equity Investment: $9,375,697
Local Jobs Supported: 64
Local Government Revenue: $1,206,716
Units at Meadowthorpe Landing come equipped with energy-efficient appliances, central heating and air, extra storage, a secure building access control system, and modern interior aesthetics. The property also features a community building that houses on-site management, a community room, a fitness center, laundry facilities, a medical provider office, a rooftop patio, and raised gardens with walking paths. Meadowthorpe Landing, with its modern appliances and safety features, will provide local seniors with high-quality, affordable housing for years to come.