December 10, 2018 | by Morgan Henry
LEXINGTON, Ky. (WTVQ)- AU Associates, Inc. and the Lexington VA Health Care System have announced the ground breaking ceremony for its latest project; Victory Point Apartments and Townhomes.
Consisting of fifty affordable housing apartments for at-risk Veterans and their families, this project was made possible by the VA’s Enhanced-Use Lease (EUL) Program, Building Reutilization and Repurposing (BURR) initiative that began in 2009, and is the first project of its kind in Kentucky. The EUL BURR initiative involves reviewing vacant VA Buildings and underutilized land and engaging industry partners to redevelop the areas into housing for Veterans and their families.
AU Associates and the Lexington VA Health Care System will celebrate this partnership during a ground-breaking ceremony for the Victory Point Apartments and Townhomes on Tuesday, December 18th at 10:30 a.m. at the Sousley Auditorium, located in the Franklin R. Sousley VA Campus on Leestown Road in Lexington. The celebration will be followed by a ground-breaking photo at the construction site.
Victory Point Apartments and Townhomes has been awarded an allocation of Low Income Housing Tax Credits from Kentucky Housing Corporation and State and Federal Historic Tax Credits from the Kentucky Heritage Council and will soon be a beautiful example of affordable housing, urban infill, historic preservation and community collaboration. Construction will commence around January 1, 2019 and be completed in the spring of 2020. Central Bank is serving as the construction lender and tax credit equity investor on Victory Point and Fahe has provided the permanent financing. Additionally, The City of Lexington’s HOME Funds and Affordable Housing Funds are both being utilized. Veteran Affairs Supportive Housing Vouchers, through the Lexington Housing Authority, are providing much needed rental assistance.
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