Why does Lexington locally fund Affordable Housing?
Lexington locally funds affordable housing because there are over 6,000 full-time working households who can’t find housing at rates that are affordable.
- The cost of housing is rising - due to large companies and high-skill workers moving here, raising the cost of housing.
- Base wages aren’t increasing - the income of minimum and low-wage earners hasn't kept up with the inflation or the cost of housing.
This forces these 6,000 households into either overpaying for housing, or being forced into substandard housing.
Local subsidies can make development cheaper, while requiring developers make part of their development affordable for low-wage working households.
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czb. Lexington’s Affordable Housing Challenge & Potential Strategy. February 2014.