Centre Meadows - First RAD (Rental Assistance Demonstration) Development Opens in Lexington, Kentucky
(Centre Meadows is a 206-unit rehabilitated family development in Fayette County, Kentucky developed by Lexington-Fayette Urban County Housing Authority and Lexington Home Ownership Commission)
June 6, 2016—The Lexington-Fayette Urban County Housing Authority and Lexington Home Ownership Commission recently opened Centre Meadows, a 206-unit multifamily rehabilitated development, becoming the first project in the United States to convert public housing operating subsidy and capital funds to project-based vouchers under the Rental Assistance Demonstration Program (RAD) through the United States Department of Housing and Urban Development. RAD allows public housing agencies (PHAs) to convert units to project-based Section 8 programs, providing an opportunity to invest funds into aging and deteriorating properties most likely slated for demolition, and preserving the affordable housing for years to come.
Originally constructed in 1976, Centre Meadows had substantially deteriorated to the point that some units were in danger of losing federal subsidy. Through RAD, an FHA 221 (D)(4) mortgage was secured to finance improvements to the project. Other financing included tax-exempt bonds underwritten by Red Capital Mortgage, 4% low-income housing tax credits issued by the Kentucky Housing Corporation, Lexington-Fayette Urban County Housing Authority funds, and HOME funds through the City of Lexington. Equity investment was provided by Ohio Capital Corporation for Housing.
Centre Meadows features on-site management, a day care facility, community room, playground, laundry facilities, and security cameras and lighting. Homes include electric ranges, new flooring, central air conditioning, window blinds, HVAC system upgrades, new kitchen cabinets, and washer/dryer hookups.