LEXINGTON, Ky. (LEX 18) — Lexington leaders gathered on Tuesday for a ribbon cutting to celebrate the opening of over 200 affordable housing units.
The Alcove at Russell, located on Russell Cave Road, is now open to residents.
The complex is designed for working families who make less than 60% of the area's median income. That translates to about $53,580 annually for a family of four, according to developer LDG Development.
LDG is a Louisville-based development group specializing in affordable housing.
The firm said The Alcove is a $46 million investment in the area.
The project received $1.25 million in funding from the Lexington Affordable Housing Fund, which was established back in 2014.
Mayor Linda Gorton and co-founder of LDG Development, Chris Dischinger, spoke at Tuesday's ribbon-cutting ceremony. Both expressed the need for affordable housing in Kentucky and beyond.
"It leads to better educational outcomes, it leads to better healthcare outcomes," Dischinger said of affordable housing projects.
"It's really just a great economic development tool that makes the community better as a whole."
As of this month, The Alcove is more than 26% occupied, according to LDG.
