Developers who are collaborating to create a grouping of 200 affordable housing units in Lexington told Kentucky lawmakers Tuesday the state needs more collaboratives like theirs to solve the housing crisis in Kentucky. In the two-year state budget approved this year, the legislature appropriated $10 million for the project.
Developer Zach Worsham, Vice President of Winterwood Inc, called for a tax credit program like those that exist in dozens of other states to provide a credit for low-income housing. It mirrors an existing federal program, created by the Tax Reform Act of 1986. Worsham said that such a program would have been a boon for their planning 200-unit project.
“If Kentucky had a state tax credit that mirrors some of our neighboring states, the equity that the affordable multifamily housing developers would have been able to generate towards these projects would have been close to $8 million,” Worsham said…