Abstract
The city of Lexington has reached a critical shortage of affordable housing available to families earning 80% - 50% of area median income (AMI). This study focuses on how to grow the Lexington CLT into self-sustainability while also narrowing the affordable housing gaps in Fayette County. Current research offers support for the city’s affordable housing program to adopt the community land trust model (CLT). The research recommends using tools such as the Lexington CLT, the Lexington-Fayette Urban County Landbank Authority (LFUCLA), and Lexington’s Affordable Housing Trust Fund, along with new development incentives, to develop a housing strategy that is cost effective and grows rather than shrinks its portfolio of units. The CLT model performs better than other traditional affordable housing models in a variety of achievement measures, including keeping units affordable for future buyers after the initial buyer received a subsidy to purchase the home. CLTs move modest income families into successful homeownership, and unlike traditional models of delivering affordable housing, the ability to retain affordability for subsequent sales requires no additional public or private subsidy.
CLTs are known for their commitment to stewardship, which extends to looking out for the homeowner and family after the home is purchased. Most importantly, CLTs keep neighborhoods stable and family wealth safe by preventing foreclosure. When a city delivers housing through a CLT, they collect critical data that aids governments and the public in determining the effectiveness of affordable housing programs across locally and the nation.
Report Date
4-2020
Report Number
KTC-20-09/FRT222-1F
Digital Object Identifier
https://doi.org/10.13023/ktc.rr.2020.09
Repository Citation
Clay-Young, Pamela and Kreis, Steven Douglas, "Social Justice Mitigation in Transportation Projects: Why and How Lexington Fayette Urban County Government Can Support the Lexington Community Land Trust’s Path to Self-Sustainability" (2020). Kentucky Transportation Center Research Report. 1688.
https://uknowledge.uky.edu/ktc_researchreports/1688
Notes
© 2020 University of Kentucky, Kentucky Transportation Center
Information may not be used, reproduced, or republished without KTC’s written consent.
The contents of this report reflect the views of the authors, who are responsible for the facts and accuracy of the data presented herein. The contents do not necessarily reflect the official views or policies of the University of Kentucky, the Kentucky Transportation Center, the Kentucky Transportation Cabinet, the United States Department of Transportation, or the Federal Highway Administration. This report does not constitute a standard, specification, or regulation. The inclusion of manufacturer names or trade names is for identification purposes and should not be considered an endorsement.