By Alan Lytle
Lexington, KY – A panel comprised of government, community, and business leaders continues to press toward the goal of establishing a city-supported affordable housing trust fund that would be used to improve the living conditions of low-income citizens. On Wednesday, the group received a progress update from a firm charged with gauging the potential economic impact. Urban County Council member Peggy Henson chairs the committee.
"I see the trust fund as benefiting the best of both worlds. You've got developers that would take on some projects, you've got folks that need jobs, and you've got folks that need housing, so I see it as a win win for a lot of people."
The fund would be established through a one percent hike in insurance premiums, which would have to be approved by Mayor Gray and the Urban County Council. Henson says the group is well aware that asking for a tax increase in this current fiscal climate could be problematic.
"It's not an easy thing to raise taxes. So if our community feels that that is a good benefit, which I believe it truly is a benefit to our community, to decrease the number of homelessness, and to help people that are struggling that are paying above their means in rental, and maybe put them on a path to home ownership as well."
Committee members are expected to view preliminary data in the economic impact study next month.