Parkside III Apartments, located at 1060 Cross Keys Rd in Lexington, has one, two and three bedroom apartments. Parkside III Apartments participates in the HOME Investment Partnerships Program and Low-Income Housing Tax Credit (LIHTC) programs.
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This project is the third new construction phase of Parkside, which is a LIHTC project placed in service in 2012. The new phase involves 36 units of garden apartments in one, two and three bedroom units. The buildings will complement the contemporary style of the recently built projects. The 36 units will be in three buildings and was completed in June 2018. AU has transformed a once abandoned lot into 36 beautiful affordable family housing units with contemporary style, that includes one, two and three bedroom units. Parkside is now complete with a new playground, and onsite laundry facility.
This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Parkside III Apartments is managed by AU Associates.