Victory Point Town Homes and Apartments

141 Opportunity Way, Lexington, Kentucky 40511

Victory Point Town Homes and Apartments are the new construction and the historic rehabilitation of 50 units of affordable family housing for homeless veterans and their families. The project is rehabing vacant historic buildings on the Leestown VA Hospital campus in Lexington, KY into 26 units. The project will also build 24 units of newly constructed town homes on site. The project began construction in February 2019 and is expected to be completed Summer of 2020.

This property is currently under construction.

The project began construction in February 2019 and is expected to be completed Summer of 2020.

Eligibility for Victory Point Town Homes and Apartments

Victory Point Town Homes and Apartments Details

50 bedroom units.
Low-Income Housing Tax Credit (LIHTC)
HOME Investment Partnerships Program

Property Amenities

Convenient Location

Low-Income Housing Tax Credit (LIHTC)

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.

HOME Investment Partnerships Program

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.