330 Newtown

330 Newtown is a new construction of 208 apartments located on Newtown Pike, with easy access to downtown Lexington, the University of Kentucky, as well as the I-75/I-64 corridor. The development caters to families and young adults, offering one-, two-, and three-bedroom units to residents with incomes at or below 60% of the area median income.

The building is a unique L-shaped structure with two wings, spanning 5 floors. Floors 2-5 contain residential units; the first floor of one of the wings offers a covered parking garage for the residents; the first floor of the other wing will house Kentucky Medical Services Foundation, Inc., a University of Kentucky affiliate, that will provide clinical services to residents and the general public.

The project was built by Winterwood Development, an experienced Lexington-based developer. HOPE provided a $25 million construction loan for the project through the purchase of tax-exempt bonds issued by the Kentucky Housing Corporation (KHC). The project received low-income housing tax credits from the KHC and soft funding from the KHC and the Lexington Affordable Housing Fund. HOPE is also providing a $2.25 million tenant improvement loan for the commercial areas.