Fairstead announced plans to rehabilitate Malabu Manor, an 80-unit affordable housing community located in Lexington, Kentucky, serving seniors and residents with disabilities.
The rehabilitation is financed through 9% Low-Income Housing Tax Credits provided by the Kentucky Housing Corporation. The project is also supported by a $750,000 Green and Resilient Retrofit Program Elements grant from the U.S. Department of Housing and Urban Development, which will support energy and climate resiliency improvements across the property, as well as comprehensive in-unit and exterior upgrades to improve operational performance.
Fairstead acquired Malabu Manor in 2022 as part of a long-term strategy to preserve housing affordability for low-income residents across Kentucky. Today, Fairstead owns and manages more than 1,600 units across Kentucky. Located at 137 Malabu Drive, Malabu Manor comprises two, three-story residential buildings totaling 79 homes and one on-site administrative unit.
Additional financial partners for the project include PNC Bank, Berkadia, and Kentucky Housing Corporation.
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