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PHA code KY004 · Medium PHA · Kentucky

Housing Authority of Lexington

Housing Authority of Lexington has closed 1 RAD conversion covering 206 public housing units. It still has 914 public housing units in 13 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 1 went to project-based vouchers (PBV) and 0 to project-based rental assistance (PBRA). 1 used low-income housing tax credits and 1 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for KY004, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Pimlico AptsPBV206ClosedMar 20144%Yes$88,628

Still public housing: 2026 RAD rents

HUD's rents tool sets a 2026 RAD contract rent for each unconverted project from its 2024 public housing funding, inflated by the 2025 and 2026 OCAF. Across KY004's remaining units that averages $969 a month, against a weighted PBV cap of $1,644 (110% of fair market rent, before the utility allowance). Where the RAD rent is below the cap, a Section 18 blend can raise the rent and the debt it carries.

Unconverted public housing projects, May 2026 RAD rents tool
Project Units 2026 RAD rent PBV cap PBRA cap 60/40 blend
Lexington South KY004000001 180 $1,049 $1,743 $1,901 $1,419 Debt
Lexington West KY004000002 139 $1,116 $1,845 $2,013 $1,498 Debt
Unnamed KY004000003 102 $1,014 $1,775 $1,937 $1,417 Debt
Bridlewood Apartments KY004000015 88 $848 $1,407 $1,534 $1,126 Debt
Grand Oaks Apartments KY004000033 88 $839 $1,407 $1,534 $1,123 Debt
Falcon Crest Apartments KY004000028 72 $1,010 $1,917 $2,092 $1,481 Debt
Bluegrass Phase III KY004000013 60 $877 $1,507 $1,644 $1,198 Debt
Sugar Mill Apartments KY004000008 46 $917 $1,434 $1,564 $1,160 Debt
Homownership KY004000007 40 $813 $1,391 $1,517 $1,108 Debt
Bluegrass Apartments KY004000010 32 $933 $1,554 $1,695 $1,244 Debt
Russell Cave KY004000009 26 $801 $1,468 $1,601 $1,136 Debt
Bluegrass Phase II KY004000011 24 $944 $1,615 $1,762 $1,276 Debt
Homownership KY004000006 17 $959 $1,613 $1,759 $1,292 Debt

Rents are monthly per unit, weighted across each project's bedroom mix. The caps are shown before HUD's estimated utility allowance. HUD calls the blend figures estimates. Project names are as reported to HUD.

Financing the next one

Send the deal to the commercial mortgage desk at Janover Capital LLC: debt for a conversion (FHA 223(f) or 221(d)(4), bank or bond), a Section 18 blend, or a refinance of a property that has already converted. Tell us where it stands, and a person at Janover Capital will reply.

Janover Capital LLC is not HUD, the RAD Resource Desk or a housing authority, and is not affiliated with or endorsed by any of them. Nothing here is legal advice or an offer of credit.

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Sources: RAD Resource Desk Component 1 property export, downloaded ; HUD RAD Contract Rents Look-Up Tool, May 2026. Hard cost per unit divides reported hard construction costs by RAD plus non-RAD units; blank where HUD's export reports none. About the data.