$16 million in revenue bonds to support senior housing in Glasgow
BOWLING GREEN, Ky. – The City of Glasgow is progressing in more ways than one and a private developer that’s been developing properties for seniors in Bardstown is getting in on the action.
Little T LLC purchased land in Glasgow almost two years ago, and now they can use up to $16 million in revenue bonds.
Mayor Henry Royse tells us, “There’s no city money. It’s not taxpayer money. It’s just the city, being the conduit where these people sell bonds to build their project. So we’re not out any money. We are, since we are a city, we can issue those industrial revenue bonds.”
Back in March, the state legislature made it legal to use industrial revenue bonds can be used for residential housing as long as you follow certain guidelines and build at least 48 units, but they plan on building 120 units.
The units built will support seniors in more ways than one giving them living arrangements that are accessible, minimal upkeep, and so much more.
Royse also says, “We have a large number of, people who, like we all are getting older, they don’t need low income housing or HUD housing or government based housing. They just need a nice place to live with other people who are of the same age. And, access, to their apartment. And already the reaction has been tremendous. You know, people say, ‘what? Can I sign up?’”
As more information becomes available, News 40 will bring you the latest details.
