The city is seeking to increase the supply of affordable housing while creating a mixed-income residential development that will provide opportunities for a range of income affordability. In its 2023 Frankfort and Franklin County Housing Needs Assessment, Points Consulting found that 546 additional multifamily housing units and 475 affordable subsidized housing units will be needed before 2040 to meet the area’s growth. While subsidized housing units are not possible under current financing restraints, the City of Frankfort is interested in projects that utilize income averaging. Income averaging was implemented by Congress in 2018, which permits LIHTC developers to include higher rent apartments (70 and 80% rents) provided there are an offsetting number of extremely low-income units (30% rents) if the average income of everyone in the building(s) is 60% of AMGI or less. The City believes experienced developers can be the best source of viable options for the property. This RFI gives developers a way to communicate those options (and/or obstacles) so that the RFP(s) to follow will have an increased chance of success. The attached map (Exhibit A) provides a schematic of the parcel with potential development. 600 Schenkel Lane includes 30 acres of developable land bordered by Schenkel Lane to the south, Wilkinson Boulevard (US 127 South) to the north and east, and Colonial Trace to the south.
