Fairstead unveiled plans to rehabilitate Malabu Manor, an 80-unit affordable housing community in Lexington, Kentucky, serving seniors and residents with disabilities.
The rehabilitation is financed through 9% Low-Income Housing Tax Credits (LIHTCs) provided by the Kentucky Housing Corporation (KHC).The project is also supported by a $750,000 Green and Resilient Retrofit Program (GRRP) Elements grant from the U.S. Department of Housing and Urban Development (HUD), which will support energy and climate resiliency improvements across the property, in addition to comprehensive in-unit and exterior upgrades designed to improve operational performance and enhance resident experience.
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. All residences are reserved for households earning up to 60% of the Area Median Income (AMI).
Fairstead’s revitalization plan consists of extensive in-unit, exterior and property‑wide upgrades, including:
- Updated interiors across all residential apartments.
- Energy efficiency upgrades across mechanical, electrical and plumbing systems.
- Renovation and reconfiguration of common areas, including the community room, laundry room and on-site office.
- Building exterior and site infrastructure improvements.
- Security and access control improvements.
The $750,000 GRRP grant awarded by HUD will support energy and resilience-focused improvements at the property, including backup generators designed to maintain critical building systems during grid outages and inclement weather events, as well as energy-efficient appliances throughout. This funding aligns with Fairstead’s broader commitment to energy conservation and climate resilience in affordable housing preservation, building on similar efforts at communities vulnerable to severe weather, flooding and extreme rainfall.
Residents will also benefit from refreshed amenities, including a business center, library, outdoor gazebo, dog park run and free Wi-Fi and Cable TV.
Resident services and programming will remain available through an app-based platform, providing families with convenient access to supportive services, community programming and resources designed to promote overall health and well-being.
Additional financial partners for the project include LIHTC investor PNC Bank, lender Berkadia, and Kentucky Housing Corporation.
Renovations at Malabu Manor will commence in June 2026, with construction continuing through December 2026.
