The LaRue County School Board extending the deed closure date for the Buffalo Elementary School property as AU Associates works out its funding.
Johan Graham of AU Associates told the board that the property had been put on the National Register of Historic Places and that there are two types of funds the Lexington-based company is seeking.
He said the application for the low-income housing credit was not approved, but that the project was No. 2 on the waiting list to receive funds once they open up. Another option is the Neighborhood Stabilization funds, which he said would broaden the income range for residents who could move into the redeveloped property.
He said one of the two funding opportunities should happen within 90 days and the deed closure extension is necessary to keep the project current. The school board unanimously approved the motion.
Graham said the plan is to provide occupancy by mid-2010.