Barnes Fund for Affordable Housing
As a Council Member, Mayor Megan Barry co-sponsored and passed legislation that created the Barnes Affordable Housing Trust Fund. Her dedication to the Fund continues as Mayor, in order to ensure affordable housing options for Nashvillians.
The Metropolitan Housing Trust Fund Commission has leveraged over $5,000,000 in local and public funding, to provide over 100 units of affordable housing.
The Barnes fund makes competitive grants to nonprofit housing developers to increase affordable housing options for Nashvillians.
Grants include funding for renovation or construction of affordable homeownership and rental opportunities and other supportive efforts to encourage affordability. Funds can be leveraged by nonprofit developers with other existing tax credit and funding programs.
Metro Government contracts with The Housing Fund, Inc. (THF) to manage and administer the Fund. THF is a private, nonprofit organization established to finance affordable housing and neighborhood revitalization projects in Middle Tennessee.
First Round of Funding
In 2014, the initial funding round for the Barnes Fund created 40 affordable rental units for persons with incomes at or below 60% ($33,450) of the median family income adjusted for family size. The $2,000,000 Barnes investment leveraged an additional $2,517,345 in federal and private funds for a total of $4,517,345 invested in affordable housing. One half of the units were for special needs persons with incomes below 30% ($24,250) of the median family income which required a substantial grant subsidy to ensure the units were affordable.
Second Round of Funding
For the 2014-2015 budget, Mayor Dean recommended, and the Metro Council approved, $500,000 from the general fund budget be appropriated to the Barnes Fund for Affordable Housing. It is important to note that this is the first time general fund revenues have been proposed for the Barnes Fund. Recommendations from the Metropolitan Affordable housing Trust Fund Commission will be provided to Metro Council early in 2016.
Third Round of Funding
The 2016 Funding Round sought proposals from non-profit housing developers for home owner rehabilitation projects, rental projects and home buyer projects. Ten million dollars in grant funding was set aside in Mayor Megan Barry's 2016 budget to be available for the fall 2016 funding round. Projects were approved by the Metropolitan Housing Trust Fund Commission, and must be approved by the Metropolitan Council. View the 2016 projects recommended for approval.
For more information on the Barnes Fund, please contact Adriane Harris or Erik Cole