Barnes Housing Trust Fund
As a Council Member At-Large in 2013, Mayor Megan Barry co-sponsored legislation that created Metro Nashville's first housing trust fund to leverage affordable housing developments countywide. Named after Reverend Bill Barnes, a longstanding advocate for affordable housing and the deconcentration of poverty, 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.
In July 2016, Mayor Barry committed to increasing the funding of the Barnes Fund to $40M over the course of four years, with an annual commitment of $10M—the largest investment to date. In January 2017, Mayor Barry added an additional $5M funding a one-time Spring Innovation Round. To date, the Barnes Fund has invested over $14M in affordable housing using Barnes Fund and leveraged over $50M with federal and private funding sources, funding more than 500 housing units.
Spring 2017 Innovation Round of Funding will be announced soon.
Eligible projects must create or preserve affordable housing opportunities in Nashville and Davidson County. Rental projects must be affordable to households with incomes at or below 60% of the median family income adjusted for family size. Home buyer/home owner rehabilitation projects must be affordable to households with incomes at or below 80% of the median family income adjusted for family size.
How to Apply
The Fall 2017 Competitive Round of the Barnes Fund closed on October 23, and received 21 applications.
Metro-Owned Properties for Donation
In addition to awarding funds to nonprofit developers, The Barnes Fund donates Metro-owned property to nonprofit applicants. In order to apply for Metro-owned properties, developers must also apply for financial support and it must be during a competitive funding round. Current list of Metro-owned properties
The Barnes Fund and Community Land Trust
The Barnes Fund is in the process of identifying a partnering organization to form Nashville’s first Community Land Trust (CLT). A CLT is an organization that maintains control and oversight of its affordable housing resources through ownership of land. A CLT is a way in which Nashville can create lasting affordable housing options for its residents.
The Barnes Fund and Nonprofit Capacity Building
In 2017, the Barnes Fund created a capacity building program designed to strengthen the management capacity of local nonprofit developers, with a focus on affordable housing finance and development. This program includes tailored technical assistance and cohort-based trainings that explore the development process, financial analysis, and structuring needed to successfully develop and finance affordable housing developments. In addition, The Barnes Fund and Center for Nonprofit Management are proud to release the Nonprofit Organizational Assessment to help local groups self-assess their organizations, board of directors, and impact in Nashville.
Thank you to our partners, the Center for Nonprofit Management, National Development Council, and Enterprise Community Partners, for helping to craft these unique capacity building programs for our affordable housing developers and to program sponsors Regions, Fifth Third Bank, US Bank, and MDHA.
Metropolitan Housing Trust Fund Commission
The Metropolitan Housing Trust Fund Commission governs the Barnes Fund to fund and assist in providing good quality affordable housing. The Commission meets every 4th Tuesday of the month at the Sonny West Conference Center.