Mayor Barry Highlights Affordable Housing Developments Approved by the Barnes Fund
NASHVILLE, Tenn. (February 7, 2017) – Mayor Megan Barry was joined by members of the Metro Housing Trust Fund Commission at a press conference to showcase the affordable housing developments recommended for approval by the Metro Council at tonight’s meeting.
“Today, upon approval by the Metro Council, we will see the most significant advancement in the mission of the Barnes Fund to date,” said Mayor Barry in announcing the funding recommendations from the Housing Trust Fund Commission. “While the task of funding, building, preserving, and maintaining our affordable housing stock is challenging, I am grateful to all of the committed partners throughout the community who have stepped up to ensure that more working individuals and families will continue to be a part of our diverse and growing community.”
On January 26, the Metro Housing Trust Fund Commission reviewed and approved recommendations from the Barnes Application Review Committee for funding for the largest allocation of Barnes Fund dollars to date. The $10 million in funding will leverage more than $55 million in non-Metro funds, which will result in 381 Barnes-funded units in developments that will create 407 new housing units overall.
The Metro Council is scheduled to vote tonight on funding for the three rental housing applications, which lead to the development of 332 affordable housing units. The approved applications include:
Urban Housing Solutions (North Nashville—26th & Clarksville)
At 26th and Clarksville, the goal of Urban Housing Solutions is to create a vibrant neighborhood hub united—and animated—by the arts. It is a mixed use and mixed income development with at least 15 percent (10 units) of the 26th and Clarksville Phase II project set aside to address artist housing; the rest of the units would be affordable for and targeted to low-income working Nashvillians, with at least 11 units set aside for people with special housing needs. Phase II also includes over 5,000 square feet of commercial space for potential neighborhood retail, studio/gallery space, or office space.
- Mixed-income, mixed-use (37 units funded/63 total units)
- 3 units below 30% Area Median Income (AMI) (Barnes Funded)
- 34 units 30-60% AMI (Barnes Funded)
- 24 units 60-80% AMI
- 2 over 80% AMI
Mayor Megan Barry will be joining Urban Housing Solutions for a ribbon cutting on Phase I of the 26th and Clarksville development on Tuesday, February 28.
Woodbine Community Organization (Hermitage—5646 Old Hickory Blvd.)
Hermitage Flats will primarily serve families and individuals earning at or below 60% AMI. Occupancy for affordable housing in the submarket is extremely tight: 100% according to our market survey. With no vacancies in the submarket, demand for this development is expected to be very high. Services provided will include shuttle service to health care providers and grocers, as well as fitness programming. Funding for these services will be provided through partnerships with non-profits and other third parties, as well as through proceeds from the sale of tax credits.
- 265 units 30-60% of AMI (Barnes Funded)
- 1 unit over 80% of AMI
Dismas, Inc. —2424 Charlotte Ave.
Dismas, Inc. will expand their scope to serve a larger population of former offenders as they transition from incarceration. This single-room occupancy facility on Charlotte Pike near Centennial Hospital will use proceeds from the sale of their property on Music Row and other sources to build a four-story development on Charlotte Avenue for 30 dormitory style and SRO units.
In addition to these rental units, the Trust Fund Commission has approved another 43 homeownership units using 17 Metro-owned infill lots to be developed by Woodbine Community Organization and Habitat for Humanity. Six homeowner rehab units are planned through a partnership with Rebuilding Together Nashville and Hands on Nashville to assist low-income homeowners in various repair and energy efficiency projects. Those will be brought to the Metro Council for approval at a later date.
Read more information about the Barnes Fund applications that were approved by the Housing Trust Fund Commission.