23-Unit Affordable Housing Revitalizes North Nashville Site
- Apr 23, 2015
Nashville’s low-income housing stock is set to expand with 23 new units, as the Metro Development and Housing Agency(MDHA), Urban Housing Solutions, the Barnes Housing Fund Commission and Nashville Mayor Karl Dean broke ground on 26th and Clarksville. Located in North Nashville at 2121 26th Avenue North, the $3.2 million affordable housing complex will start construction in June.
The 23-unit project will target very-low income households that earn less than 60 percent of the HUD median family income, adjusted for family size. For a family of four the upper threshold comes in at $40,140. The project will consist of eight studio and efficiency apartments, 12 one-bedroom units and three two-bedroom apartments.
Nonprofit Nashville developer Urban Housing Solutions has acquired, demolished and will redevelop the property using a mix of public and private funds. The Barnes Fund for Affordable Housing has provided $1,558,000, MDHA is providing $805,975 from the HOME Investment Partnership and Truxton Trust is contributing $803,206 in private financing.
The affordable housing project will rise on the site of an apartment complex with a troubled past. Following foreclosure, the previous structure had fallen into disrepair, receiving numerous Metro health and codes violations, including for illegal dumping. The previous structure was recently razed in anticipation of the new development.
The Barnes Fund for Affordable Housing grant program is a Metro Government Initiative via the Metropolitan Housing Trust Commission that aims to grow Davidson County’s affordable housing stock. It launched in 2013 with over $3 million in initial grant funds earmarked for non-profit affordable housing developers looking to create quality income-sensitive housing for low income households and residents. The Barnes Fund is set receive an additional $5 million from the redevelopment sale of the old Nashville Convention Center. The HOME Investment Partnership is a federal HUD program operated in Nashville by MDHA.
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Image credits: Nashville Metro Development and Housing Agency