Have you heard the news?
Nashville Mayor David Briley announced this past March that Nashville is committing $500 million to affordable housing! This plan hopes to address Nashville’s growing housing crisis. Nashville home prices have nearly doubled over the past six years. This statistic, combined with scarcer home inventory, unprecedented population growth and rising interest rates has left many low and middle income residents without a place to call home. This $500 million commitment will be spread across the next decade.
To re-develop some of the aged public housing units, the city intends to provide $350M to Metropolitan Development and Housing agency (MDHA) for 5,000 low and middle income homes. MDHA leaders state that the city’s investment will allow them to “accelerate” their projects and create nearly 4,000 middle-income homes in attempt to break up areas of concentrated poverty. MDHA will still offer 2,800 extremely low income homes and 1,000 more new units to this category. These units will be designated for use by those making less that 30% of the metro area median income.
Additionally, Mayor Briley is challenging the private sector to invest an additional $250 million to further increase the number of housing units available to low- and middle-income residents. If the private sector meets this challenge, that’s a total of $750 million we can expect to see invested over the next 10 years!
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