Metro Council recently signed off on adding three affordable housing developments allocated through the Barnes Fund. The approved developments will bring 332 affordable housing units to the city.
Last year, Mayor Megan Barry pledged $10 million from Metro’s general fund to the Barnes Fund in an effort to grow the city’s affordable housing – the largest amount ever allocated toward the effort. The Barnes Fund, created in 2013, offers financial incentives to Nashville developers who build either workforce or affordable housing.
The Metro Housing Trust Fund Commission reviewed and approved recommendations from the Barnes Application Review Committee on Jan. 26. The mayor’s office announced Feb. 7 that 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.
“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,” Mayor Barry said.
The Trust Fund Commission also 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.
The Metro Council voted Feb. 7 to approve funding for the three rental housing applications which led to the development of 332 affordable housing units:
Photo: Mayor Megan Barry speaks on affordable housing and homelessness at a town hall meeting Nov. 30. (Amelia Ferrell Knisely)