NASHVILLE, Tenn. (WKRN) – It’s been a need in Nashville for a long, long time and as our city grows the problem grows along with it.
On Wednesday, small solutions to the city’s affordable housing crisis.
“Affordable housing has been a need in Nashville for a long time and unfortunately, some of the growth we’re experiencing in Nashville it is making that worse,” Councilman, Brett Withers said. “We just have so many factors working against us on the goal of creating affordable housing all at the same time,” said Withers.
On top of Metro Council approving a new budget that includes more funding to both build and preserve more affordable housing in Music City, tech-giant, Amazon announced Wednesday that it will commit $75 Million to help develop 800 new affordable housing units on privately-owned land within a half-mile from high-traffic WeGo Public Transit Sites.
Amazon officials said it will provide $75 million in below-market loans to developers to expedite housing development.
The investment is part of Amazon’s more than $2 billion Housing Equity Fund to preserve and create over 20,000 affordable homes in city’s the company calls home.
“We recognize the cost for transportation and housing are two of the biggest bill’s families deal with each day we just wanted to make sure families that were in that median income, lower income are able to take care of those needs and meet them as well as participate in other activities of their life,” Michelle Gaskin-Brown, said Manager of Public Policy at Amazon. “I think for us we are able to say hey how can we support you in growing your investments, growing long term affordability in Nashville and were excited to do it and we are hopeful others will come in and join.”
Transit-oriented development is a unique approach to preserving and creating affordable housing options so moderate to low income families can afford to live near and benefit from quality public transit. Transit-oriented development provides equitable economic opportunity, reduced traffic congestion and associated environmental benefits, reduced time commuting and reduced expenses associated with car ownership.
“I think for us we are able to say hey how can we support you in growing your investments, growing long term affordability in Nashville and were excited to do it and we are hopeful others will come in and join us,” Gaskin-Brown said.