Mayor David Briley announced a huge, new initiative that aims to invest $750 million into affordable housing in Nashville over the next 10 years.
According to Briley, the project “Under One Roof 2029” will create an estimated 10,000 new units of affordable housing around the city.
“Nashville is thriving in many ways, and that is a good thing as growth creates better-paying jobs and generates revenue for schools, roads, parks and libraries,” Mayor Briley said. “Yet the true measure of a great city is how it treats all of its citizens – making sure growth is balanced by continuing to invest in people. The Under One Roof 2029 initiative will help ensure we all move forward together.”
The city plans to contribute $500 million of the total $750 million.
Metro is challenging the private sector to donate the remaining $250 million in additional funds needed to complete the project. The city hopes to accomplish this in a variety of ways, including the creation of a Real Estate Investment Trust (REIT).
The largest portion of the money, $350 million, will be allocated to Metro Development and Housing Agency (MDHA) “to accelerate the Envision process and, in turn, add more than 5,000 new units on MDHA properties.” This investment will create an estimated 1,000 “deeply affordable” units as well as “preserve and revitalize” 2,800 existing units.
Another $150 million will be invested into the Barnes Fund, which will create another estimated 5,000 units of affordable housing around Nashville.
“The Barnes Fund plays a critical role in empowering nonprofit housing developers to work with the city to create more affordable housing opportunities for people. It’s [a] public-private partnership at its best,” said Kaki Friskics-Warren, Chair of the Metro Housing Trust Fund Commission, which oversees the Barnes Fund. “This significant, ongoing commitment of public dollars to the Barnes Fund will help build capacity within the nonprofit development community and kick it into [a] higher gear than ever.”
Also included in the project is the previously announced project to create 100 units of permanent housing for Nashvillians that are homeless, which is already underway.