NASHVILLE, Tenn. (WKRN) – A new condominium development unveiled in Nashville Tuesday aims to address the affordable housing crisis in Nashville.
“We’re not the only city like that, but we’re probably the worst in the state, one of the worst in the south,” said Affordable Housing Resources CEO Eddie Latimer.
He said the local non-profit is always looking at new ways to bring affordable housing options to people who need it. The latest development is a set of condos located at 432 Murfreesboro Pike just south of downtown Nashville near Fessler’s Lane.
“On this particular one, the for-profit entity that owns the land came to us and said ‘We had this little track land, would you do affordable housing?’ so that’s how it happened,” said Latimer. “We were able to buy the land. They paid 250. And so we got the land at a really good price, which made it possible to be affordable.”
The development includes 24 one-bedroom condos 465 square feet in size with the estimated mortgage being about $1,300 per month. They hope the condos allow an attainable opportunity to own property in Nashville.
“For the last 30 plus years we’re really about equity, and about helping people build equity because most of our workforce, everything they own is depreciated and the historical American way people get equity is to through their home, or farm or whatever,” said Latimer. “That’s what we did, so it was always going to be condos, it was always going to be for sale.”
According to AHR, the condos were designed for Middle Tennessee’s workforce with the property being a 10-minute bus ride to downtown Nashville.
“It’s really critical to keep people so their bike ride or quick bus ride, whatever so we don’t have more and more cars on the road,” Latimer said. “I think this is a great model is a critical need.”
He explained that access to land is a big problem because it’s hard to even get a plot of land that’s lower in cost than the mortgage that low-income families can afford. According to Latimer, it’s difficult to find a plot of land under $200,000 in North Nashville, East Nashville, or Antioch.
“I’ll give you an example: this year, we will build and sell more single-family homes than we’ve done since the housing crash. The last year we did this many was in 2006,” Latimer said. “But next year, we will not even come close because we’ve run out of land.”
Metro council members will be on hand with Affordable Housing Resources to cut the ribbon on the new condo development. Latimer said 9 of them are already in contract. The downpayment and closing costs will be covered by AHR’s Tennessee Downpayment Partnership for those who qualify.