NASHVILLE, Tenn. - Mayor Megan Barry announced plans to devote $10 million in city money to affordable housing projects throughout Nashville.
She made the announcement during a press conference Monday afternoon. The initiative planned to create a wide range of housing including workforce and low income housing.
"We're talking about workforce housing. We're talking about places teachers, firefighters, musicians, artists and public employees can afford to live ... We're also talking about low income housing for families and individuals who are trying to find their footing and get off our streets," Barry said.
To read the Mayor's full action plan and housing priorities, click here.
Barry said the $10 million dollars would be budgeted into the Barnes Fund for Affordable Housing. The money would be in addition to the $1 million the fund currently holds, and the expected $5 million from the sale of the old convention center, which would raise the fund total to $16 million.
In pointing out that the plan would require compromise and work with existing buildings, she applauded a developer in the Gulch, who recently announced plans to devote some of its units to workforce housing.
"It's about finding a growth and development approach that works for all Nashvillians," said Barry.
Barry said one of the first developments in the plan was set to be at 12th and Wedgewood Avenues. Plans for the 2-acre, Metro-owned property would include 110 workforce housing units with a rent priced at $900-$1,200.
Additionally, Barry said the Mayor's office has identified 60 Metro-owned lots throughout Davidson County that could also be developed with single family affordable housing.
The $10 million for the Barnes Fund will be presented in Mayor Barry's budget. It will require the approval of the Metro Council. If approved, the project at 12th and Wedgewood could be completed by late 2017 or early 2018.