NASHVILLE, Tenn. (WTVF) — Tens of millions of dollars are now approved to go toward building affordable housing in Nashville.
More than $30 million was approved from the American Rescue Plan and $20 million from the Barnes Fund to create more than 700 affordable units in Nashville.
The Barnes Fund is a Metro trust fund that has been around since 2013 that funds housing needs. The money from this fund will now go to nonprofit organizations that will help construct and update affordable housing.
Here's a breakdown of what was approved:
- $5 million to create 150 units at Cayce Place.
- $10 million to increase homeownership opportunities for populations with historical barriers and inequities.
- $8 million will support housing for older adults.
- $7 million to build more than 100 new units for families at or below 50% of the area's median income.
- $500,000 will go to Our Place Nashville for housing for adults with developmental disabilities.
Mayor John Cooper said he is grateful for Metro Council's approval and says the city has increased its investment in affordable housing by more than five times.
