Metro Nashville Mayor David Briley announced a $750 million affordable housing program on Tuesday.
The “Under One Roof 2029” program will create 10,000 new units of affordable housing in 10 years, Briley said, according to a story by WKRN.
The city plans to contribute $500 million of the total $750 million. Briley asked for the private sector to chip in $250 million with such tools as a real estate investment trust, WKRN said.
NewsChannel 5 quoted the mayor as saying, “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.”
Under the plan, Nashville will give Metro Development and Housing Agency $350 million for overhauling and adding units, the Nashville Post said. Nashville will give $150 million to the Barnes Fund to create a minimum of 5,000 units.
Fox News 17 provided a Facebook video of the announcement, which is available here.
John Ray Clemmons, who is running for mayor, gave a statement to Briley’s plan in a series of tweets.
In light of today's announcement from the Mayor's Office, John Ray issued the following statement:
We appreciate the mayor’s newfound focus on affordable housing. As our city has prospered, too many Nashville families have been left behind & displaced from their neighborhoods.
— John Ray Clemmons for Mayor (@Clemmons4Mayor) March 26, 2019
“We appreciate the mayor’s newfound focus on affordable housing. As our city has prospered, too many Nashville families have been left behind and displaced from their neighborhoods. “In six years, Nashville is estimated to have a 31,000 unit shortage for middle-class and low-income families. This constitutes a crisis and requires bold leadership and innovative, substantive action. Unfortunately, the Mayor’s plan falls short in both respects. “According to today’s announcement, the mayor intends to provide MDHA with $350 million via bonds to redevelop existing public housing, with only one-fifth of the refurbished units being dedicated to individuals at the lowest end of the income spectrum. This is a significant investment that does nothing to address the 31,000 unit shortage facing our city. “Additionally, the mayor is only committing $15 million per year to the Barnes Fund for Affordable Housing, a key source of funding for non-profits and others who are working to build new affordable and workforce housing units for our teachers, nurses, first responders, and other working families. While an increase, this investment by the city is woefully insufficient in light of the crisis facing Nashville. “While the private sector should be investing in affordable housing, Nashville families cannot afford to wait any longer for real leadership in the mayor’s office and innovative, substantive action on this issue.”
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