1 / 21

Presentation to Tennessee Affordable Housing Coalition May 17, 2019

Presentation to Tennessee Affordable Housing Coalition May 17, 2019. The Challenge. Housing prices have appreciated rapidly over the past eight years. Source: Greater Nashville Realtors. 2. The Challenge. Housing prices have appreciated rapidly over the past eight years.

rjeffrey
Download Presentation

Presentation to Tennessee Affordable Housing Coalition May 17, 2019

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Presentation toTennesseeAffordable Housing CoalitionMay 17, 2019

  2. The Challenge Housing prices have appreciated rapidly over the past eight years Source: Greater Nashville Realtors 2

  3. The Challenge Housing prices have appreciated rapidly over the past eight years Source: RentJungle, December of each year 3

  4. The Challenge – 2015 Where we are – or at least were. Source: 2017 Housing Nashville Report. 4

  5. The Challenge – 2025 The 31,000 unit deficit… Source: 2017 Housing Nashville Report. 5

  6. The Challenge – 2025 …but 50,000 units of “excess supply” Source: 2017 Housing Nashville Report. 6

  7. The Proposal • Public-private partnership to construct at least 10,000 additional housing units over the next 10 years • $750 million investment • $350 million of bond funding to MDHA for the Envision Process and1,000 additional deeply affordable units = 20% • $150 million of operating funds to the Barnes Fund for “gap financing” = 50% • $250 million of private sector investment 7

  8. Addressing the Full Spectrum of Need 8

  9. MDHA & the Envision Vision • MDHA serves 13,500+ families on a daily basis • Primary mission: provide safe, affordable, equitable housing for those most in need in our community • Primary means of achieving that mission – Envision • Revitalize and preserve aging public housing supply in urban core with minimal disruption for residents • Increase number of affordable housing units available • Deconcentrate poverty • Community oriented, community-driven • Mixed income and mixed use development • Do all this with an eye to building community – including adding important community amenities (i.e. open and green space, food options, libraries, etc.) 9

  10. Cumberland View North Nashville 21 Acres 226 Current Units ~800 Potential Overview of Envision Process Cheatham Place Germantown 14 Acres 314 Current Units ~700 Potential Cayce + CWA East Nashville 96 Acres 1,038 Current Units ~2,700 Potential ~2,700 units on five former Hope VI sites and seven towers including 125 market rate units on 227 acres in exceptional condition in the core of Nashville Andrew Jackson Fisk University Area 15 Acres 374 Current Units ~750 Potential Sudekum/NapieR East Nashville 56 Acres 821 Current Units ~2,200 Potential Edgehill Apartments Vandy/Belmont Area 33 Acres 380 Current Units ~1,485 Potential Potential for over 5,000 new units on 235 acres in the core of Nashville 10

  11. Where We Are Today • Initial Envision undertaking is Cayce Place • Master plan completed 2014 • Rezoning completed 2016 • 70 “deeply affordable” homes at Barrett Manor completed 2017 • 94 “mixed income” homes at Kirkpatrick Park will be complete this summer 11

  12. Envision Plans Going Forward • Envision Napier and Sudekum • Master Plan completed August 2018 • Rezoning projected to be complete fall 2019 • Construction could begin as early as 2020 • Envision Edgehill Apartments • Master Plan underway – projected completion May 2019 • Rezoning projected to complete early 2020 • Construction could begin as early as 2021 • Envision planning at Cheatham Place, Andrew Jackson Courts and Cumberland View will come next 12

  13. What’s New? • Add 1,000 additional deeply affordable units • Faircloth Units – subsidized by federal government long-term and allows MDHA to increase number of “deeply affordable” units in the city. • Leveraging local investment to seek these federal subsidies preserves affordability for those most vulnerable in our community. • This investment will result in at least 1,000 new “deeply affordable” units – on top of what was already planned through Envision. 13

  14. City Investment in Envision Mayor’s calculation re: investing in Envision efforts is three-fold: Clear need for more “deeply affordable” homes – MDHA primary entity that can help us meet that need. Able to use local $ to maximize federal and state money funds to us. If we believe this is top priority for city, we should have “skin in the game” and a seat at the table. 14

  15. Barnes Fund Overview Provides “gap financing” to nonprofit affordable housing developers Provides funding for rental, homeowner and rehab projects Projects primarily support units at 30-80% AMI Donates back-tax property in addition to funding 15

  16. Barnes Fund Progress to Date • Since its inception in fall 2014, Barnes has awarded $28m to nonprofit affordable housing developers • Leveraged an additional $127.7m from private sector and other grants to develop $155.4m total projects • Developed and seeded Community Land Trust to create permanent affordability throughout the city • Supported vital Capacity Building work to create more diversity and equity in nonprofit affordable housing development community 16

  17. Barnes Fund Locations The Barnes Fund has created and preserved affordable housing across Davidson County. 17

  18. Barnes Plans and Objectives • What will we do with the $150 million • Create stability and predictability for nonprofit affordable housing developers • Allows for more scale • Creates opportunity to support both specific, vulnerable populations and address the citywide affordable housing need • Creation and preservation of 5,000 units 18

  19. Support for Individuals Experiencing Homelessness • Goal: Decrease outdoor homelessness through outreach, services and low-barrier housing solutions • 100+ units of permanent supportive housing • Housing and on-site supportive services • Downtown Homeless Service Center • Storage, health services, intake/assessment, case management for Nashville’s Coordinated Entry System (CES). Emphasis on housing navigation. • RFP for construction to be released soon 19

  20. Private Capital • $250 million • Three expected categories • Philanthropic giving • Affordable Housing REITs • Acceleration of current investments • Examples: Curb Victory Hall, Dominium 20

  21. Conclusion Nashville faces a significant challenge that merits an immediate investment Historic local investment, national significance Public-private partnerships are key Investing in building stronger communities by creating mixed-income neighborhoods Quality of life issue that benefits all Nashvillians 21

More Related