This resolution authorizes the allocation of $11,700,000 from the Barnes Fund for Affordable Housing to three nonprofit organizations—AAA Residential Resources, Arts and Business Council of Greater Nashville, INC., and Nonprofit Housing Corporation—for the construction and rehabilitation of 351 affordable housing units. $4,000,000 of the funding comes from the American Rescue Plan Act (ARPA). The project aims to provide affordable and workforce housing across multiple council districts in Nashville, benefiting the community by addressing the affordable housing shortage.
The resolution provides critical funding for the construction and rehabilitation of affordable housing units, addressing the urgent need for more affordable and workforce housing in Nashville. This project is part of a broader effort to ensure that individuals and families earning below 60% of the area's median income have access to safe and affordable housing.