Affordable Housing Development Expands in Donelson
New Development to Bring 240 Affordable Units to Nashville
“Mayor Megan Barry and other city officials were joined by representative from MDHA and LDG development on June 14 to break ground on the city's newest affordable housing community, The Paddock at Grandview. The new construction development will offer 1, 2, and 3-bedroom apartment homes and is located within minutes of downtown Nashville. “The Paddock at Grandview reflects this city's commitment and momentum in providing a variety of affordable high quality housing options for Nashville families,” said Mayor Megan Barry who has made bringing more affordable housing to Nashville a key focus for her administration. “It is also an example of what can result when the private and public sectors work together to find solutions that address the needs of our community.” The 240-unit affordable housing project will be built on a 14 are site on West Trinity Lane. The property will include 10 three story energy efficient residential buildings, a clubhouse, swimming pool and other amenities. Sizes of the units span from 839 – 1,100 square feet and the rents will range from $567-&835 per month. Units are reserved for families who earn up to 60 percent of the area median income, or $41,000 annual for a family of four. “The addition of The Paddock at Grandview supports out long-term goal of adding more affordable housing in and around downtown that strengthens neighborhoods and helps to build a better Nashville for all residents,” said Jim Harbison, executive director of MDHA. “AS Nashville continues this unprecedented growth, the demand for quality developments like Grandview will also increase.” Financing the project was secured using a mix of private funding, tax credits from Tennessee Housing Development Agency (THDA) and $1.7 million in HOME FUNDS from MDHA. MDHA administers these funds, awarded by the United States Housing and Urban Development (HUD) on behalf of the city of Nashville. Funds were also made available through the City's PILOT program, or payments in lieu of taxes, which is facilitated and administered by MDHA and approved by Metro Council. The Paddock at Grandview marks the first time the PILOT has been used to help fund an affordable housing development. LDG Multifamily, LLC is serving as the developer for the project. Based in Louisville, Kentucky the company is one of the country's largest affordable housing developers. In fact, since 2000, LDG has developed over 5000 affordable housing units in cities across the country. According to Chris Dischinger, one of the founder's and managing partners from LDG, investing in Nashville was and easy decision. “LDG was founded on the guiding principle that everyone deserves a quality place to live,” said Dischinger. “Based on the level of commitment and leadership Mayor Barry and other civic leaders have demonstrated throughout this process, it is clear that Nashville shares this philosophy. This city is quickly becoming a national model on how affordable housing units can strengthen an entire community.” Councilman Decosta Hastings agrees. “The halo affect The Paddock at Grandview will have is undeniable and I am confident that it will lead to other investments and the continued revitalization of this district,” said Hastings. “This project helps to remind all of us of the progress that can be made when we put the needs of our community first.” Constructions on the Paddock at Grandview is expected to be completed by June 2017.”
New owner for Ridgetop Apartments
NASHVILLE - Renovations at Ridgetop Apartments are being planned by new owner Highmark Ridgetop, L.P., a limited partnership formed by Highmark Holdings, LLC. Highmark Ridgetop L.P.O purchased the apartment complex at 2009 Layman Road in Athens on April 21 for $2.5 million. Ridgetop at Athens is a 96-unit multifamily rental community which was purchased utilizing tax-exempt bond financing allocated by the Tennessee Housing Development Agency. The lender, Berkadia Commercial Mortgage, LLC, as seller/servicer for Freddie Mac, purchased tax-exempt bonds issued by The Health and Educational Facilities Board of the City of Athens. As part of the transaction, Highmark will perform a renovation of the property which will include repairs to buildings, new heating and air conditioners, parking lot repairs, landscaping additions, and various interior upgrades. Ridgetop at Athens will be operated and managed by Enfield Management, a full service property management firm that focuses on the management of residential rental properties. Highmark Holdings, LLC is a Nashville-based developer and sponsor of multifamily housing, specializing in developments which qualify for tax-exempt bond financing. Since 2007, Highmark-sponsored entities have now purchased seven apartment communities in Tennessee totaling 1,336 units. The purchase of Ridgetop at Athens Apartments represents Highmark's first purchase outside of the Greater Nashville area. "The purchase of Ridgetop at Athens Apartments represents another opportunity for Highmark to upgrade and enhance a multifamily asset," said Highmark Managing Director Robert King. "We look forward to providing housing for 96 families and to being an active, contributing part of the Athens community."
Landlord helps renters break poverty cycle
LA VERGNE - When Brittney Long moved to Middle Tennessee from Jackson, Tenn., last year, she was surprised at the cost of renting an apartment. Over the past two years, rent prices have jumped more than 50 percent from $880 to $1,350 from 2014 to 2016 for a two-bedroom apartment in Davidson County, according to data from ApartmentList.com. "I would probably have to get a second job to afford rent in Davidson County," said Long, who works as an access-specialist coordinator at Vanderbilt University Medical Center. After searching, she found a home for herself and three children at Rutherford Pointe Townhomes in La Vergne.The townhomes are owned by Nashville-based Highmark Holdings, which specializes in affordable housing funded by Tennessee Housing Development Agency bonds and other tax credits, company President Robbie King explained. Long said she was lucky to find a rent-stable apartment in Middle Tennessee, especially one that offers the support that Rutherford Pointe does.Instead of just keeping rental costs low, Highmark Holdings and property management company, Enfield Management, have added a distinctive service for its residents, a resident program coordinator, who will help residents connect with nonprofits and other programs. "We have direct interaction with 1,600 low income families in Tennessee," King said about Highmark Holdings' nine apartment complexes in the state."I can't imagine not doing everything I can to give them a safe and affordable place to live and give them the tools to live," he continued. "It's the right thing to do."Because of how the financing is structured, Highmark Holdings is required to keep the units' rent affordable, but the company takes its responsibility a step further, King said.The company recently added Alexis Lewis as resident-program coordinator. In her new job, Lewis is charged with coordinating programs and partnering with nonprofits to provide services to the residents of the complex. "We want to improve the quality of life of our residents by connecting them with the community," Lewis said. King said residents are restricted to families that earn less than 60 percent of the area's median income. In the Nashville metropolitan statistical area, of which Rutherford County is a part, is about $45,000."This is workforce housing," King said, explaining only a small percentage of the residents receive Section 8 vouchers. "A majority do not receive government assistance directly."