Amazon continues to keep its promise of investing in affordable housing in Nashville.
On Wednesday, the company joined Metro Development Housing Agency at a groundbreaking event for a new complex at Cayce Homes, a mixed-income housing development in East Nashville.
Amazon is providing a $7 million low-rate loan to help build Cherry Oak Apartments, a 96-unit apartment building within Cayce. Nearly half of the units will be set aside for residents living in older affordable housing nearby, and the rest will be split between new residents who qualify for affordable housing and renters who pay market rate. MDHA’s communications director, Jamie Berry, says she’s happy that Amazon is staying true to its commitment.
“It’s actually a great feeling to know that Amazon nearly a year ago promised that they would invest in affordable housing to the tune of $75 million,” said Berry, “and MDHA is extremely grateful to receive their first major investment.”
The housing development is expected to be complete by the end of 2023. To be approved for the affordable housing, residents must meet specific requirements for income and rental payments.
Amazon also announced it will provide $3.5 million to help finish CrossBridge’s new 50-unit building and renovate two others in the Rolling Mill Hill neighborhood. CrossBridge is a nonprofit that supports adults overcoming addiction.
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