Nashville officials are pitching the idea of building close to 3,600 affordable housing units on the city’s land for its future East Bank development neighboring a proposed new NFL stadium.
Members of the city’s housing staff outlined their proposal this week during a meeting of the mayor’s affordable housing task force, clarifying which income groups should be targeted and what funding is available.
The overall proposal, dubbed “Imagine East Bank,” recommends creating a new neighborhood surrounding a new domed stadium for the Tennessee Titans.
The task force did settle on some firm numbers, dedicating the following the units:
- 40% of units will be set aside at market rate, with some flexibility
- 20% set aside for households earning 61-80% of area median income (AMI)
- 40% set aside for those earning below 60% of AMI — with permanent supportive housing for people experiencing homelessness
Those income ranges will change because the number is based on the area median income set by the Federal Housing Department. But city officials tout this as a chance to set unique standards since it will be on Metro-owned land. The plan is to use subsidies including housing vouchers.
Councilmember Brett Withers said he was in favor of people currently experiencing homelessness along the East Bank getting first dibs to live in the mixed-income project.
Housing for senior citizens and for those that work downtown or in the service industry was also top of mind.
Task force members say the city has to remain flexible since project funding and renters’ incomes will change.
Task force members Paulette Coleman and Councilmember Withers were adamant that the city communicate their plan effectively, especially if it affects local taxes.
Taxpayers will be covering any eventual infrastructure needed around the East Bank, though ideas were tossed around for offsetting these costs by collaborating with private developers.
If done well, the task force said that the first phase of the development will send a message to potential partners, and could invite more grant and private money.
The city is accepting comment on its East Bank plan through next Friday.
Current breakdown of average rents across Nashville vs. downtown:
|
Davidson County |
Downtown |
|
Average rent: $1,600 |
Average rent: $2,377 |
|
Studio: $1,492 |
$1,676 |
|
One bedroom: $1,805 |
$1,994 |
|
Two BR: $2,443 |
$2,964 |
|
Three BR: $2,501 |
$5,224 |
Clarification: This story has been updated to clarify the role of the mayor’s housing task force.
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