Buffalo Trail to bring 240 affordable apartment homes to growing Madison-Rivergate area
Mayor David Briley, Councilmember Nancy VanReece and local officials join with national developer to break ground on new affordable housing community
(Nashville, TN – September 6, 2019)
Mayor David Briley, Councilmember Nancy VanReece, representatives from the Metropolitan Development Housing Authority (MDHA) and the Tennessee Housing Development Agency (THDA) joined with one of the country’s largest developers of workforce and affordable housing to break ground on the community’s newest affordable housing developments—Buffalo Trail. Located off Dickerson Pike in the growing Madison-Rivergate community, the $48 million new construction development will provide 240 units of 2- and 3-bedroom energy efficient apartment homes that are conveniently located near schools, shopping, public transportation and other services.
“To ensure our city is a place where all can prosper, we must continue developing a variety of housing options and other services that meet the diverse needs and incomes of everyone,” said Mayor David Briley. “The addition of Buffalo Trail not only supports that effort, it also builds on the improvements that are taking place throughout the Madison-Rivergate area. Today also marks another example of a successful public-private partnership which we know is crucial to addressing our city’s affordable housing needs and is a cornerstone of my Under One Roof 2029 initiative.”
Buffalo Trail will be built on an 18-acre site off of Dickerson Pike. The property will include 10 three–story energy efficient residential buildings and will offer a clubhouse and on-site management; a business and fitness center; a dog park and swimming pool and many other amenities that will make residents of Buffalo Trail proud to call the community home. Sizes of the units span from 1,085 – 1,257 square feet and the rents will range from $927-$1,349 per month. The units at Buffalo Trail Units are reserved for families who earn up to 80 percent of the area median income, or $64,000 annually for a family of four.
“The high-quality housing Buffalo Trail will ensure that many of Madison’s and Nashville’s hard -working families can live close to their jobs, Cedar Hill Park and growing Dickerson Pike community of businesses and neighborhoods” said Councilmember Nancy VanReece who represents District 8.
“This development builds on the millions of dollars that have already been committed by both private and public investments throughout the Madison, Maplewood and Inglewood neighborhoods and is helping to create a vibrant mixed-income community throughout the northeast corridor of Davidson County.”
Financing for Buffalo Trail was secured using a mix of private funding. This includes over $13 million in equity proceeds and $25 million in bonds from THDA and funds were also made available through the city’s PILOT program, or payment in lieu of taxes, which is facilitated and administered by MDHA and approved by Metro Council. MDHA also awarded 60 project-based vouchers (PBV) to the project, which ensures the units remain affordable for 15 years.
Jim Harbison, executive director of MDHA, says the decision to support Buffalo Trail reflects MDHA’s commitment to bring more housing options to every corner of Nashville and the surrounding areas.
“MDHA works to identify and invest in developments located in neighborhoods that are growing and have a shortage of diverse housing options,” said Harbison. “When you consider the significant growth and revitalization taking place along this area of Dickerson Pike, it is clear that there is a need for high-quality affordable housing opportunities like Buffalo Trail.”
Jeremy Heidt with THDA agrees.
“Our investment in Buffalo Trail is a demonstration of our commitment that every Tennessean has access to safe, sound, affordable housing options at all levels of income,” said Jeremy Heidt, THDA’s director of industry and government affairs. “Partners like LDG and MDHA are helping to build a stronger Tennessee that supports the needs of all families.”
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 almost 13,000 affordable housing units for families and seniors in cities across the country. According to Chris Dischinger, co-founder and managing partners for LDG, the commitment and leadership provided by Nashville leaders allowed this development to move forward with minimal delays.
“The leadership and commitment demonstrated by Councilmember Nancy VanReece, Mayor Briley and his team, as well as the teams at MDHA and THDA is allowing LDG to continue to invest in this growing community,” said Dischinger. “We are honored to be part of this great city and look forward to providing high quality housing that reflects our belief that everyone deserves a quality place to live.”
Construction on Buffalo Trail is currently underway and is expected to be complete by December 2020. In addition to Buffalo Trail, LDG has also another development—The Paddock at Grandview which is 100 percent leased and occupied—within the Nashville community.