Mayor Megan Barry, local officials join with national developer to break ground on latest affordable housing development
(Nashville, TN)— Mayor Megan Barry and other city officials were joined by representatives from the Metropolitan Development and Housing Agency (MDHA) and LDG Development to break ground on the city’s newest affordable housing community, The Paddock at Grandview. This 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 and 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 development will be built on a 14-acre 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 annually for a family of four.
“The addition of The Paddock at Grandview supports our 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 for 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 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 5,000 affordable housing units in cities across the country. According to Chris Dischinger, one of the founder’s and managing partners for LDG, investing in Nashville was an 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.”
DeCosta Hastings, councilman for the area, 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.”
Construction on the Paddock at Grandview is expected to be completed by June 2017.