In a significant move for urban development and affordable housing, the city of Nashville has announced a comprehensive investment plan to transform the East Bank of the Cumberland River. This initiative, outlined in a proposed Master Developer Agreement between Metro Nashville and The Fallon Company, aims to create a vibrant, mixed-income neighborhood adjacent to the new football stadium.
This development is a result of the “Imagine East Bank Vision Plan,” a project that gained unanimous approval from the Metro Planning Commission in October 2022 after two years of community engagement. The plan calls for the establishment of a thriving neighborhood that includes high-quality, affordable housing as a cornerstone.
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The proposed legislation sets ambitious targets for affordable housing, marking a first in Nashville’s approach to ensuring long-term residential affordability. The Fallon Company is tasked with building 1,550 housing units with varying levels of affordability, including 600 units that will be 100% affordable. These units are to be delivered in stages over the next nine years, with specific quotas for deeply affordable units targeting households at 60% of the Area Median Income (AMI) and below.
To facilitate this, The Fallon Company will utilize the Low-Income Housing Tax Credit (LIHTC) program, a federal initiative designed to encourage the development of affordable rental housing for low-income households. This approach aligns with the use of AMI as defined by the U.S. Department of Housing and Urban Development (HUD), ensuring that the units cater to the needs of low to moderate-income families in Davidson County and its surrounding metro area.
Moreover, the agreement mandates that the affordable housing units remain accessible for 99 years, guaranteeing long-term affordability for future generations of Nashvillians. This historic commitment to affordable housing is complemented by quality-of-life measures, such as limiting the number of hotels and prohibiting short-term rentals and concentrations of bars within the Initial Development Area. These strategies are designed to foster a neighborhood that is welcoming and inclusive for all residents.
The comprehensive plan reflects the city’s dedication to creating a mixed-use, mixed-income community on the East Bank, prioritizing both affordable housing and the overall quality of life for its residents. With this initiative, Nashville sets a precedent for integrating affordable housing into urban development projects, ensuring the East Bank becomes a neighborhood where everyone feels at home.
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