mission: to create quality affordable housing ...€¦ · north nashville. 21 acres. 226 units. 800...

Trend: Repositioning of 3400 Public Housing Portfolios across the United StatesCase Study: Nashville’s Envision Process

Proof of Concept: Envision Cayce

Mission: To create quality affordable housing opportunities, support

neighborhoods, strengthen communities and help build a greater

Nashville.

RAD ConversionsComplete (5,469 Units)

Andrew Jackson CourtsCumberland View Edgefield Manor

J. Henry Hale Apartments Levy Place

Madison Towers Napier Place

Parkway Terrace Sudekum

Edgehill ApartmentsGernert Studio Apartments

Carleen Batson Waller ManorHadley Park TowersParthenon Towers

Cayce PlaceCheatham PlaceVine Hill Towers

Vine Hill ApartmentsHistoric Preston Taylor Apartments

Neighborhood Housing

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RENTAL ASSISTANCE DEMONSTRATION

Sudekum/NapierEast Nashville56 Acres821 Units2,200 Potential

Cayce + CWAEast Nashville96 Acres1,038 Units2,700 Potential

Cheatham PlaceGermantown14 Acres314 Units700 Potential

Cumberland ViewNorth Nashville21 Acres226 Units800 Potential

Andrew JacksonFisk University Area15 Acres374 Units750 Potential

Edgehill ApartmentsVandy/Belmont Area33 Acres380 Units1,485 Potential

Potential for 8,635 new units on 235 acres in the core of

Nashville

ENVISION PROPERTIES2,723 units on five former Hope VI sites and seven towers including 125 market rate units on 227 acres in exceptional

condition in the core of Nashville

Objectives of the Envision Process

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Mixed Income, Mixed Use Recapitalization of Concentrated Poverty Public Housing Add to the affordable housing stock in the core of the city

Housing near job centers will minimize impact on traffic Replace existing HUD-subsidized housing on a one-for-one basis (at least!) 1,000 new deeply-affordable units built and funded with HUD subsidy

Build a community where residents can stay in place as incomes improve Evidence suggests 40% HUD-subsidized / 20% “Workforce” / 40% Market-rate

is optimal balance for community formation No “poor doors” Adding amenities (parks, libraries, retail, etc.) is key to community cohesion

Transform areas of concentrated poverty into mixed-income neighborhoods Lowers crime Improves educational opportunities Reduces segregation

Highlights of Process so Far

• Meetings with residents

• Public meetings + community charrette

• Community Advisory Group (CAG) meetings

• Interviews with key stakeholders

• Door to door resident survey

• Market assessment

• Existing conditions assessment

• Partner with Purpose Built Communities

• Continuous updates to the community

• Purpose built Communities

ENVISION PROCESS: Community Driven

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Envision Cayce

BARRETT MANORNew Faircloth Amendment

Units

Location: 510 Summer Pl, Nashville, TN 37206

Architect: Barge Cauthen & Associates

Contractor: RG Anderson

• 70 one-bedroom apartments in 4 stories with surface parking

• 100% PBRA• Placed in service September

2017

Total Cost:$12,500,000

RHF: $9,950,000Metro CIB: $2,050,000THDA Grant $500,000

• 94 units• 36 PBRA• 20 Workforce• 38 Market Rate

• Architect: Hunter Gee Studio

• Construction: R G Anderson

• HUD 221 d4- $20,950,616.00- 100% Occupied

Kirkpatrick Park: Mixed Income Livimg Now

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• 3-story building, 87,000 SF – K-8

• Phase I : July, 2019

• Phase II: Dec 2019

• New Market Tax Credits - $20,211,644- K – 4 Complete

EXPLORE SCHOOL

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• 96 units • 50 PBRA• 24 Workforce• 22 Market Rate

• Completion: February 2020

• 9% LIHTC- $20,101,493.00- 80% Complete

BOSCOBEL I

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• 101 units Total• 45 PBRA• 15 Workforce• 41 Market Rate

• Completion: March 2020

• 9% LIHTC- $27,692,782.00- 60% Complete

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BOSCOBEL II

Boscobel III

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• 102 units• 45 PBRA• 15 Workforce• 42 Market Rate

• Construction start August 2019

• Completion: December 2020

• 9% LIHTC- $27,136,900.00- 15% Complete

7th and Dew Street Corner Perspective

New family units incorporated into Envision Cayce Transformation

Site• ~1.7 acres• $3M off-site improvements

required

Units• 35 Townhomes

• Section 9 14• Workforce 7• Market 14

Estimated Total Costs• $295,000/unit

Boscobel III Townhomes/Garden Apartments

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Estimated Sources

CITC Loan $1,150,000

ConventionalLoan

$3,425,000

Metro Grant $8,750,000

Total: $13,325,000

Civic SpaceSite• ~1.1 acres• In Opportunity ZoneSize• 60,000 total sq.ft• 35,000 Membership

Space• 15,000 YCAP• 10,000 Headquarters

Estimated Total Costs• $19,000,000Discussion Points• New Market Tax

Credits

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YMCA

Cayce Library

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Amenity Campus Location

Site• ~1.1 acres• In Opportunity Zone

Size• 25,000 sq.ft Library

Estimated Total Costs• $9,000,000

Discussion Points• New Market Tax Credits • Metro Support; Metro

Library support reqd

UnitsCurrent As of 2018 = 1,038Future Projected = 2,700A Total Increase of = 1,662

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ENVISION CAYCE CONSTRUCTION PHASING 2017-2028

Metro Investment in Affordable Housing

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Randee Rogers1419 Rosa L. Parks Blvd.

$28,000,000 Metro CSP 4% LIHTC Conventional Bank Loan

100 Apartments 50 Deeply Affordable &

Affordable Units 25 Workforce Units 25 Market Rate Units

Parking Garage

1.76 acres

Projected Completion: February 2021

Permanent Supportive Housing

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Permanent Supportive Housing for Individuals Experiencing Homelessness

505 2nd Avenue North

$24,000,000 Metro CSP

112 one-bedroom apartments for individuals experiencing homelessness

By MDHA owning this, the City would attract ~$800,000 of HUD funding annually

Two floors of offices for Metro Homeless Impact Division & support services

Projected Completion: May 2021

Public-Private Partnerships: Curb Victory Hall

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Project Overview• 37 units for Veterans

experiencing homelessness• 2 market-rate units• Community room with

computer lab and exercise areas

Projected Funding$8,051,342 Total Cost• $500,000 Curb Donation• $500,000 THTF Grant• $541,305 CITC Loan• $6,510,037 9% LIHTC Equity