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