Funds will help build units for at-risk groups
THDA grant will help MDHA’s Boscobel IV development efforts
September 1, 2021 – A grant from the Tennessee Housing Development Agency will assist Metropolitan Housing and Development Agency (MDHA) in its efforts to provide affordable housing in East Nashville.
The $500,000 Tennessee Housing Trust Fund grant will be used by MDHA to build units for homeless veterans and youth aging out of foster care as part of its Boscobel IV development, a 96-unit mixed-use apartment complex being built on the agency’s Cayce Place campus.
THDA Executive Director Ralph M. Perrey said the grant funding will allow MDHA to provide safe, affordable housing for at-risk populations.
“Housing that provides safety and stability plays an important role in helping members of at-risk groups, like homeless veterans and youth aging out of the state’s foster care system,” Perrey said. “This funding will allow MDHA to provide safe, decent and affordable housing that will help residents in their efforts to improve their quality of life and their futures.”
MDHA’s Interim Executive Director Saul Solomon said the grant funding will help MDHA as it continues its work to provide better housing options that strengthen Nashville neighborhoods and communities.
“Funding from partners like THDA plays a key role in our mission to create affordable housing opportunities, support neighborhoods, strengthen communities and help build a greater Nashville, which is what our new Envision Cayce developments provide," Solomon said. "We appreciate the partnership with THDA and share their commitment to ensuring access to quality affordable housing.”
THDA also contributed $3.6 million in Low-Income Housing Credits to help finance the construction of Boscobel IV.
Boscobel IV will include 96 units of mixed-income, permanent rental housing in a four-story apartment building located in MDHA's Cayce Place development in East Nashville. The apartments will be a mix of one-, two- and three-bedroom units. 45 of the units will be considered affordable housing and will use Project-Based Rental Assistance, while 15 will be designated as workforce housing. 36 of the units will be considered market rate, with the remaining four set aside for homeless veterans and youth aging out of foster care.
Located within a mile of downtown Nashville, Envision Cayce is a mixed-use, mixed income redevelopment project that seeks to transform older, barracks-style public housing into modern, green accommodations while facilitating the production of a healthy mix of housing choices for many income levels.
The Tennessee Housing Trust Fund (THTF) was created by the THDA board of directors to provide financial support for innovative, affordable initiatives that serve the housing needs of Tennessee’s most vulnerable residents.
Funding for the Tennessee Housing Trust Fund comes entirely from earnings generated through THDA’s Single Family Mortgage program. THTF grants are awarded through a competitive application process. Since 2006 THDA has provided over $76 million in THTF grants to local governments and nonprofit organizations across the state.