HUD awards $30 million to MDHA, partners | 2010-01-15

The U.S. Department of Housing and Urban Development has announced that the Metropolitan Development and Housing Agency, in a consortium established with The Housing Fund, Urban Housing Solutions, the Woodbine Community Organization and Pinnacle Financial Partners, has been awarded nearly $30.5 million in new funding. Nashville was the only Tennessee city to receive an award in the highly competitive national program.

 

According to HUD, funding was awarded "to applicants who developed the most innovative ideas to rebuild local communities, while demonstrating that they have the capacity to be responsible stewards of taxpayer dollars."

 

"This was a very competitive process and I'm delighted that Nashville's proposal was chosen," said Mayor Karl Dean. "This means new affordable housing, getting abandoned homes and neighborhoods reoccupied, and putting people to work."

 

The funding will be used for three primary activities:

• The purchase and rehabilitation of residential properties that have been abandoned or foreclosed.
• The establishment of a financing mechanism for low- to middle-income homebuyers of foreclosed properties.
• The redevelopment of vacant properties as housing. A significant component of the groups' efforts will be the development of 140 units of affordable new multi-family rental housing. 

"The Housing Fund, Urban Housing Solutions, the Woodbine Community Organization, Pinnacle Financial Partners, Vanderbilt University's Center for Community Studies, and MDHA collaborated on this successful proposal. These are great partners to have – experienced, creative, and dedicated to this city,” said MDHA Executive Director Phil Ryan.

 

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