The Metropolitan Development and Housing Agency (MDHA) held a ribbon-cutting ceremony on Aug. 20 to celebrate the opening of a new affordable housing development called Park Point East.
Elected officials, including Mayor Freddie O’Connell, and representatives from the U.S. Department of Housing and Urban Development (HUD) and the Tennessee Housing Development Agency (THDA) joined MDHA for the event.
“Park Point East creates a community where longtime residents see the benefits of the vision we created together – right alongside their new neighbors,” said Mayor O’Connell. “We want a better quality of life and more affordable city for Nashvillians, and this project reflects both those goals. With the help of the MDHA leadership and the Cayce community, we have built new homes that reflects the voices of residents. This shows the power of collaboration and community conversations to transform a neighborhood.”
Park Point East, located at 620 Summer Place, is the eighth new residential construction in the Cayce Transformation, which is MDHA’s plan for revitalizing Cayce Place. It has 203 affordable units, including 115 set aside for current Cayce Place residents. With the addition of Park Point East, 806 new units have been built as part of the Cayce Transformation, with more than half reserved for current residents.
“August marks 85 years since the original Cayce Place opened, so this is an exciting time for residents and the Agency as we begin a new chapter in the story of this development,” said MDHA President and CEO Dr. Troy D. White. “We’re thankful for the support of our partners and, most importantly, our residents. Buildings may change, but what makes this a community is the people who call it home.”
Park Point East derives its name from the planned green space that will be located beside it, as well as its position on the highest point of the original Cayce Place. It has two apartment complexes and 24 townhomes, with all the units featuring granite countertops and patios or balconies. The development features two community rooms, a fitness center and a courtyard with grills.
One of the Cayce residents moving into Park Point East spoke at the ribbon-cutting. LaShonda Corley was once a homeowner who became homeless but later found housing through MDHA. For her, the new development will have a profound impact on her life.
When I sit out on my new private balcony and look towards the Nashville skyline, I will constantly be reminded that, although we are classified as low-income, the leadership here in Nashville did not forget about us.
“When I sit out on my new private balcony and look towards the Nashville skyline, I will constantly be reminded that, although we are classified as low-income, the leadership here in Nashville did not forget about us,” said LaShonda. “They have allowed us to be a witness and a testament to the vision to create a successful community that will provide a lasting legacy for generations to come.”
Funding for Park Point East included $7.8 million from Metro for infrastructure and unit development; a 4% Low-Income Housing Tax Credit award and bond allocation from THDA; LIHTC equity from RBC Community Investments; bond underwriting from Raymond James; and financing from Wells Fargo. In addition, HUD approved the transfer of subsidy for
the 115 replacement units and provided $500,000 in HOME Investment Partnerships Program funding. HUD also supported the redevelopment of residential units at Cayce Place, including those at Park Point East, with $4.2 million in Community Development Block Grant (CDBG) funds for infrastructure improvements.
“Park Point East is an important addition to Nashville’s affordable housing inventory and a key milestone in the Cayce Transformation,” said THDA Executive Director Ralph Perrey. “THDA is proud to support MDHA in creating safe, quality, affordable homes that create stronger communities where Nashville families can thrive.”
The Cayce Master Plan, which was developed with input from Cayce Place residents, stakeholders and community partners, calls for more than 2,000 units and ensures a one-for-one replacement of existing subsidized units, while adding new subsidized, affordable, workforce and market-rate housing. The Cayce Transformation is being done in phases to help minimize disruptions to Cayce Place residents.
“Any day that we open up new housing in the Cayce community is a good day in Nashville. I am especially pleased that Park Point East continues the record of housing long-term members of the Cayce community, as well as new members of the neighborhood. I look forward to working with MDHA to accelerate and expand the Cayce Transformation so that we can do more of these!” stated Council Member Clay Capp.
More units are on the way. In the coming months, MDHA will open 5th & Summer, which will be the ninth new residential development at Cayce Place. It will feature 107 units with 66 affordable apartments.
