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A resolution to approve the Third Amendment to a grant contract for constructing affordable housing approved by RS2022-1857 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and New Level Community Development Corporation.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”), acting by and through the Metropolitan Housing Trust Fund Commission, previously entered into a grant contract with New Level Community Development Corporation, for the express purpose of constructing affordable housing approved by RS2022-1857; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and New Level Community Development Corporation executed a First Amendment to said grant contract on July 6, 2023, which amendment was approved by RS2023-2293; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and New Level Community Development Corporation executed a Second Amendment to said grant contract on November 7, 2024, to extend the term of the grant contract, which amendment was approved by RS2024-818; and,
WHEREAS, the parties wish to amend this grant contract by extending the term of the contract, a copy of which amendment is attached hereto and incorporated herein; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the amendment to the grant contract be approved.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That this Third Amendment to the grant contract for constructing affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and New Level Community Development Corporation, a copy of which is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is hereby authorized to execute the same.
Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves the third amendment to a contract between the Metropolitan Housing Trust Fund Commission (“MHTFC”) and New Level Community Development Corporation for the construction of affordable housing.
The first grant agreement, between MHTFC and New Level Community Development Corporation, was approved on November 15, 2022, by Resolution No. RS2022-1857 and provided $3,000,000 for the construction of 15 affordable housing units at 1827 Murfreesboro Pike. The first amendment to this contract, approved by RS2023-2293, added 0 Dickerson Pike as a location where affordable housing could be placed. The second amendment to this contract, approved by RS2024-818, extended the grant term to the completion of the project, but in no way greater than 36 months from the execution of the grant agreement.
The proposed amendment extends the grant term to the completion of the project, but in no way greater than 48 months from the execution of the grant agreement.