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A resolution authorizing grants not exceeding $11,700,000 from the Barnes Fund for Affordable Housing to certain nonprofits for the express purpose of constructing and rehabilitating affordable or workforce housing.
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WHEREAS, On January 31, 2024, the Metropolitan Trust Fund Commission issued a request for applications to qualified nonprofit organizations to participate in the nonprofit housing development grant program; and,
WHEREAS, On June 24, 2024, the Metropolitan Trust Fund Commission recommended approval of such grant awards; and,
WHEREAS, Section 7-3-314 of the Tennessee Code Annotated states that metropolitan forms of government may provide financial assistance to a nonprofit organization in accordance with the guidelines of the Metropolitan Government; and,
WHEREAS, Section 5.04.070 of the Metropolitan Code of Laws provides that the Metropolitan Council may by Resolution appropriate funds for the financial aid of nonprofit organizations; and,
WHEREAS, pursuant to the regulations and procedures of the Metropolitan Housing Trust Fund Commission, the Metropolitan Trust Fund Commission voted to distribute funds to AAA Residential Resources, Arts and Business Council of Greater Nashville, INC., and Nonprofit Housing Corporation; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that these grant contracts be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. There is hereby appropriated $11,700,000, including $4,000,000 of American Rescue Plan Act (ARPA) funds, from the Barnes Fund for Affordable Housing to fund a grant to the following nonprofit organizations as follows:
|
Nonprofit |
Amount |
Project Type |
# of Barns Fund Homes |
Council District |
Exhibit |
|
AAA Residential Resources |
$3,700,000 |
Rental |
15 |
3 |
A |
|
Arts and Business Council of Greater Nashville, INC. |
$4,000,000 |
Rental |
148 |
5 |
B |
|
Nonprofit Housing Corporation |
$4,000,000 |
Rental |
188 |
2 |
C |
|
*Denotes $4,000,000 of ARP Funds |
|
|
|
|
|
|
TOTAL |
$11,700,000 |
|
351 |
|
|
Section 2. The Metropolitan Government of Nashville and Davidson County is hereby authorized to enter into grant contracts with each of the nonprofit organizations listed in Section 1 for the grant amounts designated therein, subject to the terms and conditions under which the grant funds are to be spent, attached hereto as Exhibits A through C and incorporated herein.
Section 3. This Resolution shall take effect from and after its adoption, the welfare of the Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution appropriates $11,700,000 from the Barnes Fund for Affordable Housing to three non-profit organizations for the express purpose of constructing or rehabilitating affordable or workforce housing. Of the appropriation, $4,000,000 comes from American Rescue Plan Act funds.
Tenn. Code Ann. § 7-3-314 authorizes Metro to provide financial assistance to nonprofit organizations. In addition, Section 5.04.070 of the Metropolitan Code of Laws provides that the Council may appropriate funds for the financial aid of nonprofit organizations by resolution.
The terms of the grant contracts begin on the date of execution of the grant agreement and extend until completion of the project, but no longer than 24 months.
The resolution appropriates the following amounts:
• AAA Residential Resources - $3,700,000
• Arts and Business Council of Greater Nashville, INC. - $4,000,000
• Nonprofit Housing Corporation - $4,000,000