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A resolution to approve the First Amendment to a grant contract for constructing affordable housing approved by RS2024-709 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Springboard Landings, Inc.
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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 Springboard Landings, Inc., for the express purpose of constructing affordable housing approved by RS2024-709; and,
WHEREAS, the parties wish to amend this grant contract by extending the term of the contract by an additional twelve months; 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 First 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 Springboard Landings, Inc., 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 first amendment to a grant contract between the Metropolitan Housing Trust Fund Commission and Springboard Landings, Inc. to construct affordable housing.
Pursuant to Resolution No. RS2024-709, Springboard Landings Inc. was granted $1,491,605 to construct 10 units of affordable housing for rental.
The proposed amendment extends the grant term to 36 months from the execution of the grant agreement.