title
A resolution authorizing a grant not exceeding $7,551,528.78 in American Rescue Act Funds from the Barnes Fund for Affordable Housing to I am NEXT, Inc. for the express purpose of constructing affordable or workforce housing.
body
WHEREAS, On June 4, 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 August 27, 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 I am NEXT, Inc. (formerly known as Omni Family Foundation, Inc.); and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that this grant contract 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 $7,551,528.78 of American Rescue Plan Act (ARPA) funds, from the Barnes Fund for Affordable Housing to fund a grant to the following nonprofit organization:
|
Nonprofit |
Amount |
Project Type |
# of Barns Fund Homes |
Council District |
Exhibit |
|
I am NEXT, Inc. |
$7,551,528.78 |
Rental - Motel Conversion |
80 |
13 |
A |
Section 2. The Metropolitan Government of Nashville and Davidson County is hereby authorized to enter into a grant contract with the nonprofit organization listed in Section 1 for the grant amount designated therein, subject to the terms and conditions under which the grant funds are to be spent, attached hereto as Exhibit A and incorporated herein.
Section 3. 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 appropriates $7,551,528.78 of American Rescue Plan Act (“ARPA”) funds from the Barnes Fund for Affordable Housing to I am NEXT, Inc. for the express purpose of creating affordable or workforce housing.
The Metropolitan Housing Trust Fund Commission voted to distribute $7,551,528.78 to I am NEXT, Inc. to create 80 deeply affordable housing units, including 60 permanent supportive housing units, at 1210 Murfreesboro Pike.
Fiscal Note: This would appropriate $7,551,528.78 to I am NEXT, Inc., from the Barnes Fund for Affordable Housing.