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A resolution to approve the First Amendment to a grant contract for constructing affordable housing approved by RS2024-592 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and The William Franklin Buchanan 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 The William Franklin Buchanan Community Development Corporation, for the express purpose of constructing affordable housing approved by RS2024-592; and,
WHEREAS, the parties wish to amend this grant contract by extending the contract expiration date as well as the extending the cooperative conversion milestone; 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 The William Franklin Buchanan 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 first amendment to a grant contract to construct affordable housing between the Metropolitan Housing Trust Fund Commission and the William Franklin Buchanan Community Development Corporation (“WFBCDC”).
This contract was first approved through Resolution No. RS2024-592, which allocated $7,000,000 in American Rescue Plan Act (“ARPA”) funds to WFBCDC for the construction of 60 units of affordable cooperative housing for families at or below 50 percent AMI in a mixed income environment in Goodlettsville.
The proposed amendment would extend the deadline to create a limited equity cooperative, an affordable homeownership model where residents purchase a share in a housing development rather than an individual unit, from December 30, 2025, until June 30, 2027. The grant contract term would also be extended until June 30, 2027, or the date in which the limited equity cooperative is created, whichever comes first.
Fiscal Note: Metro will pay the lesser of 50% of the actual project costs not to exceed $549,842.39 towards the Avid Hotel Sewer Main Improvements.