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A resolution to approve the First Amendment to a grant contract for constructing affordable housing approved by RS2025-1524 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Urban Housing Solutions.
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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 Urban Housing Solutions, for the express purpose of constructing affordable housing approved by RS2025-1524; and,
WHEREAS, the parties wish to amend this grant contract by deleting Grant Attachment C in its entirety and updating the draw schedule to allow for Draw No. 1 at completion of the first 55 units, Draw No. 2 at completion of 110 units, Draw No. 3 at completion of 165 units, and Draw No. 4 after receipt of required final Metro Code Inspections; 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 Urban Housing Solutions 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 an amendment to a grant contract between the Metropolitan Housing Trust Fund Commission and Urban Housing Solutions to construct affordable housing.
This contract was previously approved through Resolution No. RS2025-1524. The resolution approved grants from the Barnes Fund for Affordable Housing to six nonprofit organizations. Urban Housing Solutions received $1,312,500.
The proposed amendment updates the draw schedule to permit the grantee to draw 25 percent of the grant at completion of the first 55 units, another 25 percent at completion of 110 units, another 25 percent at the completion of 165 units, and the final 25 percent upon receipt of required final inspections from the Department of Codes Administration. The original draws were set by completion of various stages of the entire project, instead of the completion of certain units.