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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|1010|A
Arts and Business Council of Greater Nashville, INC.
$4,000,000
Rental
148|1010|B
Nonprofit Housing ...
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