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File #: RS2021-1260    Name:
Type: Resolution Status: Passed
File created: 11/19/2021 In control: Metropolitan Council
On agenda: 12/21/2021 Final action: 12/21/2021
Title: A resolution appropriating $40,200,000.00 in American Rescue Plan Act funds from Fund #30216 to supplement The Barnes Fund, to establish a Catalyst Fund for affordable housing purchases, and to create a centralized database of subsidized housing.
Sponsors: Sandra Sepulveda, Courtney Johnston, Jennifer Gamble, Burkley Allen, Ginny Welsch, Zulfat Suara, Joy Styles, Delishia Porterfield, Russ Bradford, John Rutherford, Angie Henderson
Attachments: 1. RS2021-1260 Exhibit A, 2. Substitute - RS2021-1260 - Sledge
title
A resolution appropriating $40,200,000.00 in American Rescue Plan Act funds from Fund #30216 to supplement The Barnes Fund, to establish a Catalyst Fund for affordable housing purchases, and to create a centralized database of subsidized housing.

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WHEREAS, on June 15, 2021, the Metropolitan Council passed Resolution RS2021-966, a resolution which accepted grant funds for local government support from the Coronavirus State and Local Fiscal Recovery Funds established by the American Rescue Plan Act of 2021 ("ARP Funds") from the U.S. Department of the Treasury to The Metropolitan Government of Nashville and Davidson Count, which was subsequently signed into law by Mayor John Cooper on June 16, 2021; and,
WHEREAS, Resolution RS2021-966 established a COVID-19 Financial Oversight Committee ("the Committee") whose role is to collect, consider, and recommend appropriate uses of the ARP Funds as designated by the Metropolitan Council disbursement plan. The Committee will submit its reports and recommendations to the Mayor, the Director of Finance, and the Metropolitan Council not later than June 30, 2025; and,
WHEREAS, there are federal requirements for use of ARP Funds that require that these funds be expended or obligated on or before December 31, 2024; and,
WHEREAS, the Committee recognizes that creating and sustaining affordable housing is a critical priority for the city; and,
WHEREAS the Committee recognizes that the negative financial effects of the COVID-19 pandemic have emphasized the need to create additional affordable housing opportunities; and,
WHEREAS, the Director of Housing Programs of the Mayor's Office ("the Mayor's Office") has proposed a Catalyst Fund to allow affordable housing developers to compete against market rate developers in speed and offer structure to preserve affordable housing, which is described in Exhibit A; and,
WHEREAS, the Mayor's Office has also proposed development of a software program that identifies every subsidize...

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