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A resolution appropriating $25,000,000 in American Rescue Plan Act funds from Fund #30216 to the Metropolitan Development and Housing Agency to provide low-cost loans to developers for the addition of deeply affordable housing units, with loan proceeds to be used to address affordable housing and homeless services.
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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 County, 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 obligated on or before December 31, 2024 and expended by December 31, 2026; and,
WHEREAS, the Committee recognizes that the creation of permanent supportive housing for households with income 0-30% AMI is a critical need in Davidson County - a need that has been further emphasized through the negative financial effects of the COVID-19 pandemic; and,
WHEREAS, the Metropolitan Development and Housing Agency (MDHA) has developed a Deeply Affordable Housing Gap Financing program (AHGF) dedicated to the creation of new units for permanent supportive housing with affordability periods between 20 and 35 years, as described in detail in Exhibits A and B; and,
WHEREAS, units will be filled through th...
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