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A resolution appropriating $5,000,000 in American Rescue Plan Act funds from Fund #30216 to the Metropolitan Development and Housing Agency to provide gap funding for 150 affordable units at Cayce Place through the Envision Cayce plan.
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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 expended or obligated on or before December 31, 2024; and,
WHEREAS, the Committee recognizes that Nashville's heated housing market limits opportunities for low income families to obtain housing, further emphasizing the existing need for Metro to provide quality public housing; and,
WHEREAS, the Committee recognizes that the Metropolitan Development and Housing Agency ("MDHA") has embarked on a long-term strategy to redevelop obsolete public housing sites into vibrant, mixed-income communities, including the Envision Cayce plan; and,
WHEREAS, the Committee recognizes that additional resources are needed to support
the new housing at Envision Cayce given the escalating costs of construction and to advance the construction timeline; and,
WHEREAS, in 2021 the Metropo...
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