City engaged nonprofit to develop new affordable housing

Nashville’s community land trust has its first 15 parcels on which to build affordable housing after the Metro Council voted 27-4 Tuesday night to approve transferring the surplus lots.

The Barnes Housing Trust Fund tasked The Housing Fund, a local nonprofit, with developing a community land trust, a mechanism by which an entity develops housing that residents own on land that remains in the ownership of the trust, thereby limiting rising costs.

“Tonight, we finally start setting aside surplus property to be used for affordable housing,” At-large Metro Councilmember Bob Mendes, also a member of the CLT’s advisory coalition, told the Post. “This will be a valuable tool to deal with our housing crisis. Saving surplus property is a heck of a better use than having fire sales to make up for budget shortfalls.”

If The Housing Fund does not develop the properties within five years, they will revert to city ownership.

According to a Metro analysis, the total of the most recent sale prices for these 15 parcels is $88,932.

(See the full list of properties here.)

