Bruce McNeilage

Guest Columnist

The ownership of homes gives people a sense of community and helps owners become vested.

Bruce McNeilage is CEO of Harpeth Development, LLC, Kinloch Partners, LLC, and Kinloch Homes.

Re: "How to increase urban affordable housing," by Colby Sledge, Aug. 20.

While I appreciate Metro Councilman Colby Sledge’s recent op-ed regarding affordable housing, I believe it is flawed on one point.

He writes exclusively about different opportunities to rent apartments and why we need more rentals to solve our housing shortage. At no time does he address the ownership opportunities that our citizens need rather than the “loanership” opportunities.

Our citizens would love to own a part of the American Dream but cannot afford to do so. While the average median home price nationally is $274,000; in Nashville it is $359,000.

This makes affordable ownership out of reach for many.

I have a solution to this issue. When my partner and I decided to address this problem, we came up with the idea of selling affordable condominiums, giving people the chance to own a home instead of rent one.

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We were able to sell beautiful one-bedroom units at Solo East starting from $149,900 for one-bedroom units and $189,900 for two-bedroom units.

Yes, these numbers are correct. We were $50,000 less than the next lowest price for pre-reconstruction units. These prices gave people the chance to own a home for under $1,000 per month.

Now, 121 new people benefit from home ownership.

When an apartment complex is built, it only enriches one person or company. When condominiums are developed and sold, it enriches the new owner as well as the developer.

The only housing choice I see being discussed with regard to the fairgrounds deal is 900 apartments. I suggest 900 affordable condos instead.

Home ownership builds communities

The ownership group of the soccer team have proposed a plan to bring 900 apartment units as part of the land swap and rezoning. I could bring 900 affordably-priced condominiums starting at $199,000, if no one else is proposing this. Taxpayers should ask for this and demand the support of their council member to do so for this and for any other Metro-owned property.

Local banks could also support this by making low interest loans to the ones that need it most: First responders, teachers, nurses and others that need workforce housing.

The ownership of homes gives people a sense of community and helps owners become vested. Renting an apartment does not.

With prices of homes increasing at considerably more than wages this will exclude more and more people from the urban core.

Metro should have considered making condos a condition of this land deal. This would create ownership opportunities for people who need it most, not more apartments that only enrich landlords.

I have demonstrated the ability to develop affordable condominiums when others have not. I would gladly purchase this property from Metro in order to make affordable home ownership available to the hardworking people of Nashville, rather than see it given away for more apartments.

Bruce McNeilage is co-founder and chief executive officer of Harpeth Development, LLC, Kinloch Partners, LLC, and Kinloch Homes.