Nashville mayor devotes $10M to affordable housing plan
By Associated Press
NASHVILLE, Tenn. (AP) - Nashville's mayor has announced she will devote $10 million in city money to affordable housing projects.
News outlets report Mayor Megan Barry held a news conference Monday announcing the plan to spur on the construction of workforce housing and low-income housing in Metro Nashville.
Barry says the money would come from Metro Nashville's general fund and go into the Barnes Fund for Affordable Housing, bringing its balance to $16 million - it's highest ever. The fund functions as a pool of city dollars to offer incentives to Nashville developers who pursue projects that are priced affordably. To date 101 affordable units have been built using Barnes funds.
Barry is expected to formally outline her plan for the money later this month in her 2016-17 budget.
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