NASHVILLE, TN — Construction of phase two of the Biltmore Place Apartments is now underway, offering 42 brand new affordable apartment homes to the Donelson area.
Nashville Mayor David Briley was among the dignitaries wielding a shovel when the developer, Highmark Holdings, LLC, broke ground Friday morning. Construction is being funded in part by $6.3 million in Low Income Housing Tax Credits (LIHTC), awarded by the Tennessee Housing Development Agency, and a Payment in Lieu of Taxes (PILOT) awarded by the Metropolitan Development and Housing Agency.
“Nashville needs more affordable housing,” said Mayor Briley. “Biltmore Place is a great example of how private developers can leverage city and state funding to meet that need.”
“We always want to help working families live closer to their jobs, because all of the time and money they’re spending on long commutes would be better spent with their families,” said Denise McBride, Middle Tennessee Liaison for THDA. “Having affordable housing right here in Donelson can make a huge difference in the lives of families who work in the downtown, Opry Mills, or airport areas.”
Biltmore Place’s phase two is located on Massman Drive near Glastonbury Road, about three blocks from Briley Parkway and two miles from I-40.
“We’re giving people who earn $13 or $14 an hour the opportunity to live in brand new apartment homes with modern appliances and design features, and that wouldn’t be possible without the support of our city and state governments,” said Highmark Holdings Managing Director Robbie King.
“These are people who keep the Nashville’s economic engine running,” said McBride. “They need to know that affordable housing is available and that the affordability of those homes is going to be protected for years to come.”
Under the rules of THDA’s tax credit program, these apartments are exclusively available to low-income households earning less 60 percent of the Nashville’s media income for at least the next 15 years. Maximum household income varies by apartment size. A household renting a two-bedroom apartment can earn no more than $40,500 annually under the current rules.
Biltmore Place’s phase two will be operated and managed by Enfield Management, as is phase one, which is located next door on Glastonbury Road. All of phase one’s 176 apartment homes are set aside for low-income households.
THDA manages the Low Income Housing Tax Credit (LIHTC) program in the state of Tennessee. A federal program, LIHTC was created under President Reagan to incentivize the private sector to build and/or renovate apartments for people who earn significantly less than the area’s average annual income.
As the State’s housing finance agency, the Tennessee Housing Development Agency (THDA) is a self-sufficient, publicly accountable entity of the State of Tennessee. Our purpose is to meaningfully expand affordable housing opportunities for Tennesseans. More information about THDA can be found online at THDA.org.