Nashville, Tenn. – Congressman John Rose, Mayor Freddie O’Connell, several elected officials, Cayce Place residents and representatives from the Tennessee Housing Development Agency, the U.S. Department of Housing and Urban Development and Amazon joined the Metropolitan Development and Housing Agency today for the ribbon cutting and grand opening celebration for the newest residential development at Cayce Place.
“Supporting more affordable housing has been a top priority of mine since being elected to Congress,” Congressman Rose said. “I am thrilled to see more quality, affordable apartments open in East Nashville. I want to commend Metropolitan Development and Housing Agency Director Dr. Troy D. White, Chairman Bill Purcell and the MDHA staff for their commitment to the long-term success of their residents. I also want to acknowledge the hard work of the Tennessee Housing Development Agency and Director Ralph Perrey for all they do to create more housing across Tennessee.”
Cherry Oak Apartments is the seventh new residential development at Cayce Place, featuring 96 units – 45 subsidized for current Cayce Place residents, eight new affordable, six workforce and 37 market-rate apartments.
“MDHA’s work – particularly at its mixed-income developments like Cherry Oak Apartments – is opening doors to housing for Nashvillians of all incomes to know and realize the dignity a home brings,” Mayor O’Connell said. “Nashville is open to everyone, but our streets shouldn’t have to be a home for anyone. I am grateful for MDHA’s role in expanding our affordable housing portfolio. And we know more work needs to be done.”
All Cherry Oak Apartments residents will enjoy market-rate amenities, including quartz countertops, tile backsplash and patios or balconies. The four-story development will also feature a computer lounge, playground and courtyard. A large Cherrybark Oak tree sits on the footprint of this development.
“Near us, you see the Cherrybark Oak tree for which Cherry Oak Apartments was named. No tree grows to be this large without strong roots as its foundation,” said MDHA Executive Director Dr. Troy D. White. “Here at Cayce Place, our residents are the roots of this community. They are the reason we do what we do.”
Earlier this week, Cayce Place resident Alexis got to see her new home at Cherry Oak Apartments. She was overwhelmed with emotion as she reflected on how far she had come since 2018 – when her world was turned upside down.
“My mom died, I was homeless, living in a hotel, 36 years old and pregnant with my first child. When my baby was born, the woman whose husband I was a caregiver for called me and I burst into tears because I thought I had nowhere to go,” Alexis said. “But I was wrong. She and her husband opened their home to me. Two months later, I got a call saying that there was a unit at Cayce Place for me. That was when everything started to change for the better.”
The Metropolitan Government of Nashville and Davidson County invested in Cayce Place by committing $15 million in funds from the American Rescue Plan (ARP), a portion of which was used to support Cherry Oak Apartments. In addition, MDHA received nearly $9 million in Low-Income Housing Tax Credits, as well as a $500,000 Tennessee Housing Trust Fund grant through THDA. Red Stone Equity Partners provided equity to the project through syndication of the Low-Income Housing Tax Credits, which are competitively awarded by THDA.
“Tennessee Housing Development Agency is proud to be involved with MDHA’s efforts to bring much-needed affordable housing to Nashville residents,” THDA Executive Director Ralph Perrey said. “As Nashville continues to grow, the need for safe, decent and affordable housing is more important than ever when it comes to strengthening communities and providing opportunities for working individuals and their families.”
Cherry Oak Apartments was also supported by a $7.1 million low-interest loan from the Amazon Housing Equity Fund. Announced in 2021, the Amazon Housing Equity Fund is a more than $2 billion commitment to create and preserve affordable homes for individuals and families earning moderate-to-low incomes in Amazon’s hometown communities. Their investment in Cherry Oak Apartments was the Fund’s first major contribution in Nashville.
“As the housing landscape in Nashville grapples with rising costs and dwindling supply, public and private collaboration is key,” stated Managing Principal of the Amazon Housing Equity Fund Senthil Sankaran. “Amazon’s alliance with MDHA exemplifies our shared commitment to affordability and access. With the Amazon Housing Equity Fund, we’re empowering moderate-income families, and laying the foundation for lasting economic security.”
A mixed-income, mixed-use community, the Cayce Master Plan, which was developed with input from Cayce Place residents, stakeholders and community partners, calls for more than 2,000 units and ensures a one-for-one replacement of existing subsidized units, while adding new affordable, workforce and market-rate housing. The Cayce Transformation is being done in phases to help limit disruptions to Cayce Place residents. As new developments are built at Cayce Place, all current Cayce Place residents have a new apartment set aside for them.
“It’s a hopeful day in Nashville when we build new housing without displacing anyone. That’s not how things usually worked in the past,” said Councilmember Clay Capp. “I applaud the careful planning and community engagement here, and I congratulate so many of my neighbors on their new homes!”
Earlier this year before Cherry Oak Apartments was completed, MDHA had 406 units under construction – a first for the Agency in more than 50 years. With the completion of Cherry Oak Apartments, 603 new apartments at Cayce Place have been completed, more than half of which have been set aside for current Cayce Place residents.
“The Cayce community has been amazing to my family and me, and I am so grateful for the opportunity to continue to build on that community at my new home at Cherry Oak Apartments,” said Alexis. “Thank you to MDHA and all of the partners for making this possible.”
