Nashville, Tenn. –Metro is poised to grant $40.2 million – the largest single round of funding in Metro history – as part of the Barnes Housing Trust Fund’s Round 16 awards. The first grant agreements will be considered for approval by the Metro Council at its Tuesday, Oct. 6 meeting.
The awards, initially approved by the Metro Housing Trust Fund Commission at their July 28, 2026, meeting, will be finalized in the coming months and provide funding to 14 different nonprofit organizations for the development and rehabilitation of 1,106 affordable homes in Nashville.
The projects include a combination of owner-occupied rehabilitation, rental rehab, and new construction homeownership and rental projects. The 1,106 affordable homes supported by Round 16 grants will be the most homes ever built or preserved by Nashville in a single Barnes round without federal funding.
“We’re working every day to reduce the cost of housing, which is one of the two largest expenses most households face,” says Mayor O’Connell. “That’s why our budget for this fiscal year made an historic investment in a variety of tools that provide more housing options for our neighbors and meet our shared housing needs.
“Our budget included the largest-ever contribution of local funding for the Barnes Fund. Meeting the urgency of the need, I’m glad to see these funds awarded immediately to qualified projects that can deliver or rehabilitate more than 1,000 affordable homes.”
This round combines the remaining FY 2026 funds with new contributions from Mayor O’Connell’s FY 2027 budget to award grants to fund all active proposals that met qualifications for approval.
Under the Barnes Housing Trust Fund requirements, eligible projects must create or preserve affordable housing opportunities in Nashville-Davidson County, Tennessee. These projects help provide more housing for the people that make Nashville work, like our bus operators, 911 dispatchers, childcare teachers, public school assistants, HVAC technicians, our working musicians, and many hospitality staff.
“I have never, ever lived in anything brand new,” says Cheryl Floyd, an early childhood education specialist and resident of Park24, a newly opened affordable housing development supported by an earlier Barnes Fund grant. “When I would ride Uber and Lyft and pass these buildings being built, I never imagined that I would be one of the residents. I can walk to work if I so desire. It is a hop and a skip away. I save over $400 a month in Uber and Lyft fees. It’s so important to work in the community that you live in. It feels like it was something that was built just for me.”
To be eligible for a Barnes Fund award, projects must be affordable to households with incomes at or below 60% area median income for rental projects and at or below 80% of the area median income for homebuyer projects, which in Nashville for a family of four is a household income at or below $69,660 and $92,900, respectively. As an additional condition, all projects that receive a Barnes award, other than rehab of existing owner-occupied affordable homes, must remain affordable for at least 30 years. Many funded projects guarantee affordability over an even longer term.
All award contracts must be approved by resolution, requiring one vote by Metro Council. Barnes Fund Round 16 contract approvals are expected to be complete by the end of November. The nonprofit organizations awarded funds include Affordable Housing Resources, Habitat for Humanity Nashville, Woodbine Community Organization, Westminster Home Connection, Disciples Foundation, New Level CDC, Urban Housing Solutions, McNeilly Center, Pathway Lending, Neighbor 2 Neighbor, Rebuilding Together Nashville, Corner to Corner, Be a Helping Hand, and Living Development Concepts.
Since its inception, the Barnes Fund has invested $224 million in affordable housing development and rehabilitation and has leveraged over $1.9 billion of federal and private funding to construct and preserve more than 7,600 housing units.
What they’re saying
Senior Advisor on Housing Dhathri Chunduru: “Thirteen years after Nashville created the Barnes Fund, this is its largest grant round ever. That means more Nashvillians will have the chance to find a home that fits their needs. And there’s no better return on an investment than seeing an excited homeowner walk through the door of their new home.”
Metro Councilmember Rollin Horton: “The Barnes Fund is a critical tool in addressing Nashville’s housing crisis. The mayor’s record investment is an unprecedented step toward ensuring Nashville’s future is one that everyone can share.”
Metro Councilmember Burkley Allen: “As Metro Council appointee to the Housing Trust Fund Commission, I was proud to be a part of this historic round of awards from the Barnes Fund and look forward to putting these funds to work, getting shovels into the ground and new keys in the hands of the Nashvillians who make our communities thrive.”
Metro Councilmember Jason Spain: “The preservation and creation of affordable housing is critical to Nashville’s future. Our strategic investments have put us in a position to make a meaningful difference for Nashville’s families.”
