Board moves forward on multiple multifamily revenue bond requests; several preliminary approvals and one final approval granted

The Health and Educational Facilities Board considered preliminary- and final-approval requests for a series of multifamily housing revenue bond financings and granted approvals on multiple projects during the meeting.

At the meeting the board heard presentations and moved on the following requests (motions and public‑hearing steps are noted where recorded):

Votes at a glance

- TWG Parkwood Villa LP (preliminary): Request for issuance not to exceed $30,000,000 in multifamily housing revenue bonds for an acquisition‑rehab of an existing development at 3258 Brick Church Pike. Developer representative Phyllis Vaughn said the project will renovate 160 units, with rents capped at 50–60% of area median income (AMI) and an expected renovation cost of about $55,000 per unit. A motion and a second were recorded in the meeting transcript; the transcript does not record an explicit roll-call or spoken vote in the supplied excerpts. (See actions entry for provenance.)

- Bend On 12 Limited Partnership (preliminary): Request for issuance not to exceed $52,000,000 for up to 230 new-construction affordable units targeted at households earning 60% AMI on a roughly 9.67‑acre site in the Bordeaux neighborhood near Clarksville Pike and Ashland City Highway. Cricket Cleary of Lincoln Avenue Communities described planned amenities and outreach; the board moved, seconded and voted “Aye” on the preliminary approval recorded in the transcript.

- Roar’s Nashville Affordable Apartments (preliminary): Request for issuance not to exceed $60,000,000 for up to 230 units on about 9.6 acres (north half of a larger SP); developer Nick Asta of Reuters Companies described the project and said 100% of units will be at 60% AMI. The board held the required public hearing (no public comment recorded), moved, seconded and approved the preliminary request.

- Rebecca James Company — “Hope House on Jefferson” (preliminary): A ground‑up, mixed‑use, mid‑rise on land owned by Pleasant Green Baptist Church to be developed under a 99‑year ground lease with Pleasant Green Community Development Corporation as nonprofit partner. James Crockett said the project would include roughly 80 units (estimates ranged up to 200 in discussion), space for affordable child care and programming intended to support pathways to homeownership; the board moved, seconded and approved preliminary approval after no public comment was recorded.

- Artist Lofts (final): Holiday Ventures requested final approval for phase 1 financing of up to $68,000,000 for a mixed‑use, affordable creative‑oriented project on Dickerson Pike. Reed Lauer said phase 1 will include up to 260 affordable units, first‑floor retail, a daycare open to residents and the public, and maker space to support artists. The board granted final approval and the project can proceed to closing and construction as recorded in the transcript.

What was explained about resident impact and operations

Presenters repeatedly said the projects will target households at 60% AMI (or 50–60% AMI for the Parkwood rehabilitation), and several noted plans to minimize tenant relocation during renovations (Parkwood: “they’re not planning on any relocation” though developers allowed possible limited on‑site moves). Bend On 12 and Roar’s representatives described plans for community meetings and outreach; one board member emphasized that a community meeting was required and said she would not vote in favor on final reading if a community meeting had not occurred.

Process notes and next steps

Most items were considered on preliminary approval; developers were told they will need to return with additional design and construction specifics and, where required, documented community engagement. Artist Lofts received final approval and indicated plans to close within roughly two months and to begin construction on a roughly 30‑month schedule.

Quotes

“We're planning on doing significant renovations … they'll try their best to work around [tenants],” Phyllis Vaughn said of the Parkwood Villa rehabilitation.

“We always like to work in collaboration with the communities that we're building in,” Cricket Cleary said of Bend On 12.

“It's really designed for creatives and artists that are getting priced out of Nashville,” Reed Lauer said of Artist Lofts, adding that the daycare will be available to residents and the wider community.

Ending

Board staff will track required follow-up — community meeting schedules, finalized SP/site plans, detailed rehab scopes and the legal/contract language referenced by industry — and will place those items on future agendas as projects return for final approvals or additional approvals.