Board grants preliminary approval for two multifamily bond requests; amends Artist Lofts bond structure

The Health and Educational Facilities Board voted to give preliminary approval to two multifamily housing bond requests and approved an amended final bond structure for a previously authorized project.

At a public hearing, Elmington Capital Group sought preliminary inducement for ECG Edge Hill LP to issue up to $60,000,000 in multifamily housing revenue bonds for a new-construction, 215-unit development of one- through four-bedroom apartments in the Fort Negley/Edge Hill area. The developer characterized the project as phase 2 of a larger redevelopment that followed a 290-unit phase 1 called Hillside Flats. Board members asked about tenant income limits and local demand; Elmington said all units would be restricted to 60% of area median income (AMI) and described strong leasing demand across its portfolio in Davidson County. After a motion and second, the board approved preliminary inducement; the meeting record notes one nay and otherwise indicates the motion passed.

The board also considered a preliminary inducement request for a 280-unit…