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Housing Trust Fund Commission weighs shifting Barnes Fund toward loans, proposes 70/27/3 funding split
Summary
The Housing Trust Fund Commission reviewed Unified Housing Strategy recommendations including a proposed funding-track split (70% rental, 27% homeownership, 3% owner-occupied rehab), a potential move from grants to a mixed loan-and-grant model to recycle capital, and new underwriting and enforcement measures; stakeholders urged more funding for owner-occupied rehab and clearer unit and cost targets.
The Housing Trust Fund Commission on a recent agenda reviewed recommendations from the Unified Housing Strategy that would change how Metro Nashville deploys Barnes Fund dollars, including a proposed funding breakdown and the possibility of converting part of the fund from grants to loans.
Director Hubbard, leading the staff presentation, said the UHS prioritizes long-term affordability and deeper affordability for households at or below 30% of area median income, and recommends stronger tenant protections and support for vulnerable homeowners and populations such as older adults and people with disabilities. Hubbard summarized the consultant-driven recommendation to shift funding tracks toward 70% rental, 27% homeownership and 3% owner-occupied rehabilitation for the next funding round as one alternative under consideration.
Why it matters: staff data from funding rounds 10, 11, 13 and 15 show applications and awards skew heavily toward…
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