The Health and Educational Facilities Board voted to approve several housing and financing items, including an amendment to a health‑care facilities revenue bond for Orchard Foundation LLC, preliminary approvals for two multifamily financing requests intended to preserve qualified census tracts, and a payment‑in‑lieu‑of‑tax (PILOT) final approval for a 66‑unit mixed‑income project on Jefferson Street in North Nashville.

Russ Miller, bond counsel for the Orchard Foundation transaction, said the bond at issue was originally issued in 2011 "and it was about $8,000,000 when it was originally issued"; he told the board the loan has been paid down to about $2,000,000 and the bank has agreed to hold the fixed rate and now will hold the bond to maturity (maturity cited in the discussion as 03/01/2031). The board approved the amendment by voice vote.

The board granted preliminary approval to Hermitage Station LP for issuance not to exceed $60,000,000 in multifamily housing revenue bonds. A project representative said the early step is intended to preserve a qualified census tract so the project can access low‑income housing tax credits; he described the site as adjacent to the Hermitage Station rail stop and noted unit AMI targets were still being finalized.

Separately, Reed Lauer of Holiday Ventures described a public‑private partnership with the McNeely Center that would replace an aging early learning center with a new facility the nonprofit would own and operate, and would add as many as 300 units of affordable housing on a 4.16‑acre site. "We really saw this as a special opportunity to partner and preserve the great work that they're already doing, and really extend their work for the next 50 to hundred years by partnering, building them a new early learning center that they'll own and operate, and an opportunity to build up to 300 units of affordable housing," Lauer said. The board gave preliminary approval.

Derek Morgan, founder of Kingdom Group, asked for final PILOT approval for Jefferson Multifamily LLC's mixed‑income project. "The project consists of 66 units of mixed income housing," Morgan said; he told the board 40% of the units are proposed at 75% AMI with the remainder at market and the bottom floor reserved for a local nonprofit and a new Citizens Bank branch. The board approved final PILOT support.

Votes at a glance:
• Orchard Foundation LLC — Amendment to certain $7,000,008.83 health care facilities revenue bond; motion moved and approved by voice. (Proceeds originally used to purchase 43 community group homes; outstanding principal ~ $2,000,000.)
• Hermitage Station LP — Preliminary approval for issuance not to exceed $60,000,000 in multifamily housing revenue bonds to preserve a QCT; preliminary approval granted.
• Meridian Street LP (McNeely Center / Holiday Ventures) — Preliminary approval for issuance not to exceed $62,000,000; project includes a new early learning center and up to 300 affordable units on ~4.16 acres; preliminary approval granted.
• Jefferson Multifamily LLC — Final approval of PILOT for 66‑unit mixed‑income project on Jefferson Street; final approval granted.

What to watch next: Applicants said they will return with zoning and THDA tax‑credit submittals as the projects progress; one board member recused himself from an item where his firm was involved. The meeting concluded with informational packet items and adjournment.