East Nashville to Add More Workforce Housing

A workforce housing structure is being planned for East Nashville. A four-story, 60 unit building with contemporary design is slated for construction on the north side of Woodland Street across from East Park Community Center.

The developer will receive tax credits in the amount of $875,641 annually for 10 years, credits that can be applied against the cost of developing the building.

In exchange for the credits, the development will limit a significant percentage of rental units to renters making no more than between 50 percent and 60 percent of the area’s annual median income. This type of public-private partnership is often called workforce housing, which provides attractive, high quality and affordable housing opportunities for citizens in the workforce that otherwise may or may not be able to afford it, such as service and retail workers, public school teachers and nurses.

CRT promotes diversified housing development, tax credits and other quality growth strategies for communities wishing to attract younger residents, address blighted properties that aren’t collecting any tax revenue, and provide more housing closer to the city core.

Story Adapted from:
The City Paper November 30, 2011
“Workforce Housing Building Slated for East Nashville”

Image Rendering From: Urban Planet

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