MDHA Celebrates Grand Opening of Newest Residential Development at Cayce Place
Nashville, Tenn. – Grand Opening Celebration for the Newest Development at Cayce Place
In a remarkable event attended by eminent personalities including Congressman John Rose, Mayor Freddie O’Connell and representatives from the Tennessee Housing Development Agency, the U.S. Department of Housing and Urban Development and Amazon, the Metropolitan Development and Housing Agency (MDHA) celebrated the grand opening of a new residential development at Cayce Place.
Noted for his advocacy for affordable housing, Congressman Rose expressed his delight at the opening of more quality, affordable apartments in East Nashville and appreciated the efforts of esteemed MDHA staff in ensuring the long-term success of residents.
About Cherry Oak Apartments
The Cherry Oak Apartments, the seventh new residential development at Cayce Place, boasts 96 units, of which 45 are subsidized for current Cayce Place residents. In addition, there are eight new affordable, six workforce and 37 market-rate apartments. Valuing affordability, MDHA has ensured that all Cherry Oak Apartments residents enjoy market-rate amenities.
Aside from cherishing amenities like quartz countertops, tile backsplash and patios or balconies, the residents will also enjoy a computer lounge, playground and courtyard at the four-story development.
Investments Powering Development
The sustainable development was possible through generous investments from the Metropolitan Government of Nashville and Davidson County who committed $15 million from the American Rescue Plan (ARP). Besides, MDHA also received nearly $9 million in Low-Income Housing Tax Credits and a $500,000 Tennessee Housing Trust Fund grant through THDA.
The development also received substantial support from the Amazon Housing Equity Fund in the form of a $7.1 million low-interest loan. Notably, the investment marked Amazon Housing Equity Fund’s first major contribution in Nashville towards its committed goal of $2 billion to create and preserve affordable homes for individuals and their families.
The Road Ahead
As part of the Cayce Master Plan, a mixed-income, mixed-use community was developed with valuable inputs from Cayce Place residents, stakeholders and community partners. The objective is to build more than 2,000 units and systematically replace the existing subsidized units with new affordable, workforce and market-rate housing.
The significant feature of this transformation is that all current Cayce Place residents have a new apartment set aside for them, and this has been done in phases to help limit disruptions.
A symbol of optimism and a beacon of hope for the future of housing developments, Nashville has embarked on a journey where new housing will be built without displacing anyone. The thoughtful planning and community engagement required to achieve such commendable goal are praiseworthy, and here’s looking forward to many more neighbors and their families find their new homes.
