Loan Amount and Type
Total $12,000,000 Acquisition Loan with $4,000,000 NHT Participation
Cedar Place (98 Randy Rd, Madison, TN 37115)
$4,265,000 Acquisition Loan with a $1.4 million participation from NHT Community Development Fund.
Amalie Meadows (300 Kate St, Madison, TN 37115)
$7,735,000 Acquisition Loan with $2.6 million participation from NHT Community Development Fund.
Loan Use
Loans will be used to acquire two market rate multifamily rental developments, renovate the properties, and convert both from rental developments into Limited Equity Cooperatives (LEC).
Borrower/Sponsor
William Franklin Buchanan CDC, a seasoned affordable housing developer and community development nonprofit.
Affordability
Cedar Place: All 50 units will be targeted for homeownership at Area Median Income (AMI) of 60%-80%
Amalie Meadows: All 88 units will be targeted for homeownership at Area Median Income (AMI) of 60%-80%
Impact
This innovative form of affordable housing homeownership will convert distressed properties into a limited equity housing cooperative to serve Nashville families at or below 80% AMI within a mixed income environment.
