State Rep. Julie Calley today announced the state is moving forward with a plan to invest $688,000 in a project that will turn the former Maplewood Elementary School building in Nashville into 20 affordable housing units.
Through the federal Low-Income Housing Tax Credit (LIHTC) program, developers that receive awards can claim credits against their tax liability annually for up to 10 years – an important initiative that helps incentivize investments in affordable housing in local communities across the state. The Village Flats in Nashville, a project taken on by Dogwood Community Development, has been awarded $688,000 in credit. This award will leverage approximately $6.05 million of private money and is expected to generate 16 local jobs.
“Affordable and attainable housing is key to attracting families to our area and maintaining healthy, vibrant communities,” Calley said. “I look forward to seeing this project develop and make good use out of a vacant school building.”
The Village Flats project will consist of the adaptive reuse of the former Maplewood Elementary School to create 20 affordable housing units reserved for households earning at or below 80% of the area median income. The rent on three units will be subsidized by project-based vouchers from the Barry Community Foundation.