Nashville expanding funding opportunities for affordable housing

Metro is putting $20 million in American Rescue Plan funds toward a new initiative to preserve and develop affordable housing, Mayor Freddie O'Connell announced Friday morning.

The Nashville Catalyst Fund will provide capital to developers who create income-restricted housing for at least 30 years. In addition to Metro's initial funds, First Horizon has committed to a $50 million credit facility loan, and Vanderbilt University has contributed $5 million. The Catalyst Fund aims to raise $25 million more for a total investment of $100 million in affordable housing.