Nashville Developer Making Homes Affordable for Working Families
NASHVILLE, Tenn.--As prices soar, it's not just low income but working families that are being priced out of the housing market.
Nashville developer Michael Kenner is building Salemtown Cottages. He says deed restrictions are one way to ensure that some of the units are affordable for working families who qualify. At other developments, he's making 20 percent of units that will be affordable, with 15 percent priced for workforce housing.
"If you don't develop a city that socially and economically inclusive and you push all the people that make your city run to the outskirts your city will fail. So if you're a developer that cares about Nashville and cares about the neighborhood you're developing, making sure that they are a reflection of Nashville should be key to your philosophy," Kenner says.
Kenner helped draft state legislation that gives tax incentives to developers who provide affordable housing. The Metro Council is working on an ordinance to require affordable units in all new developments.