FOR IMMEDIATE RELEASE
August 29, 2022
Media Contact: Community Solutions: Lauren Barnes, lbarnes@community.solutions
- Nashville/Davidson County CoC and Community Solutions announced the acquisition of a property that implements an innovative model of social impact investing that has been supported by leaders like the MacArthur Foundation.
- The mixed-income property joins a portfolio of properties across the United States that are supporting local efforts to address the affordable housing supply gap and reduce homelessness.
- The property will employ an enhanced property management model that has been used in other communities to ensure tenants can stay stably housed through services and support.
NASHVILLE, TN— Today, the Nashville/Davidson County CoC and Community Solutions, a nonprofit dedicated to ending homelessness, announced the acquisition of Glastonbury Woods. The 144-unit Nashville property will join a growing portfolio of mixed-income properties aimed at increasing affordable housing units and reducing veteran homelessness. These properties are harnessing an innovative housing and financing model used to support communities participating in Built for Zero, a movement of more than 100 communities working to measurably and equitably reduce homelessness.
John Cooper, Nashville Mayor, said: “Nashville is deeply committed to implementing a true housing-first model that will get our unhoused neighbors — in particular those who have bravely served our country — off the street and into stable housing so they can begin rebuilding their lives. The new supportive permanent housing units created by this innovative development is an important step toward accomplishing that goal, and I’m grateful to the Nashville/Davidson County Coc, Community Solutions and all of the partners involved for making this worthy project happen.”
Nashville/Davidson County CoC has been participating in Built for Zero since 2018. As part of that work, it uses community-wide collaboration, a high standard of data and systems change to achieve progress toward functional zero, a milestone for making homelessness rare and brief for a population. The community’s Built for Zero efforts are currently focused on veteran homelessness, with a goal of moving towards ending homelessness for all.
Daniel L. Dücker, Executive Director VA Tennessee Valley Healthcare System, said: “Our team is excited to be a part of this new journey and working alongside key community partners to better serve Veterans affected by homelessness. We have a sacred obligation to serve those who swore an oath for our country. Veterans deserve affordable housing, and I’m glad to see our Homeless Veteran Program, Community Solutions and Metro Nashville working together to address a nationwide crisis.”
Sally Lott, Metro Homeless Impact Division, said: ”Thanks to our quality, by-name data, we know that as of August 17, 173 veterans experiencing homelessness were on Nashville’s real-time, by-name list. Of those veterans, more than 100 currently have a housing resource, such as a housing voucher or subsidy, and are looking for an available unit. However, there is not enough supply to move the qualified veterans into housing. Glastonbury Woods will implement a model that is being used to help close the supply gap and provide local, permanent housing and services that will support the individual needs of tenants so they remain housed. As tenants turn over, the open units will be matched with veterans using the by-name data.”
THE MODEL
The mixed-income property joins a portfolio of properties across the United States that are supporting local efforts to address the affordable housing supply gap and reduce homelessness.
The property was acquired using social impact investing, which has opened up a critical pathway to addressing the housing gaps needed to get to zero. The model has been deployed in other large cities such as Atlanta, Baltimore, Denver, Jacksonville and Sante Fe. The traditional tax credit financing model used to develop affordable housing is slow and often unable to keep up and adapt to the changing needs within a community. In comparison, social impact financing delivers projects in less time with less cost while creating greater flexibility to meet the changing needs of a community over time.
David Foster, Manager of the Community Solutions Large Cities Housing Fund, said: “Through our Built for Zero initiative, we work with communities that are proving it is possible to reduce homelessness when they harness a data-driven, systems-focused approach. In the course of working toward zero, many communities — particularly large cities with tight housing markets — need the means to create permanently affordable housing in a way that is faster and more adaptable than many traditional approaches allow. Thanks to this social impact investment model, we will be able to help many large cities accelerate their progress, while continuing to scale a model that offers cities across the country a way to crack this critical challenge for ending homelessness.”
In order to ensure this funding supports overall reductions in homelessness, 50 percent of units will be leased through close partnership with the homeless response system. The buildings will be leased with a 50/50 mix of units for people exiting homelessness and units for middle income individuals. In Built for Zero communities, these systems are designed to know everyone experiencing homelessness by name, in real time. By increasing direct access to units, communities will be able to promptly connect units with those in greatest need.
The building will implement approaches proven to promote long-term housing stability for all of its residents. In addition to being a mixed-income property, Glastonbury Woods will be managed by Enfield Management using Community Solution’s enhanced property management plus model, that coordinates services and support to all tenants to ensure they can stay stably housed.
Unlike many approaches, this model is designed to create permanently affordable housing. At the end of a ten-year investment hold period, buildings will be refinanced and transitioned to non-profit ownership. This will ensure long-term affordability and mission-alignment.
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Community Solutions is a nonprofit committed to creating a lasting end to homelessness that leaves no one behind. It leads Built for Zero, a movement of more than 100 communities in the United States working to measurably and equitably end homelessness. Using a data-driven methodology, these communities have changed how local systems work and the impact they can achieve. To date, 14 communities have reached a milestone known as functional zero, a milestone for ending homelessness for a population. Learn more at www.community.solutions or follow us at @CmtySolutions. Media Contact: Lauren Barnes, lbarnes@community.solutions
