The Mayor’s office has created the Landlord Risk Mitigation Fund, designed to get more Nashville families and neighbors into homes.
The launch of this public-private partnership follows Mayor John Cooper’s budget proposal for the 2022 fiscal year, which triples the dollars dedicated to affordable housing in Nashville.
“Community challenges demand community solutions, and Nashville’s affordable housing needs are urgent.” Mayor Cooper said. “The Landlord Mitigation Fund it is another tool we can use as we create a Nashville that works for everyone.”
Metro will combine existing federal housing dollars with a donation from The Frist Foundation through United Way of Greater Nashville. Landlords who accept federal housing vouchers can use the fund to cover up to $1,000 in property damages or missed rent payments.
“Housing-first solutions are proven to work for addressing healthcare and social and emotional wellness needs for individuals and families,” said Metro Council member Brett Withers. “I appreciate Mayor Cooper’s efforts to make this affordable housing program work well for all Nashvillians.”
Since October 2020, the Metro Development and Housing Agency (MDHA) and Metro’s Homelessness Impact Division, using federal funds and partnering with local nonprofit organizations, have secured housing for 349 people.
“Preventing and ending family homelessness is a core component of our work at United Way. Our Family Collective partners work tirelessly to get our families housed and to keep them that way,” said Erica Mitchell, executive vice president and chief community impact officer at United Way of Greater Nashville.
“We are excited about this partnership and what it will mean for so many families in our community struggling to find affordable housing solutions and avoid homelessness.”
Housing officials anticipate the fund will help them serve hundreds more people as the city works with landlords like Waddell Wright, CEO of W. Wright Companies.
“My experience has been great. It’s always been a purpose of mine to create strong viable and sustainable communities,” Wright said. “We can’t forget that we, as property developers, shelter humans, all humans.
“I urge all landlords, developers, and property managers to pitch in and help house our neighbors, many who are vulnerable and weary, as we work to be a thriving, healthy city.”