Park at Hillside
Park at Hillside Nashville, TN The Park at Hillside offers an excellent example of how Bank of America CDC-in collaboration with local government and community organizations-works to tackle significant redevelopment projects. Utilizing multiple financing sources, the CDC and its partners revitalized one of the most distressed Section 8 properties in Nashville. Now the development provides safe, affordable—and economically sustainable—housing.
- $10 million investment.
- Comprehensive redevelopment of distressed 290-unit multifamily complex.
- Building unit overhaul, perimeter fencing, new property management, new amenities and a Make A Difference Center, an on-site educational activity center with activities for residents of all ages.
Multiple Funding Sources
- Development partnership with the Metropolitan Housing Development Agency (MDHA), which included equity and other development assistance.
- Woodbine Community Organization operates the Make A Difference Center.
- Bank of America CDC equity.
- MDHA equity.
- Tax-exempt bonds from Tennessee Housing Development Agency (THDA).
- Letter of credit on tax exempt bonds from Bank of America.
- Permanent credit enhancement through Fannie Mae.
- 4% Low Income Housing Tax Credits from THDA.
- Reduced crime. Former apartment complex was one of the biggest sources of crime and blight in the neighborhood, and crime incidents are down significantly since completion of the rehabilitation.
- New development and property improvement. Bank of America CDC built six new houses in the neighborhood since the rehabilitation, and additional rehab by existing property owners of the neighborhood is now underway.
- Neighborhood revitalization without displacement. Revitalization allowed low-income residents to remain in affordable and safe housing while curing the major ill in the neighborhood.
- Mixed-income social and economic benefits. Affordable units allow for mixture of Section 8 and non-Section 8 residents. Previous property was exclusively Section 8 creating a concentration of extremely low-income population.