Urban Housing Solutions completes $22 million affordable housing preservation project in Madison

Urban Housing Solutions (UHS), a Nashville-based nonprofit affordable housing agency, has completed the renovation of a 274-unit apartment complex in Madison. In April 2018, UHS acquired the “Hampton Terrace Apartments” located at 300 E. Webster St. They have since renamed the renovated complex “Gibson Creek Apartments.” All units at Gibson Creek Apartments will be rented to households earning up to 60% of the area median income.

 The $22 million project is the largest in UHS’ nearly 30-year history. The effort was made possible by a commitment of Low Income Housing Tax Credits (LIHTC) administered by the Tennessee Housing Development Agency (THDA), a grant from Metro Government’s Barnes Affordable Housing Trust Fund, and a loan from First Horizon Bank. Additional rental subsidies and a property tax credit known as a “Payment in Lieu of Taxes” (PILOT) were approved by the Metropolitan Development and Housing Authority. Avenue Construction oversaw the renovation.

 “THDA is proud to be a partner in projects like this that provide much needed, quality, affordable housing in Madison and the Greater Nashville Metropolitan Area,” said THDA Executive Director Ralph M. Perrey. “With a THDA investment of resources worth over $20 million dollars, Gibson Creek Apartments provide the foundation for a strong, resilient neighborhood."

The project will preserve the 274 units as affordable for at least the next 30 years. It’s part of a city-wide effort to prevent an affordable housing shortage of 31,000 units by 2025, as reported in a study released by the mayor’s office in 2017.

“We are grateful to Urban Housing Solutions for their proactive work in preserving crucial housing affordability throughout our city,” said Hannah Davis, Affordable Housing Program Manager with the Mayor’s Office of Economic and Community Development. “While our city is facing a challenging housing landscape, Urban Housing Solutions continues to rise to meet the challenge both in scale and service. The Gibson Creek preservation is a shining example of how federal, state, and local dollars can support private sector financing to insure affordable, accessible, and beautiful housing for decades to come.”

Brent Elrod, the Director of Planning and Development at UHS, says the project allows for the long-term preservation of affordable housing in an area that has drawn increasing interest among developers. “Large-scale preservation projects like Gibson Creek have become nearly impossible across the entire city,” Elrod said. “We’re excited to protect some affordability along the Gallatin Pk. corridor, so that residents can benefit from Madison’s inevitable growth without feeling the strain of rising costs of living.”