Tension was thick Tuesday as dozens of local community associates, advocates, and developer representatives discussed the future of inexpensive housing at RiverChase residences.

The new entrepreneurs, Texas-based mostly Cypress True Estate Advisors, presented the particulars of what they say is a lawfully binding community benefits agreement with the Urban League of Center Tennessee. The settlement, enforced by a 30-calendar year deed restriction on the home, commits 225 inexpensive models in the 1,150-device development that will replace RiverChase.

The 225 economical models will consist of:

  • 25 unsubsidized models at 120% AMI
  • 100 units at 80% AMI (like 80 unsubsidized models)
  • 50 units at 60% AMI
  • 50 models at or under 60% AMI

Members of the East Nashville group at the meeting spoke of hurt and issue as they waited to hear the fate of their housing protection. 

Topics #developer #Real Estate #Real Estate Agency #Real Estate Biz #Real Estate Sale