The Housing Fund has received a $200,000 grant to support the development of lending products for the purchase, rehab and/or construction of housing and production space for artists in Nashville and Davidson County.
The Housing Fund is a community development financial institution (CDFI), which is a local lender dedicated to providing affordable lending to underserved markets. It was one of seven community lenders from across the country to receive a grant from the Kresge and Surdna Foundations.
Nashville is home to more than 40,000 creative workers but the booming economy means that affordable production space is quickly disappearing. The Housing Fund, in coordination with the Metro Nashville Arts Commission, will create an advisory committee to assist in the development of a loan pool for the purchase of affordable work or live/work space for the creative community.
“Musicians, artists, designers and creative entrepreneurs add the special sauce for our community,” said Jennifer Cole, Exec. Dir. of the Metro Nashville Arts Commission. “Increasingly, artisans and creative small business owners are challenged by finding affordable housing and production space. As a city, we must support those individuals who write the songs, make the belts and boots and design the things that make us Music City. The Make a Mark program will provide financing to artists and the creative community and will ensure that the artistic community will have an affordable, permanent stake in neighborhoods throughout Nashville and Davidson County.”
With over $21 million in assets, The Housing Fund has lent over $67 million, leveraging $415 million in private financing for more than 4,500 housing units and community development projects in the area.