Developers detail affordable housing commitment for

Tension was thick Tuesday as dozens of community members, advocates, and developer representatives discussed the future of affordable housing at RiverChase apartments.

The new owners, Texas-based Cypress Real Estate Advisors, presented the details of what they say is a legally binding community benefits agreement with the Urban League of Middle Tennessee. The agreement, enforced by a 30-year deed restriction on the property, commits 225 affordable units in the 1,150-unit development that will replace RiverChase.

The 225 affordable units will include:

  • 25 unsubsidized units at 120% AMI
  • 100 units at 80% AMI (including 80 unsubsidized units)
  • 50 units at 60% AMI
  • 50 units at or below 60% AMI

Members of the East Nashville community at the meeting spoke of hurt and concern as they waited to hear the fate of their housing security.