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. 

By AKDSEO