March 11, 2019 – Tennessee Housing Development Agency named Metropolitan Development and Housing Agency (MDHA) and LHP Capital, LLC a Tennessee’s Best Impact Award for the purchase and continuing renovation of Trevecca Towers, a Nashville affordable housing property for the elderly and individuals with disabilities.
MDHA and LHP received one of four Tennessee’s Best awards during the 2019 Tennessee Housing Conference, which was hosted by THDA at the Music City Center in Nashville on March 6-7. Other categories included the Director’s Award, the Leadership Award and the Impact Award.
Tennessee’s Best awards are given to individuals or organizations whose work makes a meaningful impact on the state of affordable housing in Tennessee.
THDA Executive Director Ralph M. Perrey said the renovation of Trevecca Towers will have positive repercussions on affordable housing in Nashville for years to come.
“By taking on this challenge, both MDHA and LHP are recognizing the important role that safe, decent, affordable housing will have to play in the future of Nashville,” Perrey said. “We hope this award shows that we have taken notice of their commitment to the city and to those senior Nashvillians who deserve a nice place to live.”
LHP Development President Carr Hagan also noted the project’s importance to the city and state.
“We are thrilled the Trevecca renovation project has earned this important recognition and honored to be a co-recipient of the Impact Award along with our good partner MDHA,” Hagan said. “It’s significant because it recognizes the importance and value of public-private partnerships to answer the great need for affordable housing for seniors in Tennessee.”
MDHA Executive Director Jim Harbison added: “This project proves what multiple partners can accomplish when we all work together. Thank you, LHP, THDA, Metro Council and the Mayor of the Metropolitan Government of Nashville and Davidson County, for your efforts to preserve more than 500 affordable housing units in Nashville.”
Trevecca Towers, which comprises two high-rise buildings located adjacent to the campus of Trevecca Nazarene University, is the largest single-site preservation and rehabilitation project to utilize THDA resources in the state.
THDA allocated over $90 million in resources for LHP to use towards the completion of the renovation of the senior affordable housing property. LHP purchased the property in 2018 for over $54 million and will keep rent for all 564 units below market rates for the next three decades.
MDHA partnered with LHP and agreed to the transfer of Section 8 vouchers at the site from tenant-based to property-based, while also agreeing on a payment-in-lieu-of-taxes schedule for the property.
The Tennessee’s Best awards honor outstanding individuals and organizations whose contributions on behalf of affordable housing, whether producing, designing, developing, financing or promoting housing policy, inspires others to serve Tennesseans’ housing needs.
The Impact Award recognizes an organization and/or project that has gone above and beyond to address affordable housing challenges in Tennessee and make changes that will positively affect affordable housing for Tennesseans in the years to come.
The awards are presented during the Tennessee Housing Conference. The conference is held annually to bring together housing professionals from across the state and country to discuss important housing issues and their impact on Tennessee.