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What are MDHA “affordable” condos?

MDHA is an acronym for the Metropolitain Development and Housing Agency. MDHA is Nashville a public housing authority primarily responsible for housing in urban areas¬†as well as¬†community development programs.¬†MDHA sometimes offers Tax Increment Financing (TIF money) to developers who agree to include a certain percentage of “affordability units” in their buildings.

These units are typically small studios or one bedroom flats bewtween 450 and 675 square feet. Prices vary by development.

Rules and regulations vary from development to development but generally follow these guidelines:

  • Purchasers must earn less than 80% of the area median income. Currently $37,600¬†for singles and $43,000 for couples.¬†(Gross Income)
  • Units¬†carry resale restrictions for 5-7 years.¬†If resold within the defined timeline, the new purchaser must conform to current guidelines.
  • Purchaser¬†must¬†be an owner-occupant at the time of purchase. Future use of property as an investment follows a case-by-case basis and HOA regulations.
  • All financing must be in purchaser’s name¬†and qualifications with NO co-signers.

Immediate Availability:

  • There are no current affordability units under construction. However, a consult with your Realtor could uncover resale opportunities.

Resale Opportunities May Be Available:

  • ICON in the Gulch
  • Viridian
  • Kress
  • Art Avenue Lofts
  • Lofts at the Exchange
  • Werthan Mills
  • Ambrose Lofts
  • The West Eastland
  • Encore
  • 5th & Main

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