Thread by @freddieoconnell

I’ve spent the past 24 hours reflecting on yesterday’s announcement that the FY20 Barnes Fund allocation was being reduced by $4.5m.

I still think this is a problematic decision. Why?

https://twitter.com/pithinthewind/status/1202264650336886786

First of all, this is the second time the Barnes Fund has been an early target of fiscal tightening.

With Barnes being our only tool in Metro right now that is effectively capitalizing #affordablehousing, we cannot leave the impression that this is reasonable.

Secondly, this isn’t just about the Barnes money. Of the two projects cut, we’re jeopardizing $30m in creative private funding sources that non-profits have worked hard to secure. In turn, this jeopardizes 100+ units.

Predictability matters to financiers, even in the non-profit and affordable housing sectors. It’s very likely that this is not the only funding round impacted by this week’s decision.

The #MetroCouncil cannot override the @NashFinance director’s impoundment decisions. Even so, what might they do instead?

I’m spitballing here, but a handful of options include:

* Temporarily suspend incentive payments for the remainder of FY20 up to $5m.
* Temporarily suspend availability of police overtime for custom services (effectively, security + traffic for downtown events).

* Go ahead and complete the proposal to sell our District Energy System. I’ve been on the board for 4 years. Without a strategic capitalization plan, we’re injuring our balance sheet, increasing construction costs, and decreasing energy efficiency in downtown.

I haven’t vetted these options (besides DES) for feasibility, but I’d still rather be creative and seek options that didn’t put at risk—perhaps for the long term—our non-profit capacity to generate affordable housing with public and private support.

Finally, it will be important to better understand where we go from here.

With demonstrated skepticism on inclusionary zoning, incentive grants, previous Barnes Fund allocations, and MDHA, how will this administration create and maintain #affordablehousing?

I represent a district that can accommodate and, to some extent, has comfort with density. I generally favor less restrictive zoning.

But public hearing after public hearing suggests that much of Nashville has experienced quite enough growth.

So where will we put the 30,000 units of #affordablehousing needed to restore equilibrium?

I’d be happy for the Barnes Fund to have capacity to build more long-term units in District 19. If we could afford it.