Nashville consistently ranks among the fastest-growing large cities in the country. But that growth has come with a cost: housing has become increasingly expensive for many residents.

Over the past four years, Nashville has experienced a 45% increase in median property values, and city leaders estimate the region will need approximately 90,000 additional homes over the next decade to meet demand. A new affordable housing development in East Nashville aims to help address that need.

Park24 is a newly completed, mixed-use affordable housing development in the McFerrin Park neighborhood. Developed by Holladay Ventures in partnership with the Urban League of Middle Tennessee, and financed in part by U.S. Bancorp Impact Finance, Park24 delivers 140 affordable apartments, workforce development resources and sustainable design features to one of Nashville's fastest-growing communities.

“Affordable housing is an important foundation for financial stability, and our financing helps clients increase the availability of quality homes that more people can access,” said Lisa Gutierrez, senior vice president and director of business development, affordable housing, at U.S. Bancorp Impact Finance, the community development and infrastructure finance division of U.S. Bank. “Park24 brings new affordable homes and community resources to a growing Nashville neighborhood, and we’re honored to play a part.”

Supporting affordable housing and community impact
Park24 serves residents earning 30% to 80% of the area's median income, creating housing opportunities in a neighborhood already benefiting from significant nearby investment, including the new Nissan Stadium and a planned headquarters campus for tech company Oracle.

The development includes one-, two-, and three-bedroom apartments, along with amenities such as a resident lounge, meeting room, and fitness studio. It also incorporates approximately 2,500 square feet of commercial space designed to serve both residents and the surrounding community.

"We believe a quality home in a thriving community should be within reach for everyone," said Evan Holladay, founder and CEO of Holladay Ventures. "Park24 fulfills our promise to create quality, affordably priced housing while offering supportive services that empower the entire community."

For U.S. Bancorp Impact Finance, the project represents an investment in economic opportunity alongside an investment in housing. Impact Finance invested more than $26.7 million in Low-Income Housing Tax Credit equity and provided more than $33.9 million in construction financing to support the development. Park24 is also the first project completed with its new client Holladay Ventures.

"With Park24, Holladay Ventures is addressing local housing needs while delivering long-term value for residents," said Gutierrez. "We're pleased to support this effort with tax equity and construction financing that helps bring quality, affordable homes to Nashville."

Park24 is one example of U.S. Bank's broader affordable housing financing efforts across the country. Through U.S. Bancorp Impact Finance, the bank has helped finance the construction and preservation of more than 210,000 affordable homes nationwide.

Housing paired with opportunity
Beyond adding new housing, Park24 connects residents and community members to valuable resources designed to build long-term stability.

The development includes a 2,200-square-foot Empowerment Center operated by the Urban League of Middle Tennessee. The center provides workforce development, education and other resources for residents and neighbors alike.

“Our mission at the Urban League is to empower communities and change lives, so Park24 was an obvious project for us to be a part of and help nurture,” said Aron Thompson, vice president of Housing and Economic Development for Urban League of Middle Tennessee and executive director of Real Estate Developer (RED) Academy. “It’s a particular point of pride that fellows from RED Academy were involved in the development process for this project, helping make sure the finished building meets the needs and wishes of the community who live there.”

The project also incorporates sustainability features, including a rooftop solar array.

“Park24 reflects how affordable housing can be designed to meet more than one community need,” said Gutierrez. “By pairing quality homes with on-site education and workforce development, the project creates added value for residents and the surrounding neighborhood.”