Major cities around the U.S. are experiencing drastic increases in the cost of living. Over the last decade, Nashville has been among the nation’s top growing cities. While that growth was prosperous for some, the demand for housing in Nashville caused prices to skyrocket. Nashville’s rapid growth has put many long-term and lower-waged residents - renters and homeowners alike - out of Nashville.
Nashvillians need creative solutions that create affordable housing options for families of all income brackets. According to the Metro Nashville Affordable Housing Task Force, an individual’s or family’s housing is considered affordable when it costs less than or equal to 30% of the household’s total income. Therefore, a price that is considered “affordable” for one home may not be considered “affordable” for the next family. No matter the level of income, everyone deserves to have safe and “affordable” housing options.
Nashville is at a critical point for the growth and betterment of the city’s housing market. One such solution aiming to increase the accessibility of housing in Nashville is the Urban League of Middle Tennessee’s (ULMT) Real Estate Developers Academy or the R.E.D. Academy. With hopes that Nashville’s developer community will one day also reflect the diversity in the city, ULMT set out to create an equitable opportunity for developers of color in the greater Nashville area.
The R.E.D. Academy, supported by Amazon’s Housing Equity Fund, is designed to help increase the pool of developers invested in affordable and attainable housing. The R.E.D. Academy’s mission is to increase the number of developers of color in Nashville through training, mentorship, and financing.
With an initial cohort of developers selected, the RED Academy launched its first class on April 26, 2022! Throughout the program, these individuals will learn to create environments that combine local knowledge, partnerships, and critical strengths – including program design and project financing - to support the growth of their business and support the Nashville community. Click the following link to learn more about the R.E.D. Academy’s application process and the admission requirements - YouTube: R.E.D. Academy Info Session.