Board grants preliminary approval for 323‑unit East Bank affordable housing project
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Summary
The board gave preliminary approval to ECG East Bank LP to issue up to $100,000,000 in multifamily housing revenue bonds for a 323‑unit affordable development near Titan Stadium; developer representatives said roughly 25% of units will target 30% AMI and project‑based vouchers will come from a state allocation via THDA.
The Health and Education Facilities Board granted preliminary approval to ECG East Bank LP to issue up to $100,000,000 in multifamily housing revenue bonds for a proposed 323‑unit affordable housing project across from the new Titan Stadium.
Elsie, speaking on behalf of Wilmington, described the project as a 323‑unit development with a mix of one‑, two‑ and three‑bedroom units and ground‑level retail. "It's a 323 unit affordable housing development across from the new Titan Stadium," Elsie said, and added that the team plans to apply for tax credits and bond allocations later this year with the goal of breaking ground in May 2026.
On unit affordability, Elsie said roughly 25% of the units will be targeted at 30% of area median income (AMI) and that the project is pursuing project‑based vouchers from a state allocation through the Tennessee Housing Development Agency. "So we will have, roughly 25% will be at the 30% AMI, and we'll have project based vouchers... They're from a state bucket through THDA," she said.
Board members asked questions about the unit mix, voucher sources and timing; the board then moved and voted to grant preliminary approval. No public commenters appeared during the hearing on this item.