Dominium Announces Resyndication and Renovations for 208 Affordable Apartments in Gallatin

Property News

Supported by LIHTC, Chapel Ridge of Gallatin will continue to contribute high-quality affordable housing in Gallatin for years to come.

Dominium, a leading affordable housing owner, developer and manager announced today that it has closed on the financing for the resyndication of Chapel Ridge of Gallatin, in Gallatin, Tennessee.  

Supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC) Dominium will renew Chapel Ridge of Gallatin’s affordable housing status while working with the Community Construction Group to conduct a $7.7 million rehabilitation of the property. Nationwide, LIHTC is the largest source of funding support for both the construction of new affordable housing, and maintenance of existing affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at below-market rates designed so that households making 60% of the Area Median Income pay no more than 30% of their incomes towards housing.

Chapel Ridge was built in 2005 using LIHTC to provide 208 high-quality affordable apartment homes to the Nashville area. Dominium has owned and operated the property since 2021. Renovations to the property will include extensive remodels of the clubhouse and site amenities, as well as new in-home appliances, countertops, flooring, and energy efficient lighting fixtures.

Dominium would like to thank all of its development and financing partners: the Tennessee Housing Development Agency, the Multifamily Tax-Exempt Bond Authority, The Health, Educational and Housing Facility Board of the City of Gallatin, Winthrop & Weinstine, Tiber Hudson, Dinsmore, Commercial Partners Title, Berkadia, Colliers, Minnwest Bank and Polaris Capital.