Pathway Lending, a non-profit Community Development Financial Institution headquartered in Nashville, created The Pathway Housing Fund to preserve Naturally Occurring Affordable Housing (NOAH) developments across Tennessee. Today, the Fund announced the purchase of its third property, Mayflower Apartments, a multifamily property in the Hillsboro Village neighborhood of Nashville, continuing its efforts to preserve affordability in high-demand areas.

The acquisition will protect the long-term affordability of 18 apartments amid rising rents and a decreasing supply of attainable housing. Properties like Mayflower Apartments represent a critical part of Nashville’s housing supply, often at risk of being lost when older buildings are torn down or redeveloped.

Originally built in 1920, Mayflower Apartments is a Nashville landmark offering one- and two-bedroom units at below-market rates. The property provides attainable housing options for working individuals and families, while maintaining the historic character of one of the city’s older neighborhoods.

“For more than 30 years, Connie Daugherty and the other owners of the Mayflower have provided a welcoming and dependable place to live for native Nashvillians and those moving here to pursue their dreams. They have only raised the rent when property taxes or other expenses have gone up, and the Pathway Housing Fund is honored to be the next stewards of the Mayflower Apartments helping protect long-term affordability and support housing stability for the residents,” said Pathway Housing Fund president Matt Wiltshire. “We will make enhancements to improve the residents’ living experience and sustain the long-term viability of this character-rich property, maintain rents below market rate, and manage the property with no intention to sell in the future.”

The Mayflower will be managed by Stoneway Communities, an entity owned by Pathway Lending, which oversees day-to-day operations of the property. Established in 2026, Stoneway will provide local management, maintain below-market rents, and implement improvements over time to preserve both affordability and quality.

About Pathway Housing Fund

Pathway Housing Fund (PHF), established by Community Development Financial Institution, Pathway Lending, leverages low-cost capital to preserve Naturally Occurring Affordable Housing (NOAH) properties across Tennessee that are at risk of becoming unaffordable due to gentrification. Beginning with an initial investment of $30 million, PHF acquires, renovates and develops rental housing and ensures long-term affordability.  Interested owners can contact Matt Wiltshire at [email protected] or visit PathwayHousing.com to learn more.

About Stoneway Communities

Stoneway Communities is a Nashville-based property management company established in 2026 to manage and preserve Naturally Occurring Affordable Housing (NOAH) properties. The company provides local, mission-driven management with a focus on maintaining below-market rents, improving property conditions, and supporting long-term housing stability in high-demand markets. Stoneway currently preserves 120 multifamily affordable housing units across three properties. Visit StonewayCommunities.org to learn more.