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An ordinance amending Chapter 2.213 of the Metropolitan Code to create a mechanism for the implementation of the Inclusionary Housing Incentive program.
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WHEREAS, the Metropolitan Government of Nashville and Davidson County undertook an Inclusionary Housing Feasibility and Market Study (the Study) in 2016; and
WHEREAS, the Study found that there has been cost appreciation and housing turnover in central areas of the city; and
WHEREAS, the Study found that 46% of renters in the city are cost-burdened; and
WHEREAS, cost appreciation in central areas can lead to the displacement of cost-burdened households and gentrification; and
WHEREAS, much of the housing affordable to 80% Average Medium Income (AMI) is outside of the central areas, with poor access to jobs, transit, and services; and
WHEREAS, affordable and workforce housing is a primary concern of the citizens of Nashville and Davidson County, as it continues to be a major barrier to economic progress for many in Nashville; and
WHEREAS, increasing the supply of affordable and workforce housing supports economic growth and is a vital tool in reducing poverty in Davidson County; and
WHEREAS, Ordinance No. BL2021-832 amends various sections of the Metropolitan Zoning Code to, at the voluntary election of a developer ("Participating Developer"), incentivize inclusionary housing within multifamily residential developments, which includes an ability for a developer to obtain a height bonus for providing affordable or workforce rental housing while at the same time ensuring the developer/landlord receives market rate rents through an appropriation from the Metropolitan Government using all or a portion of the estimated new tax revenue (the "New Tax Revenue") generated by the bonus height; and
WHEREAS, Tenn. Code Ann. ? 5-9-113 authorizes the county legislative body of any county with a metropolitan form government and a population not less than five hundred thousand (500,000), according to the 2010 federal...
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