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A resolution amending Exhibit A of Ordinance No. BL2022-1170 to adjust the Mixed Income PILOT Program.
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WHEREAS, increasing demand for affordable rental housing and tight rental market conditions continues to exist in the Metropolitan Government of Nashville and Davidson County ("Metropolitan Government" or "Nashville") area; and
WHEREAS, housing affordability is a primary concern of the citizens of Nashville, as it continues to be a major barrier to economic progress for many individuals in Nashville; and
WHEREAS, increasing the supply of housing for low and moderate-income persons supports economic growth and is an important tool in reducing poverty in Nashville; and
WHEREAS, the Affordable Housing Task Force Report published on June 8, 2021 recommended the creation and expansion of tools and resources to address the City's housing affordability challenges, including the creation of a payment-in-lieu of taxes ("PILOT") to support non-low income housing tax credit developments to fund long-term housing options in partnership with nonprofit and private developers; and
WHEREAS, mixed-income housing in market rate developments creates affordability options that may not otherwise exist and, therefore, increases the supply of housing for low and moderate-income persons; and
WHEREAS, the Health and Educational Facilities Board ("HEFB") was created pursuant of Chapter 101 of Title 48 of the Tennessee Code Annotated (the "Act") with a public purpose, among other things to provide for safe and sanitary low- and moderate-income multi-family housing facilities; and
WHEREAS, Tennessee Code Annotated ? 48-101-312 provides that the HEFB performs a public function on behalf of the Metropolitan Government and is a public instrumentality of the Metropolitan Government and, therefore, exempt from taxation in the state of Tennessee; and
WHEREAS, the Act allows the Metropolitan Government to delegate to the HEFB the authority to negotiate and accept payments-in-lieu of...
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