Metropolitan Nashville and Davidson County, TN - File #: BL2022-1163

• File #: BL2022-1163
• Type: Bill (Ordinance)
• Status: Withdrawn
• File created: 3/8/2022
• In control: Metropolitan Council
• On agenda: 8/15/2023
• Final action: 8/15/2023
• Title: An ordinance amending Chapter 2.213 of the Metropolitan Code to create a funding mechanism to support the implementation of the Inclusionary Housing Incentive program.
• Sponsors: Burkley Allen, Zulfat Suara

Date	Action By	Action
8/15/2023	Metropolitan Council	withdrawn
4/5/2022	Metropolitan Council	deferred indefinitely
4/4/2022	Budget and Finance Committee	deferred indefinitely
4/4/2022	Affordable Housing Committee	deferred indefinitely
4/4/2022	Planning and Zoning Committee	deferred indefinitely
3/15/2022	Metropolitan Council	passed on first reading
3/8/2022	Metropolitan Council	filed

title
An ordinance amending Chapter 2.213 of the Metropolitan Code to create a funding mechanism to support the implementation of the Inclusionary Housing Incentive program.

body
WHEREAS, the Metropolitan Government of Nashville and Davidson County ("Nashville") 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 persons with 80% Average Medium Income 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, 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 Nashville; 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...