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An ordinance to amend Section 2.24.250 of the Metropolitan Code of Laws to require the proceeds of the sale of delinquent tax sale properties to be deposited into the Barnes Fund for Affordable Housing.
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WHEREAS, Nashville's economy is growing and expanding, but housing costs continue to be a major barrier to economic progress for many in Nashville; and
WHEREAS, increasing the supply of modestly priced housing supports economic growth and is an important tool in reducing poverty in Davidson County; and
WHEREAS, housing trust funds have been established in over 600 state and local jurisdictions to address the housing needs of the most vulnerable low income populations using dedicated sources of public funds leveraged by private funding sources; and
WHEREAS, Reverend William Barnes worked tirelessly over five decades to improve the lives and housing conditions of Davidson County residents of limited means; and
WHEREAS, in 2013, BL2013-487 established the William Barnes Fund for Affordable Housing (Barnes Fund) as a housing trust fund for Metropolitan Nashville and Davidson County to target households earning less than 80% of the HUD area median family income to help address critical housing needs; and
WHEREAS, the Barnes Fund has helped fund the construction or rehabilitation of 2800 units of affordable housing since its inception, and 330 of these homes have been designated for home ownership allowing families to begin to build generational wealth; and
WHEREAS, Tennessee Code Annotated ? 67-5-2501 et seq. allows the Metropolitan Government to acquire delinquent tax-sale properties to be used by the Metropolitan Government; and
WHEREAS, Tennessee Code Annotated ? 7-3-314(e) further authorizes the Metropolitan Government to convey these properties to nonprofit organizations for the purposes of building affordable housing; and
WHEREAS, however, sometimes parcels acquired through this process cannot be used by any departments of the metropolitan governme...
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