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File #: BL2022-1163    Name:
Type: Bill (Ordinance) Status: Second Reading
File created: 3/8/2022 In control: Metropolitan Council
On agenda: 8/15/2023 Final action:
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
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.

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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...

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