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An ordinance authorizing the Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County to negotiate and accept payments in lieu of ad valorem taxes from its lessees operating mixed-income multifamily housing facilities including housing for low and moderate-income persons and approving the program for determining qualifications and eligibility for such payments.
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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 ("AHTF") Report (June 8, 2021) projected that 44,772 rental units for households with incomes at or below 80% of the area median income ("AMI") are needed to meet the current demand and future growth over the next ten years; and
WHEREAS, the current production level utilizing existing resources and tools would yield approximately 13,000 units over the next years; and
WHEREAS, the Metropolitan Government currently has a successful payment in lieu of ad valorem tax program ("MDHA PILOT Program") operated by the Metropolitan Development and Housing Agency ("MDHA") for MDHA lessees operating Low Income Housing Tax Credit ("LIHTC") properties resulting in a positive impact on the supply of affordable housing in Nashville; and
WHEREAS, MDHA's PILOT Program is limited by state law to properties that have received LIHTC, and the need for affordable housing is much greater than what can be provided by this program alone; and
WHEREAS, the ...
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