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An ordinance requiring the Metro Division of Housing to establish a public dashboard on how the city is addressing the issue of housing affordability in Nashville and Davidson County.
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WHEREAS, housing stability is considered a social determinant of health that affects a wide range of quality of life outcomes and risks; and
WHEREAS, housing costs that are more than a household can reasonably afford lead to housing insecurity and instability and a negative impact on people's health, well-being, and quality of life; and
WHEREAS, according to the U.S. Census, 49% percent of renters and 23% of homeowners in Nashville spent more than 30% of their incomes on housing costs in 2021 and are considered cost burdened; and
WHEREAS, the costs of housing in Nashville are growing significantly more than incomes; and
WHEREAS, the average asking monthly rents in Nashville increased 123% and the typical mortgage payment increased 126% from July 2012 to July 2022; and
WHEREAS, the median household income of renters increased by 71% and the median income of homeowners increased 45% from 2011 to 2021; and
WHEREAS, according to the U.S Census, the Median Household Income for Davidson County for all households is $65,348, which is approximately 68% of the Area Median Income (AMI) for all households in the 10-county Metro area; and
WHEREAS, the gap analysis in the 2021 Affordable Housing Task Force Report estimates that 44,772 units of rental housing and 7,726 units of owner housing are needed for households with incomes at or below 80% AMI by 2023 to meet growth and affordability projections; and
WHEREAS, an estimated 2,000 persons are experiencing homelessness in Metro Nashville at any given time, and the Affordable Housing Task Force Report estimates the need for 2,399 units of Permanent Supportive Housing within 5 years; and
WHEREAS, the Task Force recommended that Metro maintain an inventory system that tracks all subsidized affordable units funded, when uni...
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