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A resolution expressing support to the Tennessee General Assembly for House Bill 0468/Senate Bill 1050 which would provide increased revenue options for creating and preserving affordable housing in Nashville.
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WHEREAS, the Nashville-Davidson/Murfreesboro/Franklin Metropolitan Statistical Area ("MSA") continues to face an affordable housing crisis, with a deficit of more than 46,000 affordable and available rental units for households at or below 50 percent of Area Median Income, as reported by the National Low Income Housing Coalition; and
WHEREAS, 29 percent of all households in the aforementioned MSA are considered cost-burdened, meaning they pay more than 30 percent of their income for housing, according to the Harvard Joint Center for Housing Studies; and
WHEREAS, 48 percent of all renter households in the aforementioned MSA are considered cost-burdened, and 24 percent of all renter households in the aforementioned MSA are considered severely cost-burdened, meaning they pay more than 50 percent of their income for housing; and
WHEREAS, home prices in Davidson County have increased 56 percent from 2018 to 2022, to a median home price of $450,000, according to the 2022 Vital Signs report from the Nashville Area Chamber of Commerce; and
WHEREAS, area wage growth has lagged during that same time, having only increased 24 percent; and
WHEREAS, the Metropolitan Government has allocated more than $87 million in one-time federal funds from the American Rescue Plan Act ("ARPA") to affordable housing, according to the 2023 Recovery Plan report from the U.S. Treasury on State and Local Federal Relief Funds; and
WHEREAS, the ARPA funds must be allocated by the end of 2024 and spent by the end of 2026; and
WHEREAS, replacement of the ARPA funds for ongoing support of affordable housing production and preservation at similar levels will require additional revenue sources; and
WHEREAS, the Metropolitan Council has previously supported the use of 1 perce...
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