A Resolution extending the Housing Incentive Pilot Program in accordance with Section 2.213.100 of the Metropolitan Code.
WHEREAS, Ordinance No. BL2016-342, as amended, which is codified as Chapter 2.213 of the Metropolitan Code, approved an affordable/workforce housing incentive program known as the Housing Incentive Pilot Program (HIPP); and
WHEREAS, the HIPP legislation enables the Metropolitan Government to make incentive grants to qualified developers to assist with the development of new affordable and/or workforce housing in Nashville; and
WHEREAS, under the HIPP legislation, the amount of the incentive grant is not to exceed 50% of the difference between the annual post-development and pre-development real property ad valorem tax assessment for the calendar year for which the incentive grant is applicable for new construction, and up to a maximum of 20% of the total tax assessment for the calendar year for the conversion of market units to affordable; and
WHEREAS, Section 2.213.100 of the Metropolitan Code provided that HIPP would expire on December 31, 2019 (“sunset date”), unless extended by resolution; and
WHEREAS, Resolution RS2019-141 extended HIPP for 90 days beginning on December 20, 2019; and
WHEREAS, examination of the participant data has shown that this program is providing housing opportunities for income qualified individuals along major transit corridors with access to employment and thereby achieving its goals and demonstrating that it is in the best interests of the residents of Metropolitan Nashville and Davidson County that HIPP sunset date be extended for a period of three years until March 31, 2023.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. Chapter 2.213 of the Metropolitan Code is hereby extended until March 31, 2023.
Section 2. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Referred toAffordable Housing Committee
IntroducedMarch 17, 2020
AdoptedMarch 17, 2020
ApprovedMarch 18, 2020
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Last Modified: 03/24/2020 1:20 PM