This program is designed to incentivize mixed-income housing that is affordable to households with incomes at or below either 50% or 75% area median income for the Nashville-Davidson Metropolitan Statistical Area (MSA) in multifamily properties that otherwise would not have any income-restricted units. Based on the percentage of income-restricted units made available, Metro Nashville offers a tiered program whereby a percent of property taxes is abated for a specified number of years.
The amount of property taxes that can be approved for abatement for new projects in a calendar year cannot exceed $3 Million. Applications are submitted to the Metro Housing Division and approved by the Health and Educational Facilities Board (HEFB). The first round opened in July of 2022, and since then, the Health and Educational Facilities Board has preliminarily approved 4 projects and fully approved 1 project which will result in 466 new units in the downtown and surrounding areas.
Program Materials
Mixed Income PILOT Program Details
Application
Round 2 of the Mixed Income PILOT program is open and accepting applications on a rolling basis. Below you can find the materials relevant to the Mixed Income PILOT application.
- Sample Mixed Income Housing PILOT Agreement
- Mixed Income Housing PILOT Affirmative Marketing Plan
- Mixed Income Housing PILOT Application
- Mixed Income Housing PILOT Lease
- Mixed Income Housing PILOT Schedule Template
Contact
For more information or if you have any questions regarding the Mixed Income PILOT program, please contact [email protected].