housing programs in nashville · 2018-07-18 · housing definitions area median income $74,900...
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Adriane HarrisOffice of Mayor David Briley
Morgan MansaTennessee Housing Development Agency
HOUSING PROGRAMS IN NASHVILLE
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MAYOR’S OFFICE OF HOUSING
BUILD FUND PRESERVE RETAIN
Since September 2015, Metro has committed to over $70M toward housing affordability, creating and preserving over 2,000 affordable
and workforce housing units.
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HOUSING DEFINITIONS
Area Median Income
$74,900
Affordable Housing
(0-60% of AMI)
$0-$50K
Workforce Housing
(60%-120% MHI)
Housing is considered affordable for a particular family or individual if it costs equal or less than 30% of their income.
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Barnes Housing Trust Fund
Teacher Housing
Inclusionary Housing Ordinance/Housing
Incentives Pilot Program
Pay In-Lieu of Taxes PILOT for LIHTC
Federally Funded Programs
Nonprofit Capacity Building
Public Land for Public Benefit
NASHVILLE’S HOUSING TOOLKIT
General Obligation Bonds
Community Land Trust
Tax Relief / Freeze Programs
Tax Abatement
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MAYOR’S OFFICE OF HOUSING + PROGRESS
• The Barnes Housing Trust Fund: $500K $35M
• Donated 50+ Metro-Owned Properties
• Creating Nashville’s first Community Land Trust
• Passed Inclusionary Housing Ordinance (BL2016-133)
• Created the Housing Incentives Pilot Program (BL2016-342)
• Prioritized Public Land for Public Benefit
• Created Incentive Fund to House Veterans Experiencing Homelessness
• Created a Teacher Housing Initiative
• Published the Housing Nashville report providing affordable housing supply/demand gaps and housing indicators
• Accepted into Housing, Hazards, & Health NLC cohort
• Convened a Transit & Affordability Taskforce
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BARNES HOUSING TRUST FUND
NEW CONSTRUCTION RENTAL
NEW CONSTRUCTION HOMEOWNERSHIP
REHAB RENTAL
HOMEOWNER REHAB OPERATION COSTS
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BARNES HOUSING TRUST FUND
Funding
Donate Properties
20-Year Affordability
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ELIGIBLE APPLICANTS
NONPROFIT DEVELOPERS
NONPROFIT & PRIVATE
DEVELOPER PARTNERSHIPS
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Barnes Highlights
• Invested in the development and preservation of more than 1,300 units
• Leveraged more than $127M
• Donated 50+ properties
• Financially supported more than 15 local nonprofits
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NONPROFIT CAPACITY BUILDING
• Empower local nonprofits; Increase production
• Self-Assessment
• Individualized Technical Assistance
• Phase 1: Center for Nonprofit Management
• Phase 2: National Development Council
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COMMUNITY LAND TRUST
• Partner with The Housing Fund
• Technical Assistance from Grounded Solutions Network
• Donating Metro Property
• Funding New Staff Positions
• Funding Construction
• Developing Advisory Committee
• Community Engagement
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INCLUSIONARY HOUSING ORDINANCE+HOUSING INCENTIVES PILOT PROGRAM
Mixed-Income Housing
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HIPP PROGRAM OVERVIEW
Incentivized Inclusionary Housing Ordinance (IHO)
BL2016-133
State Preemption
(Spring 2018)
Funding Commitment from Metro to Private Developers
($2M)
Housing Incentives Pilot Program (HIPP)
BL2016-342
Location of Units: Urban Core; Employment Centers /
Services; High Capacity Corridors
Existing Residential Developments Provision
(Voluntary Program)
Mixed-Income Housing
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Rent Subsidy Payments
Third – Party Administrator
Unit That’s Typically
$1500/Mo
Receives Subsidy of $600/Mo
Tenant Only Pays
$900/Mo
*Rent - $1,500/mo. (average of three most comparable)
* Total of rent subsidy payments capped at 50% of incremental real property taxes (20% for existing buildings)
HIPP – HOW IT WORKSHIPP.NASHVILLE.GOV
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New Construction
Existing Property Taxes: $20,000
Estimated Property Taxes (after construction): $100,000
$100,000
-$20,000
$80,000 $80,000 *50% = $40,000
Maximum HIPP Payment=$40,000 annually
Conversion
Existing Property Taxes: $100,000
$100,000 *20%= $20,000
Maximum HIPP Payment: $20,000 annually
MAXIMUM PAYMENT CALCULATION
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•Community Outreach and Engagement •Engagement strategy for each high-capacity transit corridor
•Transit-Oriented Development Guidance•Fixed targets and annual scorecard
•Funding •Explore dedicated sources of funding
18
Transit and Affordability Taskforce Recommendations
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THANK YOU!
Adriane Harris, Director, Mayor’s Office of Housing
Office of Mayor David Briley
Morgan Mansa, Research Advisor
Tennessee Housing Development Agency