housing programs in nashville · 2018-07-18 · housing definitions area median income $74,900...

Adriane HarrisOffice of Mayor David Briley

Morgan MansaTennessee Housing Development Agency

HOUSING PROGRAMS IN NASHVILLE

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.

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.

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

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

BARNES HOUSING TRUST FUND

NEW CONSTRUCTION RENTAL

NEW CONSTRUCTION HOMEOWNERSHIP

REHAB RENTAL

HOMEOWNER REHAB OPERATION COSTS

BARNES HOUSING TRUST FUND

Funding

Donate Properties

20-Year Affordability

ELIGIBLE APPLICANTS

NONPROFIT DEVELOPERS

NONPROFIT & PRIVATE

DEVELOPER PARTNERSHIPS

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

NONPROFIT CAPACITY BUILDING

• Empower local nonprofits; Increase production

• Self-Assessment

• Individualized Technical Assistance

• Phase 1: Center for Nonprofit Management

• Phase 2: National Development Council

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

INCLUSIONARY HOUSING ORDINANCE+HOUSING INCENTIVES PILOT PROGRAM

Mixed-Income Housing

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

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

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

•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

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Transit and Affordability Taskforce Recommendations

THANK YOU!

Adriane Harris, Director, Mayor’s Office of Housing

Office of Mayor David Briley

adriane.harris@nashville.gov

Morgan Mansa, Research Advisor

Tennessee Housing Development Agency

mmansa@thda.org