housing programs in nashville · 2018-07-18 · housing definitions area median income $74,900...
TRANSCRIPT
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
Morgan Mansa, Research Advisor
Tennessee Housing Development Agency