Mayor Megan Barry has put forward the Housing Incentives Pilot Program (HIPP) that is designed to motivate private developers to incorporate workforce units (60-120% MHI) into their apartment, condo, or housing developments. This voluntary program would encourage more mixed-income housing, primarily in the urban core and along major pikes and transportation corridors where it is needed the most. The goal is to provide housing options for working families in Nashville that would be offered at rates that do not exceed 30% of their household income. Rental or mortgages prices that exceed 30% of an individual or household's income are determined to result in them being "cost-burdened," which can lead to difficult choices in paying for basic necessities such as food, utilities, or transportation.
Additional details of HIPP can be found in the right sidebar, or at the bottom if on mobile, in the press release, draft ordinance, and a chart outlining Median Household Income levels for Davidson County residents, along with the associated maximum rental prices before a household becomes cost-burdened. An amendment has been proposed and added to this page, as has a grant agreement template.
Interested applicants can review the Policies and Procedures for a better understanding of the program, and review the Application Process information.
Housing Incentives Pilot Program Application (Applications for existing unit conversion are now open)
For more information about the Housing Incentives Program, please contact Adriane Harris.