A Resolution extending the Housing Incentive Pilot Program in accordance with Section 2.213.100 of the Metropolitan Code.
WHEREAS, Ordinance No. BL2016-342, as amended, which is codified as Chapter 2.213 of the Metropolitan Code, approved an affordable/workforce housing incentive program known as the Housing Incentive Pilot Program (HIPP); and
WHEREAS, the HIPP legislation enables the Metropolitan Government to make incentive grants to qualified developers to assist with the development of new affordable and/or workforce housing in Nashville; and
WHEREAS, under the HIPP legislation, the amount of the incentive grant is not to exceed 50% of the difference between the annual post-development and pre-development real property ad valorem tax assessment for the calendar year for which the incentive grant is applicable for new construction, and up to a maximum of 20% of the total tax assessment for the calendar year for the conversion of market units to affordable; and
WHEREAS, Section 2.213.100 of the Metropolitan Code provides that HIPP will expire and be null and void on December 31, 2019 (“sunset date”) unless extended by resolution of the Metropolitan Council; and
WHEREAS, it is in the best interests of the residents of Metropolitan Nashville and Davidson County that HIPP sunset date be extended for a period of three months to allow the Mayor and Council time to determine whether the program should be continued on a long-term basis.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. Chapter 2.213 of the Metropolitan Code is hereby extended for 90 days from and after the effective date of this Resolution.
Section 2. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Freddie O'Connell, Burkley Allen, Colby Sledge, Bob Mendes, Nancy VanReece
IntroducedDecember 17, 2019
Referred toRules, Confirmations, and Public Elections Committee
AdoptedDecember 17, 2019
ApprovedDecember 20, 2019
Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.
Last Modified: 12/20/2019 4:16 PM