NASHVILLE, Tenn. (AP) – Nashville Mayor Megan Barry has announced a program intended to help provide housing for working people of various incomes.
Barry’s office says the Housing Incentive Pilot Program would incentivize developers to provide affordable or workforce housing at 30 percent or less of an individual or family income.
Developers can qualify for grants to cover the difference between the market price and the price of the affordable or workforce housing units.
New construction grants cannot exceed 50 percent of the increase in property tax value. Grants to convert existing residential units can’t exceed 20 percent of the property tax value.
Metro Council has approved $500,000 for the program for the remainder of this budget year.
Barry has proposed $2 million in the budget to keep the program going through next year.