- Associated Press - Thursday, April 13, 2017

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.


For more information: https://hipp.nashville.gov

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide