HELP MAKE HOUSING AFFORDABLE FOR TEACHERS
Making your properties affordable for teachers isn’t just a great thing to do, it comes along with some benefits.
The Housing Incentives Pilot Program (HIPP) is designed to motivate private developers to incorporate affordable and workforce units 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.
WHAT ARE THE INCENTIVES?
Under the program, developers wishing to take advantage of the incentive program would need to provide affordable or workforce housing at a rate that is equal to or less than 30% of an individual or family’s household income. For example, utilizing the 2015 figures, the maximum monthly rental for a family of four making 60% of MHI, or $35,882 would be $897. For a family of four at the workforce level making $71,764, or 120% of MHI, the maximum rent would be $1,794.
Developers who meet these terms can apply for a grant to cover the difference between the price of market-rate housing and the price of the affordable or workforce housing units. For example, a developer who has market-rate apartments at $1,500 a month and offers comparable below-market housing units for $1,200 would get a grant for the difference of $300 per unit. For new construction the total grant will not exceed the cap of 50% of the increase in property tax value. The program also allows for existing residential units to be converted with the total grant not exceeding the cap of 20% of the property tax value.
Professional property managers, developers, and realtors may submit their agency for consideration for inclusion on the Nashville Teacher Housing lists page using this form. Independent parties offering personal properties at special rates or preference for teachers may share their available properties on the Nashville Teacher Housing Facebook Forum.