Description
Title: A Resolution authorizing the Metropolitan Development and Housing Agency to negotiate and enter into a PILOT Agreement and accept payments in lieu of ad valorem taxes with respect to a multi-family housing project located at 721 Madison Square known as Madison Station.
Summary
Resolution No. RS2026 authorizes the Metropolitan Development and Housing Agency (MDHA) to negotiate a Payments in Lieu of Ad Valorem Taxes (PILOT) agreement for the Madison Station multi-family housing project at 721 Madison Square. This project aims to construct approximately 211 affordable housing units for individuals and families earning 60% or less of the Area Median Income. The resolution allows MDHA to accept PILOT payments, facilitating the development of low-income housing through federal tax credits. This initiative is vital for addressing Nashville's affordable housing crisis, as it provides financial incentives for constructing and rehabilitating affordable units. The estimated project value is approximately $49.7 million, with an expected positive impact on affordable housing supply in Davidson County while