A resolution supporting Downtown housing opportunities.

Whereas, the interest in downtown housing options continues to increase in the Metropolitan Government and is considered to be an integral component of the overall revitalization and continued stimulation of the center city economy, and

Whereas, the Metropolitan Government recognizes that in order for the downtown core to fulfill its potential as a truly vibrant urban neighborhood, combining affordable and market rate initiatives for rental and homeownership opportunities that provide a housing option continuum needs to be offered to those choosing to live downtown, and

Whereas, the Nashville Consolidated Plan calls for an increase in the supply of housing affordable for all incomes in the interest of promoting the well-being of families and children as well as the economic social health of the region; and

Whereas, the Nashville Downtown Partnership recognizes that an economically thriving downtown is the foundation for a healthy city, county and region and that a strong residential base in the downtown core is the primary catalyst for economic vitality, and

Whereas, the stakeholders present at the Nashville Downtown Partnership Residential Summit have established a goal of doubling the number of downtown core residential units developed by public and private entities from 1,100 to 2,200 within the next five years by providing a mix of affordable and market rate housing options; and,

Whereas, the Metropolitan Planning Commission and other Departments throughout Metropolitan Government realize the importance of clarifying and communicating the permitting, zoning, and codes requirements for residential development in downtown; and,

Whereas, the Metropolitan Government promotes healthy, stable, mixed income, racially integrated neighborhoods through policies and programs that address fundamental needs for a variety of housing and economic opportunities.

NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

SECTION 1. In order to make downtown a true neighborhood of choice with a sustainable economic environment, the Metropolitan County Council hereby goes on record as believing that there should be a diversity of housing opportunities that include (a) adaptive reuse and rehabilitation of older buildings for residential purposes, (b) promotion of new infill construction sensitive to the urban fabric and streetscape of the surrounding architecture, (c) provision of market rate as well as low-moderate rate rental units including the development of mixed-income properties, and (d) promotion of opportunities for ownership for both affordable and market rate developments.

SECTION 2. To ensure that these goals are met in terms of quantity and quality, financial participation on the part of Metro Government and/or MDHA may be an important element in encouraging private developers into the downtown housing arena. Financial participation may include not only direct funding, but also related policy and development incentives. These funds will be leveraged with other public funding sources, such as the Metropolitan Development Housing Agency, Federal Low-Income Housing Tax Credits, Federal Historic Preservation Tax Incentives, and additional private financial resources, including but not limited to local financial institutions, Fannie Mae, Freddie Mac, the Federal Home Loan Bank System, national foundations, and financial intermediaries.

SECTION 3. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored By: Ludye Wallace

LEGISLATIVE HISTORY
Referred to:	Personnel & Housing Committee
Introduced:	June 18, 2002
Adopted:	June 18, 2002
Approved:	June 21, 2002
By: