This resolution approves the authorization of the Metropolitan Development and Housing Agency to negotiate and enter into a PILOT agreement with ECG Trinity Flats, LP, for the development of 184 multi-family housing units at 869 W Trinity Lane. The project is part of a larger 26-acre development and will focus on affordable housing for individuals and families earning 60% or less of the Area Median Income. The agreement provides tax abatements to incentivize the construction of affordable housing, with an initial payment of $25,300 in lieu of property taxes.
The project addresses the need for affordable housing in Nashville, providing 184 units for low-income individuals and families. The PILOT agreement incentivizes this development, contributing to the city's efforts to increase affordable housing options.