This resolution approves a PILOT (Payment in Lieu of Taxes) agreement for a multi-family housing project located at 3720 Clarksville Pike, known as North River. The development will consist of approximately 241 units, restricted to individuals and families earning 60% or less of the AMI, and will be facilitated by MDHA to provide affordable housing under the LIHTC program. The project has been approved to be exempt from ad valorem taxes, and the owner will make annual PILOT payments to the Metropolitan Government.
The North River project aims to provide much-needed affordable housing in the Nashville area, supporting individuals and families earning below 60% of the Area Median Income. The PILOT agreement helps make this possible by reducing property tax burdens, furthering the city’s goal of increasing affordable housing options.