The final decision authorizes the Metropolitan Development and Housing Agency (MDHA) to negotiate and enter into a PILOT (Payment In Lieu Of Taxes) Agreement for a 280-unit affordable multi-family housing project at 345 Burning Tree Drive, known as Burning Tree. This project targets individuals and families earning 60% or less of the Area Median Income (AMI) and will operate under the federal Low Income Housing Tax Credit (LIHTC) program. The PILOT Agreement, approved by MDHA and submitted to the Metropolitan Council, is intended to provide tax incentives to encourage affordable housing development. MDHA will take title to the property and lease it to the owner under conditions stipulated in the agreement. The value of the project is estimated at $41,587,634, with a 10-year PILOT term.
This decision supports the development of affordable housing in Davidson County, offering much-needed housing options for individuals and families with limited incomes. The PILOT agreement incentivizes developers to invest in affordable housing, thus addressing housing gaps and promoting equitable access to stable housing.