This resolution approves a PILOT (Payment in Lieu of Taxes) Agreement for the redevelopment of Whispering Oaks, a 482-unit multi-family housing project located at 100 Tanglewood Court. The agreement facilitates a tax abatement program for the project, which targets residents earning 60% or less of the Area Median Income (AMI). The Metropolitan Development and Housing Agency (MDHA) will take ownership of the site and lease it to TWG Development, LLC, under conditions ensuring the property's compliance with LIHTC standards. The redevelopment includes substantial structural, electrical, plumbing, and cosmetic upgrades, along with energy-efficient improvements.
This project addresses Nashville's affordable housing crisis by providing 482 LIHTC-compliant housing units. It supports economic stability for low-income residents while ensuring long-term affordability.