Memphis Health, Education, and Housing Facility Board
Property tax freeze for new or rehabilitated affordable housing units
To be eligible for a PILOT, the value of the building renovations, site improvements or new construction must be equal to or greater than 50% of the property acquisition cost. 20% of the Applicant?s units must be occupied by individuals whose income is 50% or less of the median gross income or 40% or more of the units must be occupied by individuals whose income is 60% or less of the median gross income. The project's primary use must be affordable multi-family residential within the limits of the City of Memphis containing a minimum of 24 units. The total project cost for new construction must be at least $1,000,000; and for acquisition/ rehabilitation projects must be at least $750,000. Priority is given to development projects located in Target Areas, as defined by the City, at the time of the application.
Created to encourage new construction and substantial rehabilitation of affordable multi-family housing.
Bonds for the building and rehabilitation of affordable housing
Project must consist of the acquisition of land or the acquisition, rehabilitation, construction or improvement of affordable housing, typically multifamily residential units. Either at least 20% of the units in the Project must be rented to individuals whose income is 50% or less of the Median Gross Income for Memphis, or at least 40% of the units in the Project must be rented to individuals whose income is 60% or less of the Median Gross Income. Except for those Units rented to the elderly or handicapped, units must be rented either to tenants earning less than 150% of the Median Gross Income, or at a rental rate less than 30% of 150% of the Median Gross Income for Memphis.
Created to encourage new construction and substantial rehabilitation of affordable multi-family housing.