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VOL. 40 | NO. 7 | Friday, February 12, 2016

Nashville plans to donate properties for affordable housing

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NASHVILLE (AP) - On the heels of legislation passed last year authorizing cities to donate land for affordable housing, Nashville is preparing to give away 13 lots.

The Tennessean reports (http://tnne.ws/20QfLvn) officials have developed a plan to divide the parcels among three nonprofits along with about $500,000 in grant money.

Deed restrictions will mandate that the homes are priced at affordable rates for 20 years. The homes can either be for sale or for rent. Target residents are families who earn below 80 percent of the median family income.

The 13 properties to be donated were acquired by the city after their owners failed to pay property taxes.

The Metro Council still has to approve the plan and will consider it in March. Meanwhile, Metro already is looking at other properties to donate.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0