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Elmington pitches 323‑unit affordable development; East Bank staff expect PILOT application by Jan. 27
Summary
Elmington and East Bank staff briefed the board on a proposed 323‑unit East Bank Flats with a 99‑year affordability commitment and a PILOT request to support Low‑Income Housing Tax Credit financing; staff said a formal application could come to the board at its Jan. 27 meeting.
East Bank Development Authority members heard an informational presentation on a proposed Elmington affordable housing project that would seek a PILOT (payment in lieu of taxes) to make Low‑Income Housing Tax Credit (LIHTC) financing feasible.
Anna Grider, speaking for East Bank staff, introduced the authority’s PILOT role and said an application has not yet been filed. Ben Brewer of Elmington described the proposed East Bank Flats as a 323‑unit multifamily property that would include a daycare (about 8,000 square feet), 12,000 square feet of retail and a 99‑year affordability commitment. Brewer provided an AMI breakdown: 80 units at 30% AMI, 136 units at 60% AMI and 107 units at 80% AMI.
Why it matters: Elmington said a PILOT is essential in Tennessee to avoid what the presenter described as double taxation of both tax credits and real estate tax assessments; the PILOT is presented as the standard financial tool to bridge the gap created by long‑term restricted rents and rising construction costs.
Data and timing requests: Board members asked for a Metro‑wide breakdown of existing affordable units by AMI bands and occupancy rates to better understand need and whether the city should prioritize deeper affordability or workforce housing mixes. Matt Loftus of Metro Planning (formerly of MDHA) told the board that since 2016 the LIHTC pilot program has yielded more than 11,000 units in Davidson County and roughly 57–58 approved pilots.
Next steps: Elmington indicated it aims to submit a formal PILOT application in time for the East Bank board meeting on Jan. 27; East Bank and Metro staff will review the application and then the matter would proceed to Metro Council for readings. Board members requested copies of recently approved PILOT agreements for context and said staff would follow up with the requested data.
