Incentivizing development on institutionally owned land could help boost the city’s affordable housing supply.
A new report from the Urban Institute outlines the potential partnerships the city of Nashville could leverage to build more affordable housing.
Report authors Peter A. Tatian, Karolina Ramos, and Gabe Samuels highlight their findings, writing that “promoting and facilitating housing development on land belonging to institutional landowners” could help the city promote more housing development on land owned by institutions such as schools, healthcare facilities, and faith-based groups. “We also analyzed housing development opportunities under both current and alternate zonings, as well as the transit-adjacency of developable parcels (legally distinct pieces of land),” the authors add.
Among the report’s key findings, “Across 1,027 colleges and universities, faith-based institutions, and health care institutions in Metro Nashville, up to 5,539 units could be constructed on 986 parcels under current land availability and zoning laws.” If parcels in commercial and retail areas were rezoned to accommodate residential use, institution-owned properties could create almost 10,000 new housing units.
“Partnering with local affordable housing developers can help institutions with limited experience in housing or community development to maximize underutilized land without bearing sole responsibility for assembling financing, overseeing construction, and managing properties.”
FULL STORY: https://www.urban.org/research/publication/promoting-affordable-housing-partnerships-nashville
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