As more people and businesses move to Nashville, Metro Council members Fabian Bedne (District 31) and Colby Sledge (District 17) are looking to provide more funding to Nashville's affordable housing trust fund, also known as the Barnes Fund.
The proposal would require an equal contribution to the Barnes Fund "upon the annual appropriation of an economic and community development incentive grant to a qualified company."
In other words, for any tax break given to a company, Metro would have to give the same amount to the Barnes Fund.
The bill says contributing to the Barnes Fund addresses the "negative consequences" of companies moving to Nashville.
"Nashville has experienced exceptional growth and development in recent years," the bill reads, "and while this growth has provided new jobs and opportunities, including record unemployment rates, it has also contributed to a lack of affordable housing for long-term residents."
Named after affordable housing advocate Rev Bill Barnes, the Barnes Fund was created in 2013 during Karl Dean's tenure as mayor. According to Metro Government's website, the Barnes fund has invested more than $27 million in affordable housing and development since it was created.
Bedne and Sledge's bill is scheduled for consideration at Thursday's Metro Council meeting. To read the full proposal, click here.