Need a quick primer on how the city-county’s chief economic development agency subsidizes apartments many Memphians won’t be able to afford? Here are some takeaways.
Related: New tax-subsidized apartments fail to address acute shortage of affordable housing.
- Developers of seven new apartment projects will pay 25% of their property tax bills for up to 15 years.
- In return, developers had to set aside 20% of their units – 273 out of nearly 1,300 – to rent to “low and moderate-income renters” at reduced rates.
- Despite reduced rents, Memphians who earn $15 an hour or less (that’s half of all Black workers) won’t be able to afford the new apartments.
- The new apartment complexes are being built in Midtown and East Memphis, not low-income neighborhoods where they’re needed most.
- EDGE officials don’t consider affordability when deciding whether to give tax breaks to residential developers
This story is brought to you by MLK50: Justice Through Journalism, a nonprofit newsroom focused on poverty, power and policy in Memphis. Support independent journalism by making a tax-deductible donation today. MLK50 is also supported by these generous donors.