PURPOSE AND MISSION OF THE PILOT PROGRAM
The primary purpose and function of the PILOT program is to foster and perpetuate the development of quality and sustainable affordable multifamily housing in addition to, enriching the quality of life and daily environment for low to moderate-income families and individuals through prioritizing their safety, health and wellness, and overall enjoyment for low to moderate-income families and individuals residing in the City of Memphis.
BENEFITS TO THE DEVELOPERS
Payments-in-lieu of ad valorem taxes for the property shall be based on the assessed value for the current tax year as determined by the Shelby County Assessor at the time that the PILOT is applied. For each year during the term of the PILOT, the Lessee shall timely make annual PILOT Payments, in lieu of paying the City of Memphis and the Shelby County ad valorem property taxes that otherwise would be due and payable with regard to the PILOT property if it were owned by a tax paying entity and subject to such taxation.
Any monetary savings that the PILOT lessee retains while participating in the HEHFB’s PILOT program shall not be retained as a windfall to the Lessee, but such savings shall be utilized to implement certain qualified Tenant Benefits for the tenants of the property through providing availability of access to a variety of approved tangible benefits that the tenants would not otherwise have availability or access to thereby creating a higher-quality daily living environment.
Applications are available online. Please Contact Us for additional information!
Be advised that the Board requires mandatory in-person attendance of a member of the ownership and development group for all Bond and PILOT matters included as an Agenda Item to be considered by the Board at its monthly regular Board meetings. The regular meeting of the Board is typically held at Noon on the first Wednesday of each month at 65 Union Avenue, Suite 1120, Memphis, TN 38103. The Notice of Public Meeting is published on the Board’s website at: www.memphishehf.com and in The Daily News one (1) week prior to each scheduled regular meeting.
Also be advised that any person that wishes to make a public comment at HEHF Board Meetings is required to attend the meeting in-person. In following the practice of City Council and Shelby County Commission, each person giving a public comment will be allotted a maximum of two (2) minutes to speak.
IMPORTANT TO NOTE: The Board approved revisions to the PILOT Policies and Procedures, PILOT Application, Bond Policies and Procedures, and Bond Application on March 5, 2025. Please review these updates very carefully prior to submission. Links to each document are located below:
HEHFB Bond Financings Policies and Procedures