EDGE Tax Subsidies For Apartment Developers:

The following data are from MLK50.com articles about $58 million in tax breaks to six developers for building 1,300 apartments in Midtown and East Memphis.  The apartments do nothing to address Memphis’ affordable housing crisis which is defined by the need for 38,000 housing units.  Roughly, of the total cost of the apartments, city and county taxpayers’ subsidies average about 25% of each construction budget. 

The MLK50.com articles are:

When EDGE subsidizes pricey apartments, developers win and low-wage renters lose

and

Analysis: Political influence gives birth to tax subsidies for apartment developers

Here are the taxpayer-subsidized ­­­­projects:

  • Link Apartments Broad Avenue – Developers Grubb Property & LPI (former Loeb Properties Inc.)
    Project cost: $69 million
    Tax break: $17.6 million over 15 years
    Units: 350 total; 31 studio, 211 1-BR, 108 2-BR with average monthly rents of $1,400
    Units for “low to moderate income” renters: 70
  • Thrive @ The Park – Developers Makowsky Ringel Greenberg
    Project cost: $22.4 million
    Tax break: $6.3 million over 15 years
    Units: 176 total, 113 1-BR, 63 2-BR
    Rent: $1,050 to $1,200, 1-BR; $1,550 to $1,725, 2-BR
    Units for “low to moderate income” renters: 36
  • Madison @ McLean – Developers Makowsky Ringel Greenberg
    Project cost – $14 million
    Tax break: $3.5 million over 14 years
    Units: 108; 4 studio; 72 1-BR; 32 2-BR
    Rent: $900 studio; $960 to $1,300 1-BR; $1,500 2-BR
    Units for “low to moderate income: renters: 22
  • 1544 Madison – Developers Orgel Family LP, Three Madison Investments, Berlin Boyd, Adam Slovis, Benjamin Orgel, Jay Lindy and Michael McLaughlin
    Project cost: $29.6 million
    Tax break: $8.7 million over 15 years
    Units: 217 total; 170 1-BR; 43 2-BR, and 7 3-BR
    Units for “low to moderate income” renters: 55 
  • Central Lofts – Developer Focal Point Investments LLC
    Project Cost: $20 million
    Tax break: $5.3 million over 15 years
    Units: 127 total; 106 1-BR; 21 2-BR
    Rent: $1,097 to $1,765
    Units for “low to moderate income” renters – 26
  • Poplar Plaza Residential – Developer Finard Properties LLC and Panther Residential Mgmt.
    Project cost: $56.5 million
    Tax break: $14.7 million over 15 years
    Units: 240 total; 62 studio; 91 1-BR; 87 2-BR
    Units for “low to moderate income” renters – 48
  •  University Park Apartments – Developers Water to Wine LLC
    Project cost: $9.2 million
    Tax break: $2.1 million over 11 years
    Units: 80 total; 30 studio; 22 1-BR; 28 2-BR
    Rent: $800 studio; $1,000 1-BR; $1,200 2-BR
    Units for “low to moderate income” renters: 16 

TOTAL: 1,298 Units, 273 units for “low to moderate income” renters
Total cost – $221.1 million; Total tax break for developers: $58 million 

To read more:

When EDGE subsidizes pricey apartments, developers win and low-wage renters lose   
Analysis: Political influence gives birth to tax subsidies for apartment developers