Today, I’m writing over at MLK50.com, whose founder and publisher is Wendi C. Thomas. I hope you’ll join me there.
The article examines how $58 million in tax breaks from EDGE for seven Midtown and East Memphis apartment projects and their 1,300 units do nothing to address Memphis affordable housing crisis in low-income neighborhoods. EDGE requires 20% of apartments to be held for low to moderate income renters, which for a family of four is defined as a $54,300 income.
The article features eye-opening insights from local and national experts on affordable housing.
The second part of the story will be published Friday and examines how political influence gave birth to the tax subsidies to apartment developers.