Thursday, February 23, 2017 02:00 PM

CITY COUNCIL APPROVES USE OF FEDERAL FUNDS FOR AFFORDABLE HOUSING

City Council approved a plan to give more than half a million dollars in federal funds toward the creation of 16 affordable housing units in neighborhoods across Chattanooga.

Projects approved in this first round of funding this year are in Districts 7, 8 and 9 and will create housing for 16 low-income households. For a family of four, thats an income of $36,720 or less.

The projects will be inAlton Park, Avondale, Ridgedale and Oak Grove neighborhoods.

The funds from the United States Department of Housing and Urban Development are designated under the Home program, which generates affordable housing for low-income Chattanoogans.

City Council approved a resolution authorizing the Department of Economic and Community Development to administer the Home funds for an amount not to exceed $635,000. The city fundsin the form of grants from HUDare provided only as gap financing that the developer does not have available from other sources, and the funding is limited to half the construction or renovation costs per unit.

Every year, ECD accepts applications, reviews developers' plans and approves projects to receive Homefunding tocreate more affordable housing for low-income Chattanoogans.

Of the 16 units receiving Home funds, Chattanooga Neighborhood Enterprise, which builds homes and revitalizes neighborhoods in historically underserved ...

News source: Nooga.com

See also: Carol Berz