Chattanooga Mayor Ron Littlefield on Thursday announced $1 million in loans for a program to revitalize aging Chattanooga neighborhoods, in a new partnership with Chattanooga Neighborhood Enterprise.
The re:NOVATE program, funded by the city's share of federal community development block grants, will offer renovation loans to low-income homeowners effective immediately.
"There are many homeowners in Chattanooga who are working hard, but need an extra hand in affording their necessary home improvements," Littlefield said in a statement released Thursday.
In addition to construction financing, CNE will also help Chattanooga residents find low-cost contractors for repairs, said David Johnson, president and CEO of the organization.
"Many homeowners aren't able to find traditional loans necessary to make home repairs," Johnson said.
Though the program has income restrictions, the goal is to eventually boost housing values across the city.
"CNE fills that gap, providing affordable financing to eligible homeowners in order to make the improvements they need," Johnson said.