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Invest Chattanooga lands major partner for affordable housing fund

Staff file photo by Matt Hamilton / On Dec. 4, 2024, construction continues on an apartment complex at the intersection of Main Street and Central Avenue. The addition of thousands of rental units, like this building, in Chattanooga since 2020 has started to relieve pressure on the rental market, city officials say.
Staff file photo by Matt Hamilton / On Dec. 4, 2024, construction continues on an apartment complex at the intersection of Main Street and Central Avenue. The addition of thousands of rental units, like this building, in Chattanooga since 2020 has started to relieve pressure on the rental market, city officials say.

By Raymon Troncoso 5 min read

Chattanooga’s housing production fund has hooked its first big fish.

Invest Chattanooga, the semigovernmental organization overseeing $20 million in public funds for affordable housing investments, announced Monday it will team up with asset management firm American South Capital Partners to deliver mixed-income multifamily units across the city.

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Matt Bedsole, CEO and president of Invest Chattanooga, said the partnership wouldn’t result in a single, fixed investment to the housing fund, but a commitment from the firm to act as a second early investor on a project-by-project basis.

“Our goal when we work together is to coinvest at a roughly 50/50 level,” he said by email. “The partnership allows Invest Chattanooga’s $20 million fund to more than double its impact … with the potential for (American South) to invest even more depending on the size and needs of a given project.”