A new luxury housing development for seniors will be financed with tax-exempt bonds and owned by a non-profit organization.
But the proposed $40 million WholeLife Traditions community to be built next to the Red Bank Elementary School on Mountain Creek Road will still pay property taxes as if it were a private development, developers told a city bond board Wednesday.
Stan Brading, a former Miller & Martin attorney in Atlanta who heads the Samaritan Housing Foundation Inc., said his group will own the 104 cottages targeted for seniors. As a nonprofit owner, Samaritan can take advantage of cheaper tax-exempt financing and ensure that any profits are put back into the complex for tenants.
The Chattanooga Health, Housing and Educational Facilities Board on Wednesday endorsed the project.