Without additional action, Chattanooga could see a shortfall of 7,000 affordable housing units by 2030.
“That means 7,000 working families, teachers, police officers, firefighters — our folks in the hospitality industry, too — who will simply not be able to live in the city of Chattanooga,” Mayor Tim Kelly said in a presentation to the Chattanooga City Council, citing a recent market analysis. “And that is flatly unacceptable.”
Kelly and his team unveiled a 100-page affordable housing plan Tuesday the administration hopes will act as a North Star for the city as it attempts to increase the number of affordable rental homes, expand access to homeownership, preserve existing units and boost public-private partnerships.
The plan, developed over the past six months, is the city’s first-ever housing action plan, Kelly’s office said. It’s designed to guide policies and investments over the next five years.
“Housing development in Chattanooga has not kept pace with its population and economic growth, leading to a new and growing housing affordability problem,” Chief Housing Officer Nicole Heyman told the panel. “Rents are rising much faster than incomes.”