Approximately two dozen first-time homebuyers ranging in age from 19 to 78 have purchased a house thanks to a program run by Chattanooga Neighborhood Enterprise. The organization hopes to add to that tally with additional funding from the city.
“I think this is one way to help people stabilize and build wealth,” Chattanooga Neighborhood Enterprise President and CEO Martina Guilfoil said in a phone call.
This week, Chattanooga leaders distributed more than $2.45 million in extra federal pandemic funds to several local organizations. Those allotments included $500,000 that will sustain Chattanooga Neighborhood Enterprise’s down payment assistance program. This is on top of $1 million the group received from the city two years ago. The initiative is designed to help low- to middle-income families buy homes.
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The 28 households Chattanooga Neighborhood Enterprise has assisted through the program have an average income of $42,000. Guilfoil said about 70% of the buyers are African American. She estimates the extra $500,000 from the city will help between six and 10 more households.