Chattanooga’s affordable housing production fund is set to deliver its first project since being established in 2022.
Invest Chattanooga, a semigovernmental body overseeing $20 million in public funds to finance the upfront costs of constructing affordable rental properties, has partnered with the Greater Tucker Baptist Missionary Church and Chattanooga Neighborhood Enterprise to build a mixed-income, mixed-age community on church property: 53 one- and two-story cottage homes.
“We saw a partner in the church that knew what they had to do, and had struggled to do it, but was still a fantastic faith-based housing operator,” Matt Bedsole, Invest CEO, said.
The project is estimated to cost around $10 million to complete, and the fund plans to contribute between $1-2 million on the back end.