In a partnership between the City and Chattanooga Land Bank Authority — an agency designed to acquire, manage, and repurpose vacant and underutilized properties — seven city-owned plots of land will be donated to build more affordable units for homeowners + renters.
Before we dive deeper, let’s develop the margins of what folks would need to make annually to qualify for these units.
- Renters | Earning up to 80% of the area median income ($56,000 for a two-person household)
- First-time homebuyers | Earning up to 100% of the area median income (around $70,000)
For rentals, the affordability period will be enforced for at least 10 years + homes must be made affordable for at least 15 years (and capped at $200,000). The lots that will be developed sit at:
- 2602 Koblentz Cir.
- 2508 Taylor St.
- 3809 Alton Park Blvd.
- 3816 + 3817 West Ave.
- 901 W. 39th St.
- 4520 Oakland Ave.
Calling all local developers — the Request for Proposals process is open now through Wednesday, Jan. 15. Those interested are asked to submit community-focused proposals that will be selected based on development experience, project feasibility + design.
Pro tip: Save these important dates, including a pre-submission workshop on Wednesday, Nov. 13.
Looking for more options? The city has identified 50 more sites through the Land Bank that could be developed + is working to clear titles for future use.
