Chattanooga Neighborhood Enterprise recently broke ground on a new affordable housing development at 621 E. Martin Luther King Blvd. The 24-unit multi-family building in the heart of Downtown Chattanooga will serve those earning between $30,000 and $40,000 per year.
The property was acquired by River City Company in 2016 from the UC Foundation through a grant from the Benwood Foundation. A selection committee and project design review committee including members of the UC Foundation, Benwood Foundation, Chattanooga Design Studio and River City Company reviewed requests for qualifications and closed on the property with Chattanooga Neighborhood Enterprise in late August 2022.
The UC Foundation and the University of Tennessee at Chattanooga provided additional assistance to the project for access, landscaping and construction easements to better accommodate and enhance the development.
“This project expands CNE’s footprint in downtown adding affordable units in an area with escalating rents”, said Martina Guilfoil, President and CEO of Chattanooga Neighborhood Enterprise. “This project will serve the essential workers who help make a thriving downtown and city for all of us. We are fortunate to have committed and supportive partners such as River City, Benwood and the City, who believe in creating affordable housing opportunities and great urban neighborhoods.”
“River City Company is thrilled to support the new development of affordable housing in Downtown Chattanooga,” stated Emily Mack, President & CEO of River City Company. “We strongly believe that there should be a housing type for everyone who wants to live in downtown. Whether you are a CEO, a CARTA bus driver, guest services at a hotel or student, our vision is to create a world-class downtown for all to enjoy - housing is a part of that equation.”
To date, River City Company has invested over $1 Million through property acquisitions, building improvements, and new business signage grants on the Boulevard. The proceeds from the sale of the property are to be reinvested back into the MLK corridor.
“With housing prices skyrocketing during the pandemic and wages not keeping pace, affordable housing has become one of the most urgent, economically critical issues facing our city,” said Chattanooga Mayor Tim Kelly. “It’s going to take partnerships at every level to make accessible, quality housing options available to everyone, and I want to thank the Chattanooga Neighborhood Enterprise for their leadership in adding 24 new units of affordable housing, right in our downtown. This is exactly the kind of community collaboration we need to build a city where everyone has an opportunity to thrive and prosper.”
The development is scheduled to be completed in mid-2024. For more information about Chattanooga Neighborhood Enterprise, please visit: https://www.cneinc.org/