City seeks to increase affordable rental housing with $2 million fund

To increase the number of affordable rental units for people and families of modest incomes, the City of Knoxville has established an Affordable Housing Fund of $2 million and will begin accepting applications from developers seeking to construct or redevelop affordable housing units.

 

In her 2017 State of the City address, Mayor Madeline Rogero noted that while rising housing prices are a sign of a rebounding real estate market, related increases in rental prices have out-priced many moderate- to low-income earners.

 

“Knoxville has lost hundreds of affordable units in recent years,” Mayor Rogero said. “Our goal with the fund is to increase the supply and long-term availability of rental housing options for persons with modest incomes by incentivizing the development of quality affordable rental units.”

 

The need for more affordable rental housing has been highlighted as a priority in the Annual Action Plan of the City’s Community Development Department.

 

“Since the mortgage crisis of 2008, more families, particularly those with modest incomes, are in the rental housing market and the increased demand for affordable rental housing has surpassed the supply,” said Becky Wade, Community Development Director. “The new Affordable Housing Fund is intended to incentivize the development of new affordable housing in Knoxville”.

 

Program Guidelines and applications for funding are now available on the City’s website website at http://www.knoxvilletn.gov/cms/One.aspx?portalId=109562&pageId=194770. Requests for paper copies can be made by contacting Housing Manager Janna Cecil at 865-215-3079 or jcecil@knoxvilletn.gov.

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