The City of Chattanooga and Chattanooga Neighborhood Enterprise announced Thursday that they have $1,000,000 in loans available to assist Chattanooga area homeowners with home improvements or repairs. The program, called re:NOVATE, has been funded by Federal Community Development Block Grants and the loans are available immediately to qualified homeowners.
Mayor Ron Littlefield said, “re:NOVATE is extremely exciting because we have an opportunity to help so many people. There are many homeowners in Chattanooga who are working hard, but need an extra hand in affording their necessary home improvements. CNE can help lower-income residents make the home repairs they need at a below market rate.”
Through the re:NOVATE campaign, CNE provides affordable financing, construction expertise and contractor connections to provide homeowners the ability to make home repairs or improvements. In order to qualify, homeowners must live in the City of Chattanooga; the home must be their primary residence; and applicants are subject to income limitations.
“As the economy continues to be very challenging for all of us, this initiative is extremely important and the timing is critical,” said David Johnson, president and CEO of CNE. “Many homeowners aren’t able to find traditional loans necessary to make home repairs. CNE fills that gap, providing affordable financing to eligible homeowners in order to make the improvements they need.”
Home improvement assistance is a valuable tool for neighborhood revitalization in the Chattanooga area. Affordable home improvement micro-loans give homeowners the ability to make home repairs and ensure the residence will continue to appreciate in value, which in turn benefits the surrounding neighborhood.
CNE strives to build and sustain livable neighborhoods by promoting and preserving homeownership, making affordable loans, working in partnership with like-missioned organizations and encouraging neighborhood engagement and revitalization. For more information about CNE or the re:NOVATE Home Improvement Assistance Program visit www.cneinc.org.