CHA Board Approves Land Lease At Cromwell Hills For New Affordable Housing Project

Friday, January 10, 2014

The board of the Chattanooga Housing Authority on Friday at a special called meeting approved a long-term ground lease of 21 acres at Cromwell Hills for a private affordable housing project.

Mike Sabin, development manager, said Pennrose Properties was the only firm to submit a proposal.

He said the tentative price that is still being negotiated is $400,000.

Mr. Sabin said there was an earlier appraisal of the property on Cromwell Road of $157,000, though he said that may be on the low side.

Elizabeth McCright, CHA executive director, said the move supports the agency's mission of providing affordable housing, though it will not be involved in the new housing.

Mr. Sabin said it is believed that all the infrastructure is in place at the site.

Rents are expected to be in the $500-$600 range with a number of Section 8 vouchers involved.

The firm plans to apply for tax credits.

Real Estate Transfers For Oct. 13-19

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

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