CHA Plans To Sell 2 Properties For $12.2 Million

Thursday, February 21, 2019

The Chattanooga Housing Authority is planning to sell two of its properties for $12.2 million.

It plans to sell the buildings located at the four Chattanooga Housing Authority-Emerald Villages, LLC properties for $4,125,000.

It is also set to sell the buildings located at Cromwell Hills Apartments to Cromwell Development I, LLC for $8,100,000.

The transactions are to be discussed at a CHA board meeting on Tuesday at 12:30 p.m.

Officials said, "The CHA plans to renovate four scattered site developments that are currently public housing using 4% Low Income Housing Tax Credits offered by the TN Housing Development Agency.  The project is known as Emerald Villages and consists of 111 units.  Whenever the CHA enters into a LIHTC project, it must transfer ownership of the buildings to the Limited Liability Corporation associated with the LIHTC deal.  The CHA has met with the Emerald Villages residents several times over the past two years to discuss moves related to renovations.  The deal will close optimally in August 2019.  Generally, the contractor phases the renovations, resulting in a certain number of residents moving off-site and then transferring residents who remain on-site into fully renovated units upon completion.  This project is the first Rental Assistance Demonstration project that the CHA has undertaken. Post-renovation, the units will no longer be low income public housing units; instead they will be subsidized by HUD's Project-Based Rental Assistance, a type of voucher subsidy.

"Similarly, the CHA plans to renovate 200 units at Cromwell using 4% LIHTC offered by THDA.  We hope to close in May 2019.  We will move 70 residents off site from two identified cul-de-sacs and then move those residents who remain on-site into the fully renovated units.  These units will be supported by Project-Based Vouchers post-conversion.  

"The CHA offers individual counseling to every family involved in the renovation projects.  The families may elect to move into other low income public housing units, may choose to receive a Housing Choice Voucher or may choose to move into properties in which the CHA has project-based vouchers (e.g. Chestnut Flats currently under construction near Finley Stadium has 87 project-based vouchers associated with the development.)"



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