The City of Chattanooga is partnering with the Chattanooga Land Bank Authority to donate seven vacant City-owned properties to develop new affordable homeownership and rental housing.
Officials said, "Under Mayor Tim Kelly’s leadership, the Chattanooga Land Bank Authority has been reconstituted to allow qualifying, city-owned land to be put back into productive use for affordable housing."
“We are committed to using every tool available to us to fight the national affordable housing crisis, and this donation of city-owned land for affordable housing developments is an important step,” said Mayor Kelly.
“This will build on our historic zoning reform, modernized affordable housing Payment In Lieu Of Taxes (PILOT) policy, and our upcoming affordable housing investment fund. With the support of our partners in the philanthropic and development communities, Chattanooga can lead the country in the fight for affordable housing.”
The First Step: The Chattanooga Land Bank Authority has released seven properties to be developed for affordable housing. The Land Bank will continue to release properties periodically through an open Request for Proposals process (RFP). Developers are invited to submit creative, community-focused proposals that meet affordability standards. Projects must be affordable to renters earning up to 80 percent of the area median income (about $56,000 for a two-person household) or first-time homebuyers earning up to 100 percent area median income (around $70,000). Affordability periods will be enforced for at least 10 years for rentals. Home prices must be capped at $200,000 and must remain affordable for 15 years. Submissions will be evaluated based on development experience, project feasibility, and design.
Key Dates:
• RFP Opens: Nov. 3
• Pre-Submission Workshop: Nov. 13
• Application Deadline: Jan. 15, 2025
To participate, developers must register with the City of Chattanooga and meet the eligibility requirements. Visit the City’s
Supplier Portal to register and review the RFPs on the City’s
open solicitations page.
Officials said, "The city has identified 50 additional sites for future affordable housing development through the Land Bank, and is working to clear titles and overcome barriers to development for future transfers. For more information about the Chattanooga Land Bank Authority, visit the Chattanooga Land Bank Authority
website.
"Land Banks are public agencies designed to acquire, manage and repurpose vacant and underutilized properties. Land Banks have unique powers under state law that enable them to remove legal and regulatory barriers, clear cloudy titles, and collaborate with partners to meet local housing goals."