Invest Chattanooga, in partnership with the City of Chattanooga, today released a Request for Information (RFI) inviting developers, property owners and prospective purchasers to share potential mixed-income multifamily opportunities — whether new construction or acquisitions — that include long-term affordable housing commitments.
Officials said, "The RFI is designed to identify projects that could benefit from a mission-aligned partnership with Invest Chattanooga, where public financing tools are provided in exchange for a commitment to keep a portion of units affordable.
By inviting ideas from developers and property owners, Invest Chattanooga aims to understand what’s in the pipeline and explore ways to support projects that deliver both quality housing and lasting affordability."
“We’re asking the development community to bring us ideas and opportunities that might not otherwise move forward,” said Matt Bedsole, CEO and President of Invest Chattanooga. “This RFI is about learning what’s possible and exploring where our tools can make a meaningful difference in delivering high-quality housing that remains affordable over the long term.”
Officials said, "These tools include below-market senior debt, low-cost construction financing, common equity, below-market mezzanine debt, property tax relief and access to project-based rental assistance. Together, they can help advance projects while ensuring meaningful affordability for Chattanooga residents."
Potential opportunities include:
• New construction projects in pre-development or permit-ready stages that are exploring financing solutions prior to breaking ground.
• Acquisition opportunities for well-maintained Class A or B multifamily properties that could incorporate long-term affordability with light or moderate renovations.
“It’s important to fund affordable housing initiatives so Chattanooga’s growth works for everyone,” said Mayor Tim Kelly. “By working together, we can create projects that not only deliver great mixed-income housing but also leave a positive mark on the city for decades to come. Now is the time for creative, committed partners to join us in shaping Chattanooga’s housing future.”
Responses will be accepted on a rolling basis.