April 26, 2018

Chattanooga Commits $1 Million to Housing Trust Fund

Last week in his annual State of the City Address, Mayor of Chattanooga Andy Berke announced that he is requesting $1 million in the City’s 2019 budget for an Affordable Housing Trust Fund, which will be used exclusively to aid the creation of affordable and workforce housing in Chattanooga.

Mayor Berke commented that while Chattanooga’s economy is creating new jobs at twice the average national rate, the cost of living is also becoming unaffordable for many of the city’s residents. The Chattanooga Affordable Housing Trust Fund will leverage federal funding sources and incentives, like HOME Investment Partnerships Program and Low-Income Housing Tax Credit, to enable the City, along with private sector and non-profit partners to expand the supply of safe, decent affordable homes in Chattanooga.

Enterprise Advisors and Jobs for the Future partnered with the City of Chattanooga in 2016 to create an integrated affordable housing and workforce development strategy, through the National Resource Network (NRN). The creation of the Chattanooga Housing Trust Fund accomplishes a key recommendation from that work and provides an important platform for the City to achieve its broader affordable and workforce housing goals. This accomplishment demonstrates how technical assistance can empower local communities to tackle complex challenges with creative and effective solutions.

NRN was created by HUD in 2013 with the goal of rethinking to support economic turnaround in struggling cities. NRN partners with cities to help them identify and implement new and practical solutions to economic recovery and growth. In its fiscal year (FY) 2018 appropriations package, Congress approved $3 million in new resources for non-profit and private sector organizations to provide technical assistance to distressed cities and regions.