Knoxville took a major step forward in addressing housing affordability last night, as the city council passed an ordinance that will triple the city’s dedicated affordable housing funding—adding $10 million in new guaranteed annual funding if voters approve the local sales tax referendum this November. For years, the City of Knoxville has committed $5 million annually toward affordable housing initiatives, and has often exceeded that amount. The new ordinance ensures a stronger, long-term investment to make Knoxville a more affordable city. “High housing costs are literally breaking families apart,” said Sue Stephens, North Knoxville, when advocating for affordable housing at city council last night. “We all know that homelessness is a housing problem. Ten additional million dollars a year in the city’s affordable housing fund will offer a way towards home ownership for all Knoxvillians. Home is a place where we rest, feed our families, heal, shelter from extreme weather, and play. Homes make it possible for families to thrive which in turn makes our community a thriving community.” What This Means for Knoxville Families With the new funding, Knoxville expects to develop 1,000 new affordable homes as part of the Five-Year Neighborhood Investment Plan, including:
Permanent Supportive Housing for homeless veterans, families, and individuals experiencing chronic homelessness. Affordable housing for low-income seniors, helping them remain in their homes and communities. Gap financing for approximately 325 Naturally Occurring Affordable Housing (NOAH) units—preserving existing affordable homes. “Last dollar” financing to help developers build at least 500 new affordable homes across the city. This initiative builds on the city’s track record of exceeding its affordable housing goals and represents a clear investment in Knoxville’s future—one that depends on voter support for the sales tax referendum during early voting and on Election Day, November 4. |
