The Tennessee Housing Development Agency (THDA) recently awarded Knoxville’s Community Development Corporation (KCDC) a $500,000 grant to help build 180 housing units in the redevelopment of Austin Homes.
The grant is made possible through THDA’s Tennessee Housing Trust Fund. In the competitive process, THDA received 22 grant applications from Tennessee agencies and housing authorities and awarded eight.
“Our redevelopment team submitted a strong, successful application for this additional funding that will help support 180 new housing units in the Austin Homes community,” KCDC Executive Director and CEO Ben Bentley said. “I thank our team and look forward to opening this new housing to our community.”
The Tennessee Housing Trust Fund grant must be used for affordable rental housing and address the needs of low-income households. The grant will supplement tax credits and debt and will be focused specifically on developing a portion of units at the site designated for occupancy by extremely low-income residents.
“THDA is pleased to help support KCDC’s efforts to revitalize Knoxville’s communities by increasing access to safe and affordable housing,” THDA Executive Director Ralph M. Perrey said. “The redevelopment of Austin Homes will have a wide-ranging positive impact that will be felt for years to come.”
The Austin Homes redevelopment master plan is based on months of dialogue with residents, stakeholders and community members in interviews and public meetings. Knoxville-based Johnson Architecture and Nashville-based Southeast Venture are partnering on the design of the second phase of housing.
Established in 1941, Austin Homes is a nearly 23-acre site located just east of downtown. KCDC is replacing the site’s affordable housing units and adding a mix of housing choices for families and individuals of varied income levels and other appropriate non-residential uses to create a vibrant urban community.
A portion of this project is funded under an agreement with Tennessee Housing Development Agency.