Knoxville to Fund over $50 Million for Affordable Housing over the Next Decade

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The city of Knoxville plans to fund over $50 million for affordable housing over the next decade, according to legislation proposed by the mayor. The Affordable Housing Fund, as promulgated by Mayor Indya Kincannon, will commit a minimum of $5 million annually for the next decade to develop affordable housing.

The Knoxville City Council is considering the legislation that would make Kincannon’s goal possible. The legislation would create a trust fund account called the “Knoxville affordable housing fund.” If passed, the new fund will take effect immediately.

The legislation background declared that 1 in 3 Knoxville households pay too much for housing costs, which have reportedly increased over the years. It also stated that this affordable housing would revive the neighborhoods.

“Addressing these affordable housing concerns is a priority that supports not only the needs of local families, but also our community’s efforts to revitalize neighborhoods that have experienced historical disinvestment, attract new business investment, and support workforce development, recruitment, and retention,” stated the legislation.

Knoxville Communications Director Kristin Farley clarified that $50 million was the baseline. The city may invest more into the fund. This year, Farley shared that an additional $8.2 million would be invested on top of the annual $5 million.

Kincannon’s 2020-21 budget appropriated $7.5 million initially for affordable housing, and continued the investment of $2.5 million for an affordable rent fund. The mayor identified affordable housing expansion as a top priority for her administration.

“High-quality and affordable housing is critical infrastructure for a diverse, thriving community and a healthy economy,” said Kincannon in a press release last month. “Creating this fund signals a firm, long-term commitment, which partners and advocates have asked for. We agree.”

An ongoing list of the completed, current, and planned affordable housing projects is available on the city’s website.

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Corinne Murdock is a reporter at The Tennessee Star and the Star News Network. Follow her latest on Twitter, or email tips to [email protected].
Photo “Knoxville Skyline” by Nathan C. Fortner. CC BY-SA 3.0.

 

 

 

 

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5 Thoughts to “Knoxville to Fund over $50 Million for Affordable Housing over the Next Decade”

  1. 83ragtop50

    “Affordable” for only those who are feeding at the government trough. Unaffordable for those of us who actually earn a living and pay taxes. Instant slums for the most part.

    I realize some folks actually hit a rough spot and need a hand to get back on track but permanent welfare and “affordable” housing is a trap not a solution.

  2. Kevin

    This will fit perfectly with the new taxpayer funded stadium and high end apartments that Republican Randy Boyd just got approval for. Displace the people living in the area where the stadium and apartments are to go. Fill the new studio apartments with “woke” Gen-Zers, and get the City to spend more taxpayer money to create “affordable housing” for all the DP’s.

    It’s the blueprint for how to ruin a city, and to put BIG bucks in “developers” pockets! Some things just never change!

    It’s like “yeasty Hari Kari”? What? You know, some yeast gets in with some grapes stored in a container. The yeast has a good old time, multiplying and doing what yeast does, make alcohol. Everything is going great until all of the grapes have been consumed, and the alcohol level rises to a point where it kills the yeast. But don’t worry, in the case of our real life scenario, developers just move on to a new bottle!

  3. We have seen this way too many times before! Knoxville will become/is another “Great Society” Housing Project to house democrat Leisurely Poor Democrat Voter block, aka another Chicago! .Another Center of Socialist Center of Culture of crime!

  4. Ms Independent

    We all know what affordable housing really means.

    1. Chris

      It will hopefully mean some seriously contested City Council elections next year.

      There is a big difference between announcing these initiatives and getting them passed and funded.

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