63-unit senior affordable housing planned in up to $15 million project in Chattanooga – Chattanooga Times Free Press

Affordable housing for seniors appears headed to the Brainerd area as 63 apartments are planned for a vacant 3-acre tract.

The project, estimated at $12 million to $15 million, would go on North Moore Road across from Brainerd High School, according to Donna Williams, a consultant on the proposal.

Greater Tucker Missionary Baptist Church is seeking a rezoning of the adjacent parcel from the Chattanooga-Hamilton County Regional Planning Commission when the panel meets Monday.

Williams said a developer, Pennrose Development of Philadelphia, is working with a community development corporation that was formed for the 63,000-square-foot project.

She said the church has a passion for the senior population.

“It will bring their vision to fruition,” Williams said in a phone interview. “They’re aware of the dire need for affordable housing in the community.”

The facility, which will be three stories high, is aimed at people at least 55 years old and earning below 60% of the area medium income, or making less than $30,000 annually, she said. Rents are expected to range from $600 to $700 monthly, but could go lower depending on a person’s income, Williams said.

The proposal originally called for 79 units, according to a site plan submitted to the Regional Planning Agency. But Williams said the number was revised downward based on a city density requirement.

The location, which will hold mostly one-bedroom units, also will feature a variety of amenities and parking, Williams said.

The development group is hoping to garner low-income tax credits from the Tennessee Housing Development Agency and other support to finance the project, she said.

Work on the new housing could start in 2023 with completion in 2024, Williams said. She said Pennrose was a partner in the Villages at Alton Park. That 275-unit affordable family rental community features one-, two-, three-, and four-bedroom apartments.

In 2021, a city panel gave preliminary approval for issuance of up to $35 million in multifamily revenue bonds to finance an affordable housing project called The Reserve at Mountain Pass, also in Alton Park.

Williams said the existing economy has priced out housing for some seniors. She said some landlords who’ve held properties for many years have sold the units, oftentimes to out-of-town buyers, who’ve invested in the sites and later raised rents.

“It hurts a lot of renters. It’s especially sad for seniors,” Williams said.

She said Greater Tucker Missionary has been looking for the right project to go on the vacant North Moore Road parcel.

“They feel it’s their responsibility,” Williams said. “We must produce housing people can afford. It’s just that simple.”

Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318. Follow him on Twitter @MikePareTFP.