KNOXVILLE, Tenn. — Mayor of Knoxville, Indya Kincannon, says affordable housing is a top priority for her administration. This is why affordable housing development is happening throughout the city.
"This was housing that is really needed for people in our service industry, for teachers and bus drivers and plumbers and tradespeople, and the people who are the heart and soul of our community," said Kincannon.
On Thursday, Knoxville's newest affordable housing community held a ribbon cutting in celebration of opening soon.
"Affordable housing is a critical issue facing many communities across the country is a problem that affects individuals, families and entire communities, and one that we must address to build a better, more equitable future," said Jake Varner, CEO of Southeast Capital, which built Inskip Flats.
Varner, a Knoxville native, says the mission of his company is to help build affordable housing.
"We had shifted from being a longtime construction company to focusing on affordable housing," said Varner. "And so this is our third complex to date that we've completed and it's just such a rewarding feeling."
Knoxville, like many other cities across the United States, is having a housing crisis.
"It's because so many people want to live here that the supply of housing is not keeping up with demand," said Kincannon. "So we have to add to our inventory, particularly for affordable housing and Inskip Flats is one example of that. The city of Knoxville is doubling down on our existing tools, which [are] bridge financing and some other programs."
Another affordable housing community, Central Terrace, is being constructed in North Knoxville.
"We have another 112 units that we broke ground on several months back that they're starting framing on right now that we're hopeful about this time next year, we'll be open to another 112 families," said Varner.
Mayor Kincannon is hopeful that eventually there will be enough housing to meet the demand.
"I do think that we are in the process of meeting those needs," said Kincannon. "It's going to, we're going to catch up. I don't know when exactly, it'll take a couple of years, but I think it is happening. I appreciate the support of all the many partners of the state of Tennessee THDA has been helpful. The banking industry that is financing this with help from the city and all the construction and crews are out there doing the work."
All 66 units at Inskip Flats are pre-leased, which means as soon as the certificates of occupancy are issued, there will be families moving into every unit.