KNOXVILLE, Tenn. — A new 80-unit affordable housing complex is opening in East Knoxville. It's part of the four-phase revitalization of the Five Points community.
Community leaders broke ground on this phase of the project in May 2018. The new 28-building, 80-unit complex includes one, two, and three-bedroom units. A playground, open green space and a computer room is also in available for residents.
Construction cost was about $12.5 million, funded primarily through low-income housing tax credits from the Tennessee Housing Development Agency.
The Five Points Revitalization Project has been in the works for more than a decade, starting in 2009. The goal for Knoxville's Community Development Corporation was to make this community in East Knoxville more vibrant, walkable and affordable. The city is supporting this overhaul of public housing by committing $8 million dollars over the years toward the project.
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“It has added a lot of value to the neighborhood around here because of the enhancements,” said Knoxville Mayor Madeline Rogero. “The infrastructure. It's the sidewalks, the streetscapes. It's a beautiful enhancement to the whole community.”
The Five Points Project is just one of the many efforts that the city has made when it comes to affordable housing under the current administration.
Affordable housing is steadily increasing. The city has invested more than $236 million into affordable housing within the last seven years.
Under Mayor Madeline Rogero's time in office, a release from the city states that has created more than 4,500 units. Just last week, The Flats at Pond Gap broke ground, adding 102 units in the mix. It's just one of six projects underway this year.
Many would argue these projects are necessary to combat homelessness in our community.
“We have seen an uptick in terms of just the total number of folks experiencing homelessness or near homelessness,” said Bruce Spangler with Volunteer Ministry Center. “I don't know if we're able to identify them better than a few years ago but in essence, we're talking about poverty.”
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The ribbon cutting ceremony for Five Points 3 begins Thursday, Sept. 26 at 10:30 a.m. at 381 McConnell St. in East Knoxville.