KNOXVILLE, Tenn. — The city of Knoxville will discuss an option for affordable rental housing relief in Tuesday's City Council meeting.
The council will be considering funding two housing projects. These projects will be located in North and West Knoxville and would be for low-income households.
Developers Central Terrace, LLC will handle the housing project located at 4502 Fennel Road. Here, 69 affordable rental units are expected to be planned.
While at 7823 Gleason Road in West Knoxville, Developers Gleason Partners LP plan to build 17 units.
Possible funding for both housing projects would come from the city's Affordable Rental Development Fund.
According to the Council's meeting agenda, this was requested by the Housing and Neighborhoods Development Department.
City Council Member Charles Thomas of the 5th District told WBIR in a statement, "Although the current zoning of the site does allow the new apartment units as proposed by the developer, we have been working with the developer to ensure that all applicable codes and guidelines are followed in its design and construction."
Thomas' district is where one of the buildings is set to be built.
He said the council will also work on landscaping and traffic control to ease any effect on the surrounding community.
This housing resolution is coming at a time when leaders say there is not enough housing at affordable prices for many families.
According to the Knoxville Area Association of Realtors, the city's most recent occupancy rate is around 98%. This rate is among the highest in the country and an all-time high in East Tennessee. At the moment, rent is up almost 20% from last year.
In response to the city's housing challenges, Knoxville Mayor Indya Kincannon told WBIR in a statement that affordable housing is a top priority for the city.
"I am proud to support these projects and others," Mayor Kincannon said. "They will add to a growing list of new high-quality affordable homes for well over 1,500 Knoxville residents that have opened or are currently under construction thanks to City support in the last 3 years.”
Right now there are five under-construction affordable housing developments that have received funds from the city. Meanwhile, one is on the way and 11 have been completed.