Groundbreaking Ceremony Marks Beginning of Newport Commons Affordable Housing Complex in Tennessee

The Tennessee Housing Development Agency (THDA) announced the groundbreaking of the Newport Commons affordable housing complex in Newport, Tennessee, on Thursday, August 21. The project, awarded $892,488 from the THDA's HOME Rental Development program in January 2024, will provide six one-bedroom apartment units for residents making at or below 80 percent of the Area Median Income for Cocke County. The development aims to increase the supply of affordable rental housing in Tennessee through the federally funded HOME Investments and partnerships program administered by the U.S. Department of Housing and Urban Development's (HUD).

Key Takeaways:

• The Newport Commons affordable housing complex is a result of a $892,488 award from the Tennessee Housing Development Agency's (THDA) HOME Rental Development program in January 2024.
• The complex will provide six one-bedroom apartment units for residents making at or below 80 percent of the Area Median Income for Cocke County.
• The project aims to increase the supply of affordable rental housing in Tennessee through the HOME Investments and partnerships program administered by HUD.
• The complex will serve working families and seniors with safe, modern, and energy-efficient apartments.
• The Tennessee Community Assistance Corporation (TCAC) developed the project with the goal of helping renters transition into sustainable homeownership through education, financial coaching, and access to affordable homeownership opportunities.
• The THDA's Executive Director, Ralph Perrey, recognized TCAC for developing an invaluable resource that addresses the housing shortage in Tennessee.
• The complex will be managed by TCAC, with the objective of providing access to safe and affordable housing essential for building strong, thriving communities.

Statistics:

• $892,488: The amount awarded to the Newport Commons project from the THDA's HOME Rental Development program.
• 80 percent: The income level for eligible residents, calculated as a percentage of Cocke County's Area Median Income.
• 2024: The year in which the THDA awarded the funding for the project.
• 6: The number of one-bedroom apartment units to be constructed in the Newport Commons complex.
• 11: The maximum number of units that the HOME Rental Development program supports.

Sources:

• Tennessee Housing Development Agency (THDA)
• U.S. Department of Housing and Urban Development's (HUD) HOME Investments and partnerships program
• Tennessee Community Assistance Corporation (TCAC)