New Affordable Housing Development Opens in Knoxville, Enhancing Community Living Options

KNOXVILLE, TN — New Affordable Housing Opens Near Downtown

Knoxville’s affordable housing landscape welcomed a significant boost on August 29, 2024, with the grand opening of Phase 2 of First Creek at Austin. The ribbon-cutting ceremony, led by the Knoxville Community Development Corporation (KCDC), marked the addition of 180 new units to this mixed-income housing community located on the edge of downtown Knoxville.

What the New Phase Offers

The newly opened phase features a mix of one-, two-, and three-bedroom apartments, catering to a range of family sizes and needs. Rent prices vary based on whether residents qualify for income-based assistance. According to the community’s website, a one-bedroom apartment is priced at $1,300 per month, while a two-bedroom apartment costs $1,560 for those who do not receive assistance. This price includes essential services such as trash collection, parking, and water and sewer charges.

A Growing Community

KCDC Executive Director and CEO Ben Bentley emphasized the broader vision of First Creek at Austin, stating, “First Creek has created a diverse community within walking distance of schools, downtown, the Old City, the soon-to-open new multi-use stadium, and other nearby amenities and opportunities. A true sense of community is being established in a vibrant, connected urban area.”

Funding and Construction Details

The construction of Phase 2 was primarily funded through $19.6 million in low-income housing tax credits provided by the Tennessee Housing Development Agency. These credits incentivize investment in affordable rental housing, offering a tax break against federal income tax liability each year for a period of ten years.

History of Development

First Creek at Austin initially opened Phase 1 in 2022, which included 105 units. The first phase consisted of 55 apartments in one multifamily building and another 50 distributed across six smaller structures. KCDC laid the groundwork for the third phase on August 1, 2024, which aims to bring 161 new housing units to the community—50 of which will be dedicated to supportive housing for seniors aged 62 and older.

The Vision for the Future

The planning for this transformation began back in 2019 when KCDC collaborated with community members to create a master plan to develop around 430 units spread over three phases. First Creek at Austin is built on the former site of the Austin Homes, a public housing development established in 1941.

Additional Affordable Housing Projects

First Creek at Austin is not the only affordable housing initiative underway in Knoxville. Several projects are currently in the works, substantially funded through the Affordable Housing Fund, which represents a 10-year, $50 million commitment aimed at increasing the amount of affordable housing in the community. This is a significant step towards addressing the ongoing housing affordability crisis that affects many families and individuals in the area.

How to Apply

Individuals interested in becoming part of the First Creek community can apply through Firstcreekliving.com, where more specifics about the available units and application procedures are outlined.

The commitment to creating more accessible and affordable living spaces in Knoxville is clear, and with each new phase like First Creek at Austin, the community moves closer to ensuring that everyone has a place to call home.

Author: HERE Knoxville