City of Knoxville, TN
08/29/2024 | News release | Distributed by Public on 08/30/2024 09:44
Officials Celebrate Opening of New Affordable Housing
Knoxville's Community Development Corporation (KCDC), along with business and community leaders, stakeholders and residents, officially cut the ribbon Aug. 29 on the second phase of First Creek at Austin, part of the city's first mixed-income, affordable housing community.
Located just east of downtown, Phase 2 provides 180 one- to three-bedroom units near the city's urban center with a fitness center, outdoor green space and indoor community spaces.
The first phase opened in 2022 with 105 total units - 57 in one multifamily building and 48 spread across eight smaller townhome-style buildings. The diverse housing styles allow residents to choose from various floor plans and amenities to suit their needs and also lends a neighborhood vibe to First Creek at Austin.
"First Creek at Austin has created a diverse community within walking distance of schools, downtown and the Old City, the soon-to-open new multi-use stadium and other nearby amenities and opportunities," KCDC Executive Director and CEO Ben Bentley said. "A true sense of community is being established in a vibrant, connected urban area."
The City of Knoxville has invested a total of $14.1 million in sitewide infrastructure support, including utilities, sidewalks and new roads. A signalized crosswalk with flashing lights opened in 2023 for schoolchildren who live at First Creek at Austin to safely travel across Summit Hill Drive to Green Magnet Academy as a result of a partnership with KCDC and Bike Walk Knoxville.
"This neighborhood is truly an example of beautiful, accessible urban living," Knoxville Mayor Indya Kincannon said. "The City is committed to investing in the construction of affordable housing across Knoxville, and now, with the opening of 180 new units, First Creek at Austin will welcome even more residents to benefit from entertainment, dining, retail, recreation and job opportunities."
First Creek at Austin is built on the site of the former Austin Homes, which was established in 1941 on nearly 23 acres. The redevelopment of the site followed months of dialogue with residents, stakeholders and community members in interviews and public meetings and included options for overall site use, street layouts, residential building types and open spaces.
Amenities include upscale finishes, fitness center, resident lounge, pet spa, playground and Wi-Fi in common areas, among others. Additional plans for the site include an early childhood and health center, community space and resident gardens, a park, and greenway with direct access to the new multi-use stadium opening in 2025. The park and greenway are part of Reconnecting Knoxville, a comprehensive plan expected to start later this year to reconnect communities historically impacted by urban renewal.
First Creek at Austin Phase 2 construction funds came primarily through $19.6 million of low-income housing tax credits from the Tennessee Housing Development Agency (THDA), which allow KCDC to raise tax credit equity to fund development. Awarded through a competitive process, the Low-Income Housing Tax Credit (LIHTC) is a credit against federal income tax liability each year for 10 years for owners and investors in low-income rental housing.
Architecture for Phase 2 is provided by Johnson Architecture and Southeast Venture; Partners Development is owner representative; and Pinnacle Financial Partners is equity partner and mortgage lender.
KCDC officially broke ground Aug. 1 for Phase 3, which will provide approximately 161 new housing units, including 50 supportive housing units for low-income seniors, age 62 and older. The family units will be located in large, multi-family buildings and townhomes and will offer one-, two-, three- and four-bedroom options.
For property and leasing information about First Creek at Austin, visit firstcreekliving.com.
Located just east of downtown, Phase 2 provides 180 one- to three-bedroom units near the city's urban center with a fitness center, outdoor green space and indoor community spaces.
The first phase opened in 2022 with 105 total units - 57 in one multifamily building and 48 spread across eight smaller townhome-style buildings. The diverse housing styles allow residents to choose from various floor plans and amenities to suit their needs and also lends a neighborhood vibe to First Creek at Austin.
"First Creek at Austin has created a diverse community within walking distance of schools, downtown and the Old City, the soon-to-open new multi-use stadium and other nearby amenities and opportunities," KCDC Executive Director and CEO Ben Bentley said. "A true sense of community is being established in a vibrant, connected urban area."
The City of Knoxville has invested a total of $14.1 million in sitewide infrastructure support, including utilities, sidewalks and new roads. A signalized crosswalk with flashing lights opened in 2023 for schoolchildren who live at First Creek at Austin to safely travel across Summit Hill Drive to Green Magnet Academy as a result of a partnership with KCDC and Bike Walk Knoxville.
"This neighborhood is truly an example of beautiful, accessible urban living," Knoxville Mayor Indya Kincannon said. "The City is committed to investing in the construction of affordable housing across Knoxville, and now, with the opening of 180 new units, First Creek at Austin will welcome even more residents to benefit from entertainment, dining, retail, recreation and job opportunities."
First Creek at Austin is built on the site of the former Austin Homes, which was established in 1941 on nearly 23 acres. The redevelopment of the site followed months of dialogue with residents, stakeholders and community members in interviews and public meetings and included options for overall site use, street layouts, residential building types and open spaces.
Amenities include upscale finishes, fitness center, resident lounge, pet spa, playground and Wi-Fi in common areas, among others. Additional plans for the site include an early childhood and health center, community space and resident gardens, a park, and greenway with direct access to the new multi-use stadium opening in 2025. The park and greenway are part of Reconnecting Knoxville, a comprehensive plan expected to start later this year to reconnect communities historically impacted by urban renewal.
First Creek at Austin Phase 2 construction funds came primarily through $19.6 million of low-income housing tax credits from the Tennessee Housing Development Agency (THDA), which allow KCDC to raise tax credit equity to fund development. Awarded through a competitive process, the Low-Income Housing Tax Credit (LIHTC) is a credit against federal income tax liability each year for 10 years for owners and investors in low-income rental housing.
Architecture for Phase 2 is provided by Johnson Architecture and Southeast Venture; Partners Development is owner representative; and Pinnacle Financial Partners is equity partner and mortgage lender.
KCDC officially broke ground Aug. 1 for Phase 3, which will provide approximately 161 new housing units, including 50 supportive housing units for low-income seniors, age 62 and older. The family units will be located in large, multi-family buildings and townhomes and will offer one-, two-, three- and four-bedroom options.
For property and leasing information about First Creek at Austin, visit firstcreekliving.com.