Knoxville to open 2 affordable housing apartment complexes for low-income renters - WVLT

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KNOXVILLE, Tenn. (WVLT) - As home and rental prices rise, the City of Knoxville is about to add two more affordable housing complexes, with one set to serve more than 30 formerly homeless veterans.

The first of the two complexes, Liberty Place, broke ground last week and represents a $15 million investment from the city. Liberty Place will house 32 military veterans who previously had nowhere to call home.

Those 32 single-bedroom units will come fully furnished, be provided with utilities and include a partnership with the U.S. Department of Veterans Affairs to offer services to the residents.

“We are investing more in affordable housing more than any previous administration,” Mayor Indya Kincannon said. “Addressing these issues requires a multi-faceted approach, and while we know there is still a lot of work to be done, each project does make a difference. We are committed to continuing that progress.”

The second complex is nearing completion and is scheduled to open on Sept. 7. It’s called Inskip Flats, located on E Inskip Drive, and will hold 66 two-bedroom and three-bedroom units.

Pricing at Inskip Flats hovers around $900 for two-bedroom units and $1,200 for three-bedroom units. That’s about $700 less than Zillow’s average two-bedroom price in Knoxville and $1,000 less than Zillow’s average three-bedroom price.

Pricing can also fluctuate based on income, according to Knox County representative Paige Travis.

Director of Knoxville’s Housing and Neighborhood Development department said that the addition of more affordable housing from the city could help ease the housing market across the board.

“Increasing Knoxville’s affordable housing stock is just one piece of a puzzle that also includes housing stability, homelessness prevention and other tools and programs that keep residents in their homes,” he said.

Travis added that some units will be reserved for people making 80% or less of the area median income, with more reserved for people making less than 60%.

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Knoxville to open 2 affordable housing apartment complexes for low-income renters - WVLT
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