Pennrose and the Chattanooga Housing Authority (CHA) celebrated the redevelopment groundbreaking ceremony for Cromwell Hills and Emerald Villages in Chattanooga, TN. The comprehensive initiative will repair and upgrade 200 units at the Cromwell Hills apartment complex and redevelop 111 scattered-site units into the new Emerald Villages.
Planned improvements for the site include the replacement of siding and upgrades to kitchens and appliances, baths, flooring, HVAC system, electrical service, plumbing and insulation. The site will also receive additional parking, new paving and repairs to the community space. In addition, all residents will have access to supportive services through CHA, such as health programs and self-sufficiency training.
Financing for both projects comes from a combination of LIHTC Equity from RBC, City funds of either CDBG for Cromwell and AHF for Emerald, State or Federal Housing Trust Funds from THDA, Housing Authority Acquisition loan, permanent loan from SunTrust/Fannie Mae and a construction loan from SunTrust for Cromwell and Bank OZK for Emerald.
