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Financing plan approved for more affordable apartment complexes in Chattanooga

Chattanooga Times Free Press - 11/29/2023

Nov. 28—More than two years after Tennessee's housing agency approved a federal grant to develop more apartments for people with intellectual disabilities in Chattanooga, the proposed housing project took another step forward Tuesday with the final approval by a nonprofit group created to help finance the new apartments.

The AIM Center, which will operate the new housing complex on East Main Street, joined with the Chattanooga Housing Authority in approving $10.7 million of tax-exempt bonds to be issued for the nonprofit Espero GP Corp. The bond proceeds and other funds, including a $500,000National Housing Trust Fund grant approved in the summer of 2021, will help finance the planned 60-unit apartment complex on an East Main Street property being donated by the city of Chattanooga.



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