The City of Chattanooga and Chattanooga Neighborhood Enterprise announced last week that they have $1 million in loans available to assist Chattanooga area homeowners with home improvements or repairs. The program, called re:NOVATE, has been funded by Federal Community Development Block Grants. Loans are available immediately to qualified homeowners.
Mayor Ron Littlefield said re:NOVATE is exciting because it gives the City of Chattanooga and CNE an opportunity to help many people. “There are many homeowners in Chattanooga who are working hard, but need an extra hand in affording their necessary home improvements,” said Littlefield. “CNE can help lower-income residents make the home repairs they need at a below market rate.”
Through the re:NOVATE campaign, CNE provides financing, construction expertise and contractor connections to provide homeowners with the ability to make home repairs or improvements. In order to qualify, homeowners must live in Chattanooga, the home must be their primary residence, and applicants are subject to income limitations.
“As the economy continues to be challenging for all of us, this initiative is extremely important and the timing is critical,” said David Johnson, president and CEO of CNE. “Many homeowners aren’t able to find the traditional loans necessary to make home repairs. CNE fills that gap, providing affordable financing to eligible homeowners in order to make the improvements they need.”
Home improvement assistance is a valuable tool for neighborhood revitalization in the Chattanooga area, Johnson said. Affordable home improvement loans give homeowners the ability to make home repairs and ensure the residence will continue to appreciate in value, which in turn benefits the surrounding neighborhood.