Original Date: 04/22/1996
Revision Date: 01/18/2007
Information : Chattanooga Neighborhood Enterprise
The Chattanooga Neighborhood Enterprise (CNE), Inc. was one of the private, non-profit organizations created through the Vision 2000 initiative. The community had identified through Vision 2000 that the deteriorating condition of older, inner-city homes was a significant concern, was a major obstacle to the quality of life, and should be part of Chattanooga's agenda for immediate address. Established in 1986 to develop, finance, renovate, and manage affordable housing for Chattanooga and Hamilton County's low-to-moderate income citizens, the CNE provided the mechanism for City residents to have decent, suitable, and affordable housing.
The CNE has used both public and private resources to improve or finance housing. The City committed funds to be used for homeowner rehabilitation loans, while the county later participated in issuing mortgage revenue bonds offering financing for first-time buyers of homes by low or moderate income families. Banks, private foundations, and other businesses have since become investors and provide favorable loan rates due to the strong financial history of the enterprise.
The CNE has received support from the City, Hamilton County, the Lyndhurst Foundation, Tennessee Housing Development Agency, U.S. Department of Housing and Urban Development, and local banks and financial institutions. These groups have enabled the organization to produce, rehabilitate, or finance more than 3,600 housing units, representing an investment of over $90M. The enterprise also owns and/or manages approximately 300 units of affordable rental housing and provides home improvement loans for existing homeowners.
For more information see the
Point of Contact for this survey.