Low To Moderate?

Anyone who drives down Town Creek Parkway in Lenoir City and sees roof top after roof top of the 265 apartments rising up from the dirt, has to be concerned about the effect so much rental property will have on the city. The complex is known as Universal at Town Creek. As a side note, there are another 1,400 apartments already approved for the city.

Will these be low to moderate income apartments? You decide.

The Lenoir City council, on mayor Tony Aikens recommendation, gave a huge, five year, property tax break to the developers of the complex. It's known as Payment in Lieu of Taxes, or PILOT. In 2021, on mayor Tony Aikens recommendation, council passed a massive property tax increase on every other property owner in the city. When the resolution was passed back in September 2020, it clearly stated the apartments would be for low to moderate income citizens.

 

In fact, state law only allows PILOTS, property tax breaks, to multi-family low to moderate income apartments.

TCA 48-101-302

(c) In conjunction with the above purposes of this part, it is further determined and declared that it is for the benefit of the people of the state of Tennessee, the increase of their commerce, welfare and prosperity and the improvement and maintenance of their health and living conditions, that provision be made for additional safe and sanitary multi-family housing facilities to be used by persons of low and/or moderate income; that provisions should be made for appropriate safe and sanitary housing of the affected individuals and the improvement of their living standards to the extent that they may be actively involved and participate in the normal day-to-day functions of the citizens of the state of Tennessee, and that it is the intent of the general assembly by the passage of this part to facilitate the foregoing purposes stated herein to the fullest extent allowed the several states of the union pursuant to the laws and regulations of the United States.


Last week I called to ask about the rental prices for the units at Universal. According to the person I spoke with:

1 Bedroom $969.00
2 Bedrooms $1,229.00
3 Bed Rooms $1,529.00

Utilities included

To qualify, an applicant must have an income three times the amount of the rent. That means your income would have to be:

1 Bedroom $34,884.00
2 Bedrooms $44,244.00
3 Bed Rooms $55,044.00

Also, if your credit score is less than 590, a cosigner would be needed.

Is this the common rental cost for low to moderate income citizens? I wouldn't think so, but who knows.

Traffic is about to get a whole lot worse. 

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5/23/22