Chattanooga, CNE make available $1 million in home repair loans
CHATTANOOGA (WRCB) -- A partnership between the city and Chattanooga Neighborhood Enterprise (CNE) will make $1,000,000 in loans available to assist Chattanooga area homeowners with home improvements or repairs.
The announcement was made Thursday at City hall, where city and CNE officials introduced the "re:NOVATE" program, which has been funded by Federal Community Development Block Grants.
"re:NOVATE is extremely exciting because we have an opportunity to help so many people. There are many homeowners in Chattanooga who are working hard, but need an extra hand in affording their necessary home improvements," said Chattanooga Mayor Ron Littlefield. "CNE can help lower-income residents make the home repairs they need at a below market rate."
Through the campaign, CNE will provide affordable financing, construction expertise and contractor connections to provide homeowners the ability to make home repairs or improvements.
In order to qualify, homeowners must live in the City of Chattanooga; the home must be their primary residence; and applicants are subject to income limitations.
"As the economy continues to be very 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 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."
For more information about CNE or the re:NOVATE Home Improvement Assistance Program visit www.cneinc.org.