In Chattanooga, the dream of homeownership is becoming increasingly difficult for many.
The median home price is currently $340,000, which typically requires an income of $110,000 or more. This means that even families with annual household incomes above $85,000 will face significant challenges in purchasing a home without assistance.
Chattanooga Neighborhood Enterprise (CNE) and its partners are working to address this challenge with CNE Homes.
CNE Homes, a new wholly-owned subsidiary of CNE, aims to expand affordable housing options for working families by combining stylish, simple designs with innovative, sustainable building techniques. To achieve this, CNE Homes will utilize volumetric modular construction and manufacturing techniques to build customizable, occupancy-ready homes at a central Chattanooga facility.
"CNE Homes is an efficient, scalable way for us to construct high-quality housing for working families who want to become homeowners," said Jenny Hill, Project Manager for CNE Homes and Vice Chairwoman of the Chattanooga City Council. "We’re using the most innovative and efficient materials and methods possible, which lets us make these homes affordable without additional public subsidies. Our methods may be new, but our goal is timeless: getting families into great homes to own.”
The company will launch with a business-to-business sales model, focusing on partnerships with area community development corporations, nonprofit organizations, and developers that own land and have identified mortgage-ready homebuyers. This approach enables the seamless integration of affordable housing into existing neighborhoods, preserving established infrastructure and connecting families to essential amenities, employment centers, and schools.
"CNE's track record of helping first-time homebuyers aligns perfectly with the understated BSF mission objective to help people build cycles of generational prosperity,” said Mike Pollock, Executive Director for the Robert Finley Stone Foundation. “CNE Homes is a very worthwhile investment from that perspective since it is building very affordable homes in a scalable model that will almost immediately help first timers start building equity and hopefully utilize some or all of that equity to help their families prosper. We really love this concept and are committed to its goals."
CNE Homes operates as a social enterprise with a long-term vision centered on financial sustainability and regional growth. By generating revenue through home sales, CNE Homes funds other CNE initiatives, reducing dependence on grants and donations. In addition to serving Chattanooga, the program aims to expand its reach across the region. By its third year, CNE Homes plans to establish sales partnerships with regional community development corporations (CDCs), with further expansion into North Georgia projected for years four and five.