Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Board approves PILOT for Overlook Apartments, advancing 162‑unit affordable rehab
Summary
The Health Education Housing Facilities Board approved a payment‑in‑lieu‑of‑taxes (PILOT) resolution for Overlook Apartments LP, a redevelopment project the developer described as a 162‑unit, 100% affordable rehabilitation expected to close financing on June 26.
The Health Education Housing Facilities Board of the City of Chattanooga voted to approve a payment‑in‑lieu‑of‑taxes (PILOT) resolution for Overlook Apartments LP, a proposed affordable housing rehabilitation presented by Paths Development (the affordable housing arm of TIAA).
Zane Metmood, identifying himself as a Paths Development representative, told the board Overlook is a largely tower‑style property on Boynton Drive undergoing rehabilitation that he described as a 162‑unit, 100% affordable project. He said investors have signed off, the developer applied to Freddie Mac and the team is targeting a tax‑credit financing closing on June 26. Metmood said the board previously approved $15,000,000 in tax‑exempt bonds in November for the project.
A transcript Q&A included details on the unit mix the project team provided: a nine‑story tower and two‑story townhouse buildings containing, as stated in the meeting, 16 studios, 122 one‑bedroom units and 24 two‑bedroom units. Metmood also said the team has completed rehabilitation work on 64 units "as of this point" and that remaining exterior and unit work is conservatively budgeted to finish within 12 months after closing.
Board members and the board attorney discussed notice to county officials and supporting documentation in the project file. Attorney Noblet (identified in the meeting) said the mayor approved forwarding the matter under a Tennessee statute cited in the packet (transcript citation: TCA 48 1 0 1 3 12) and confirmed county notification had been sent; no county representative attended the hearing.
A board member moved to approve the PILOT resolution; the board voted by voice, members said "aye," and the chair declared the resolution approved. The transcript does not show a roll‑call tally. The board then recognized Monica from the city's housing office for an upcoming departure and adjourned.
Note on inconsistent unit counts: the transcript contains two different totals — the presenter first said 162 units, then later referred to "64 of the 132 units" having been rehabilitated. That discrepancy is noted here and should be confirmed against project filings.
