Chattanooga's Future Homeowners Program Aims to Assist Low-Income Buyers

Chattanooga's Future Homeowners program will open applications from June 1 to June 14, aiming to assist low-income individuals in purchasing their first home. The program targets those earning between $28,000 and $56,000 annually, addressing the challenges posed by rising home prices and high interest rates. Jens Christensen, CEO of Habitat for Humanity of Greater Chattanooga, stated that the initiative seeks to help families achieve homeownership and build wealth, which is increasingly difficult in the current market. Nearly 44% of Chattanooga households earn less than $56,000, highlighting the need for affordable housing solutions. Applicants must prove a pressing need for housing and commit to attending budgeting classes, with the program setting mortgage payments at 30% of income with zero interest for 30 years.

The program plans to accept 11 or 12 families this round, focusing on those with the greatest need based on current living conditions and income.