KNOXVILLE, Tenn. (WATE) — Housing developer DGA Residential has opened a new affordable housing community with 96 units in Knoxville and they are planning to open at least two more complexes with more than 200 units combined later this year.
The ribbon was cut at Riverside at Holston Wednesday morning. The new housing community has 48 two-bedroom and 48 three-bedroom units, and is located across the street from Holston River Park off of Holston Hill Road
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Construction began in December 2023, and the finishing touches are expected to be complete in May 2025. One of the buildings is complete with 20 units already occupied, and it is expected 48 more units will be occupied in the next 36. The remaining units are expected to be full by mid-June.
The new development includes a clubhouse, a playground, a business center, fitness center, and on-site management. Additionally, it also offers residents a protected view of Holston River Park, which has a playground, picnic tables, a canoe launch, paved trails, two fishing piers and a two-acre PetSafe dog park.
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“The proximity to downtown as well and everything going on in downtown and Old City, South Knoxville, there’s just so much investment going on and opportunity in this part of town. So we’re right here, kind of central to all that,” said Craig Cobb, DGA Residential’s vice president of affordable housing. “The demand here in town is off the charts, so 96 units is great. We’re really proud of it, but there needs to be a lot more because if we had 1000 units today, we could probably fill 1000 units. So it’s a huge need and we’re glad to help”
Cobb said rent for the two-bedroom units is $1,200. For the three-bedroom units, rent is set at $1,400. As it is an affordable housing community, it is also important to note that applicants can only make up to 80% of the Area Median Income, which is about $64,000 for a family of two and up to $86,000 for a family of five in Knoxville. The Riverside at Holston also accepts tenants with vouchers, such as Project-Based Vouchers and Section 8 Housing Choice Vouchers.
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The new affordable housing community was made possible through a $750,000 investment by the City of Knoxville through its Affordable Rental Development Fund. Cobb added that DGA Residential also got some of its financing through Tennessee Housing Development Agency and HUD finances…