KNOXVILLE, Tenn. (WATE) — The Knoxville City Council is set to consider a resolution that would add 30 units of affordable housing to Beaman Lake Road.
The housing would cost the city no more than $1.5 million from the Affordable Rental Development Fund, according to the resolution. The 30 units would be for households making 80% or less of the area median income, and they would have to keep rent under a certain amount for 30 years, according to the resolution.
Iconic tower on Gay Street in Downtown Knoxville listed for sale
The development would include 29 one-bedroom units measuring 668 square feet and one two-bedroom unit measuring 900 square feet, the program agreement said. The initial maximum rent would be $931 for the one-bedroom units (equal to more than 128 hours of work at minimum wage before taxes) and $1,117 for the two-bedroom unit, minus an allowance for utilities. The agreement has various rules for calculating maximum rent.
The agenda information sheet estimates that Beaman Lake II, LP would begin construction on the units in the second quarter of 2026 and finish them by September 2027. The units would be at 1213 Beaman Lake Road…