Text Box: The Homeownership phase of the Villages at Alton Park is planned to consist of 125 units of homeownership, both on and off the original McCallie Homes project site. Up to ninety-six (96) units will be HOPE VI assisted, and up to twenty-nine (29) homes will be offered for sale to any purchaser at market rates. Financing for this phase closed at the end of October 2004, and approximately 40 homes are currently under construction or have already been completed. The first two finished homes have now closed, with several more closings expected in October. Sales have been encouraging so far, even though marketing has just started. In addition to the 2 homes already closed, 10 more homes are currently under contract, and buyers include one public housing household, and one off-site displace. CHA’s Section 8 Homeownership Coordinator reports that several Section 8 customers have been pre-approved for purchasing completed homes or have shown interest. CHA staff still anticipate that very favorable market conditions and aggressive marketing efforts will be required to achieve the high sales velocity that the HOPE VI plan calls for.

The Villages at Alton Park

CHA’s New Hope VI Community

Homeownership

Chattanooga Housing Authority

Hope VI