The City of Chattanooga launched a new housing payment program to combat the national housing crisis and to promote units at lower rates in the area.
The Payment in Lieu of Taxes (PILOT) program aims to better represent the variation in market rents across the city by tying tax reductions directly to the cost of monthly rents.
Mayor Tim Kelly said that although there is still a lot of work remaining to battle the national housing crisis and to create more affordable housing, this program is progress.
"This new policy is a big step in the right direction," Kelly said. "This gives us the freedom to incentivize affordable housing any way we can get it, not just in big blocks in large developments."
