About the Renewal Community
Chattanooga's Renewal Community Program is an innovative and successful economic development program that creates the opportunity for growth and revitalization in distressed portions of our community. In 2002, the U.S. Department of Housing and Urban Development (HUD) designated Chattanooga one of 40 Renewal Communities nationwide. The intent of the program is to create jobs in Chattanooga by attracting the investment necessary for sustainable economic and community development. The Renewal Community (RC) provides federal tax savings to individuals who invest in, conduct business in, and/or hire residents from the designated RC areas.
Revitalizing Communities
The RC advances the creation of livable and vibrant communities through public-private partnerships that encourage affordable housing development, support school improvements, and foster economic growth. In addition, RC tax incentives serve as a catalyst to community revitalization by stimulating business development, generating job growth, and cultivating an environment of sustainability where families can flourish.
Facilitating Development
The RC Office serves as an information clearinghouse on available developable properties, incentives for business and property owners, access to capital and technical assistance for businesses, and other development activities within the city’s urban core. The RC Office also assists in the recruitment and expansion of industrial and commercial businesses throughout Chattanooga.
Leveraging Investments
Each year, Chattanooga receives $12 million in federal tax savings to allocate for commercial development within the RC. Since 2002, the RC has awarded $84 million in tax savings to commercial property owners. The return on investment has been 64 newly constructed or renovated commercial buildings, more than $300 million in estimated construction and wage costs, and more than 1,500 projected new jobs. By leveraging federal tax incentives with local public and private investments, the RC designation has catapulted Chattanooga's overall economic development efforts.
Are you in the RC? Go to the HUD Address Locator
The RC is located in Census Tracts 2, 3, 4, 8, 10, 15, 16, 19, 20, 26 and 31 (Map). These census tracts include portions of communities with zip codes 37402, 37403, 37404, 37405, 37406, 37407, 37408, 37409 and 37410.
Disclaimer: The information contained in this web-site should not be relied upon for Federal government tax purposes. Business and property owners in the Renewal Community are urged to consult with their tax preparers or the IRS for official guidance.
For more information, contact:
H. Maria Noel