A thorough evaluation of Kingsport’s available housing stock, regional demand and local absorption rates in the marketplace has prompted the Board of Mayor and Aldermen to offer a limited public infrastructure incentive to encourage construction of higher value housing attractive to corporate and medical professionals.
As a policy matter essential to maintaining overall community vibrancy, the City of Kingsport is very interested in balancing the housing stock available within our city.
Currently there is a demonstrable lack of higher value housing attractive to current and incoming professionals being drawn to the region by job opportunities created by Eastman Chemical Company’s dramatic expansion as well as the overall graying of the workforce taking place regionally and nationally in many industries.
Eastman’s expansion alone will create an investment of more than $1.6 billion over the next 6 years and an impact of at least 300 new professional jobs.
However, given the lingering distortions of the recession and tighter banking regulations, the City stands poised to see much of the economic growth benefit slip away to other communities. Residents who might easily have lived in Kingsport had appropriate housing been available, will instead invest and integrate into the community fabric elsewhere.
Keeping these factors in mind, the city has the unique opportunity to partner with developers to provide new professional housing.
The incentive available to qualified developers will help provide what is commonly accepted as public infrastructure for new subdivisions in select locations. Grants are available up to $200,000 reimbursable for infrastructure only (roads, sidewalks, curbing, storm water conveyances, and the like).
The grant will be available until funds are depleted for this fiscal year. All infrastructure must be publicly dedicated with a repayment schedule over 6 years as set forth by program guidelines.
For an application and detailed program guidelines, please click here.
For more information, please contact Planning & Community Development Director Lynn Tully at 423-229-9485 or LynnTully@Kingsport TN.gov.