The Residences at Five Points is a 90-unit development exclusively for seniors and people with disabilities.
Within the Five Points neighborhood, KCDC has constructed several single-family homes, duplexes for seniors and families and two multiplex units. The infill units were placed on formerly blighted lots in Five Points and are designed to blend into the existing fabric of the neighborhood. The housing units are all new construction beginning in 2011 and feature energy-efficient appliances and durable wood-textured plank flooring.
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Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.
Five Points Infill Housing is managed by Knoxville Community Development Corporation.