Bristol, Tennessee Sees Exciting New Changes with Infrastructure Development Districts
Exciting things are happening in Bristol, Tennessee, as the newly developed Fox Meadows subdivision is paving the way for a creative approach to homebuilding. With the soil still fresh and construction underway, local leaders and homebuilders are buzzing about a new initiative that’s designed to make homeownership more affordable.
A Fresh Start for New Homes
As of now, Bristol is set to become the first area in Northeast Tennessee to create what’s known as an Infrastructure Development District (IDD). This move comes on the heels of legislators from both houses of the Tennessee General Assembly unanimously passing a bill aimed at helping homebuyers. State Representative Tim Hicks, who doubles as a homebuilder, shared his vision for the future, stating, “Where I could see it being helpful in Northeast Tennessee is maybe creating some affordable housing.”
So, what does this new law mean? In simple terms, cities can establish these districts at the request of large-scale homebuilders, making it easier to fund infrastructure development in new subdivisions. For instance, D.R. Horton, one of the nation’s largest homebuilders, is keen to get on board with this initiative in East Tennessee.
The Mechanics of the IDD
How does this all work? Here’s where it gets interesting. Once a homebuilder decides to create an IDD, they’ll collaborate with local government officials to set a levy, which will be applied to each home in the subdivision for a period of 25 years. Let’s break this down: imagine a project with 300 homes and a monthly levy of $100. Over 25 years, that could mean a significant $9 million in funds to develop essential infrastructure, like roads and storm drains.
Assistant City Manager Jessica Harmon provided insight into why this is important. She explained that the high costs of developing new homes often stem from preparing lots for building, which usually accounts for a hefty 20-25% of the total home price. With the new districts, those construction costs can be offset, leading to lower lot prices for buyers, which means easier access to homeownership.
A Shift in the Landscape
In recent years, Bristol’s housing market has seen a boom, with demand outpacing supply. D.R. Horton has ramped up its activities in the area, mainly due to a dwindling number of affordable development options. Yet, the region’s hilly terrains present unique challenges for building roads and providing utilities. Harmon noted, “People are starting to look at things that may have some more challenges… I think this is going to open up the opportunity for some areas that haven’t been looked at before.”
With the groundwork laid in Bristol, many are optimistic about the potential uptick in new home construction. D.R. Horton’s spokesperson pointed out that over half of their homebuyers in the region are first-time buyers, contributing to the local workforce backbone.
Community Growth and Infrastructure Needs
As the population begins to swell and neighborhoods evolve, longstanding residents might feel an apprehension about the rapid changes. However, city leaders, including Hicks and Harmon, emphasize that they are committed to maintaining the quality and charm of the community. Harmon reassured residents, “We are making sure the roads are safe, they’re wide, and there’s not going to be reduced water pressure because of the increase of houses.”
In essence, the IDDs should help address some of the infrastructure needs that take place alongside growth. As Bristol takes its first steps into a new housing landscape, both residents and potential homebuyers eagerly await the arrival of new opportunities.
Looking Ahead
With plans in place and a clear path forward, Bristol could be at the forefront of a housing transformation that makes homeownership attainable for many. The community’s charm remains intact, and the partnerships formed between developers and local leaders promise to create a vibrant environment that caters to both current residents and newcomers alike.
As this exciting development continues, all eyes will be on Bristol, Tennessee to see how the implementation of Infrastructure Development Districts unfolds, potentially revolutionizing the way homes are built in this flourishing part of the country.
