It is primarily used by the TVA for power generation and flood control, which is why the water table fluctuates throughout the year. During the summer, it is targeted to have between 1923 and 1927 feet. The TVA tries to have the water table to "recreational levels" on June 1st and maintain that through August 1st.
Something interesting is that the TVA owns land or land rights in some form to the 1933 elevation around the entire lake. If you would like to alter the shoreline at all, the TVA MUST approve it. The TVA Hiwassee Watershed Team is available to do any kind of permitting or any of the sort at 221 Old Ranger Road in Murphy North Carolina. You can call them at (828) 837-7395.
Approximately half of the land is owned by a government entity – The US Forest Service, the TVA, and various county land. For example, 44 acres of property consists of the Georgia Mountain State Fairgrounds.
More information about much of this can be obtained directly from the TVA by calling 1-800-TVA-LAND.