New Program To Address Lack Of Affordable Housing In Tennessee

Wednesday, May 22, 2013

Pathway Lending is expanding its product offerings by partnering with the Tennessee Bankers Association (TBA) and its member banks to provide developers a uniquely designed long-term, fixed-rate financing option for new construction and the rehabilitation of affordable multi-family housing communities. As part of this program, Pathway Lending will also work with the Tennessee Housing Development Agency (THDA), which aims to create well designed, high quality affordable housing throughout the state.

“We are excited about this product expansion and our ability to increase positive impacts in underserved communities throughout Tennessee,” said Clint Gwin, president of Pathway Lending. “Our ability to respond quickly to needs in the marketplace will provide developers the opportunity to meet certain deadlines and efficiently create much needed affordable housing.”

The program, which was approved by the TBA board of directors on May 6, will provide a long-term, fixed-rate source of first lien permanent financing that will be leveraged with federal Low Income Housing Tax Credits (LIHTC). This pairing will be used to develop or rehabilitate apartment communities throughout Tennessee with rents that are affordable to households earning 80 percent or less of an area’s median family income.

“Pathway Lending and the Tennessee Bankers Associations have enjoyed a strong relationship since 2007,” said Mr. Gwin. “This expansion illustrates the continued commitment of the TBA and its member banks to ensure the availability and flow of capital to meet these critical needs in Tennessee.”

According to Brad Barrett, president of the Tennessee Bankers Association, “This program provides TBA member banks another tool to strengthen the communities they serve. By reducing risk concerns and increasing lending opportunities, we are offering our members a safe, sound and profitable community development lending opportunity. ”

A recent housing needs assessment conducted by THDA determined approximately 150,000 more affordable rental units are needed throughout the state. More than one in four Tennesseans experience some sort of housing problem due to high costs.

“THDA welcomes the opportunity to work with TBA and Pathway Lending on this exciting new initiative,” said Ralph Perrey, executive director of THDA. “By leveraging our public and private resources, we will be able to provide more quality affordable housing opportunities in communities across the state.”


Commissioners Chide Augusta Developer For Not Talking With Lincoln Park Residents

Some Planning Commission members on Monday chided an Augusta, Ga., developer for not talking with Lincoln Park residents about a proposal to construct 387 multi-family residential units on a 17.7-acre former manufacturing site on Riverside Drive. The location is across from the Boathouse Restaurant. However, Commissioner Don Moon said he might have done the same thing. He said ... (click for more)

Collier Casts Deciding Vote In Denial On 7 Lakes Subdivision Lots Request

New Planning Commission Chairman Ethan Collier does not have to vote often, but he was called on to break a 7-7 tie on Monday afternoon. The issue was a request from developer Emerson Russell that would have allowed the development of three "estate size" lots involving the approval of 10-foot flag lots. Chairman Collier voted to deny the request. Linda Woodall said she ... (click for more)

Erlanger Health System Projecting $10.8 Million Profit - With Help From $19 Million In Federal Funds

Erlanger Health System is projecting a $10.8 million profit for the upcoming fiscal year - with the help of $19 million in federal funds from a pool for public hospitals. The $19 million received in time for the current budget helped avoid a sizable deficit. The hospital is hoping the federal funds will be coming on an annual basis. At the start of the last fiscal year, ... (click for more)

History Center Gets $400,000 Grant From National Endowment For The Humanities

The National Endowment for the Humanities has awarded grants totaling more than $800,000 to three Tennessee projects that aim to display and preserve historical materials. Winning grants Monday included the Chattanooga History Center, which will get $400,000 to install a permanent, multimedia exhibit on the history of Chattanooga. The University of Tennessee-Knoxville will ... (click for more)

I'm Number One In A Round About Way

Roundabouts have been popping up all over Chattanooga over the past few years and for the most part have been successful.  Unfortunately there are some who just don’t get it as I have found out the hard way.    My latest instance was last week when a young woman on her cell phone almost t-boned me as she flew into the roundabout without yielding.  A near miss ... (click for more)

Roy Exum: Judge Philyaw Is The Best

Tomorrow morning there will be a special gathering at the Hamilton County Juvenile Court that will prove to our community that we have perhaps the most innovative juvenile judge in America. Shortly after Rob Philyaw was hand-picked by our Hamilton County Commissioners to fill the remainder of Suzanne Bailey’s term 15 months ago, he found that truancy was a big problem in our schools. ... (click for more)