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.”


Robinson Team Of Keller Williams Realty Ranked Number 1 In Southeast Region

Jay Robinson and the local Robinson Team were ranked as the Top Group in the Southeastern Region of Keller Williams Realty for the month of June.  The local office outpaced groups from Atlanta, Nashville, Savannah that also made it to the Top Ten list.  Mr. Robinson noted that the ranking is one shared by his entire team.  “We have such an amazing group of professionals ... (click for more)

Nation's Largest Tiny House Event Coming To Chattanooga

The United Tiny House Association, organizer of the for-charity Tiny House Festivals and the Nation’s largest tiny house event held in Florida, is bringing its for-charity Tiny House Festival to Chattanooga. The 2017 Tennessee Tiny House Festival is coming to Audubon Acres Sept. 8-10. The United Tiny House Association will be bringing dozens of tiny houses and micro ... (click for more)

County School Board Members, Rep. Favors Rap State Take-Over Plans For Low Performing Schools; New Superintendent To Come Up With Community Plan

County School Board members at a Thursday work session took turns rapping a state take-over plan for low performing schools. New Supt. Bryan Johnson said he will work over the next 30-45 days to come up with a community proposal for strengthening the iZone schools. He said, "I'm not sold myself" on some of the aspects of a proposed state partnership with the school district. ... (click for more)

Couple Arrested After 3-Year-Old Boy Brought To Hospital With Serious Injuries

A woman and her boyfriend have been arrested after her three-year-old son was taken to the hospital with serious injuries. Police said the child had a broken left arm, fractured ribs, a lacerated kidney and a skull fracture with bleeding on the brain. Doctors also noticed injuries healing in different stages, "which would indicate different times of injuries." The boy's ... (click for more)

Do Something To Protect Our Children

It is unconscionable in this day and age that these children had to exist in such deplorable conditions and that an innocent baby suffered and died alone in a locked car.  Yes, there is blame and accountability considering this family had child neglect charges filed a few years ago (that were apparently dropped and expunged) and a large part of the responsibility should ... (click for more)

Roy Exum: School Board Shoves Back

The Hamilton County School Board, told that ‘no’ was not an option three months ago when state Education Commissioner Candice McQueen arrived to take over five floundering public schools, may have to ask the Governor to call out the Tennessee Guard. A very vocal School Board shoved a bitter ultimatum right back into McQueen’s lap during a work session Thursday night and showed it ... (click for more)