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.”


The Enclave At East Hamilton To Host 2 Community Meetings

Bassam Issa of the ANT Group announced plans for two additional meetings with members of the East Brainerd community to receive input on the proposed Enclave at East Hamilton project.  He noted that meetings have taken place with residents at Emerald Valley and Windstone neighborhoods as well as at two additional public meetings.  The project under discussion is ... (click for more)

Real Estate Transfers For July 17-23

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Plan Proposed For Lookout Mountain, Ga., Homeowners To Pay $10 Per Month For 8 Years For Sewer Upgrades

Lookout Mountain, Ga., officials are proposing a $10 per month charge for each homeowner for eight years to pay for sewer upgrades. The town's sewer system, that was installed 15 years ago, works with the help of grinder pumps at each of the 605 houses in the town. The life expectancy of this equipment is 20 years and the need for replacements has already begun. City Manager ... (click for more)

PAST Act On Horse Abuse Stalls Out In U.S. House Despite 70% Support

Rep. Ed Whitfield (KY-01), chairman of the House Subcommittee on Energy and Power, issued the following statement today regarding the Prevent All Soring Tactics (PAST) Act, H.R. 1518:   “I regret to inform you that Speaker of the House, John Boehner, currently refuses  to bring the Prevent All Soring Tactics (PAST) Act to the floor for a vote.  His decision ... (click for more)

Curtis Adams: Beck, Mackey Should Be Considered For County Commission Leadership

Just think about this;  a person highly qualified applying for a job.  As he is just about finished filling out his papers for his interview, he sees at the bottom there is a place for him to check Democrat or Republican.  He would think, “if I mark the wrong one I may not get the job.” Being a real leader requires honesty, integrity, and, most importantly, fairness. ... (click for more)

Roy Exum: Orchids And Onions

With record low temperatures being recorded around the South, I didn’t know what I’d find in my garden on the first day of August but – sure enough -- there is a profusion of orchids and onions. The start of college football will be later this month and, with the chilly mornings, fall practice is a far cry from what it will be when the sweltering heat comes back next week. Here’s ... (click for more)