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.”


Real Estate Transfers For May 12-18

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)

Asking Price For East Brainerd Elementary School Site Is Just Under $5 Million

The asking price for the East Brainerd Elementary School site at 7453 East Brainerd Road is just under $5 million. Robert Fisher of KW commercial said, "This property is 9.1 acres of level land located in the heart of Chattanooga's retail district. It is one block off of the E. Brainerd Road and Gunbarrel Road intersection. "It has been a very long time since a retail ... (click for more)

Sources Say Domestic Incident Involving Mayor's Aide Came After Husband Confronted Her And Mayor Behind Restaurant; Berke Says Charge "Absolutely False"; Fletcher Says Gave Shelter To Lacie Stone; Case Handled Like Any Other

A domestic disorder involving a top female aide to Mayor Andy Berke was sparked after her husband recently confronted the aide and the mayor in a parked car behind a Mexican restaurant, several sources said.   Mayor Andy Berke said late Tuesday night, "Last weekend a member of my senior staff was the victim of a domestic assault involving her husband. Upon being arrested ... (click for more)

Roommate Of Chance LeCroy Describes Sept. 9, 2010 Murder

The roommate of Chance LeCroy told a Criminal Court jury on Tuesday of the terrifying day that robbers burst into their residence and killed the 21-year-old LeCroy. Patrick Carmody, one of three men charged in the slaying, is standing trial in the courtroom of Judge Barry Steelman. Also charged were Ronald Lee Pittman and Billy Bob Parton. Carmody pleaded not guilty to ... (click for more)

Colonel Enicks Is Turning Out Leaders At Red Bank High School

I am a former teacher and football coach at Red Bank High School. I have been a witness to the great things that happen at Red Bank High School.  The teaching staff has a great mixture of experience and promising new teachers.   Dr. Robertson, the principal, is a great man and a wonderful role model for students. He shows up the same way every day and his consistency ... (click for more)

Roy Exum: Christian Schools Bully, Too

Earlier this week, after I shared a story about bullying written by a very brave mother, it opened a floodgate of emails from parents and students who have been forced to endure such madness in our elementary, junior and senior high schools. Discipline is the No. 1 problem in our schools. Because of it, or because of a lack of it, no wonder our children cannot achieve all that ... (click for more)