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 Oct. 20-26

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 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)

Entry-Level Homes Make A Comeback

While 2015 saw the median size of homes in Hamilton County and surrounding areas increase in number of bedrooms and square footage, smaller homes are making a comeback in 2016. After several years of growth in size, the first half of 2016 saw a slight decline (from 2,465 to 2,392 square feet) and plateau in median square footage of single-family homes. Economists point out this ... (click for more)

School Board Chooses Charlotte Firm For Superintendent Search Firm; Lennon, Testerman Want To Keep Kelly

The County School Board on Thursday night voted 5-4 to choose a Charlotte, N.C., search firm to pick a new county school superintendent. Coleman Lew and Associates was selected over McPherson & Jacobson of Omaha. That vote came after board members Kathy Lennon and David Testerman started the session by saying they are very pleased with Interim Supt. Kirk Kelly and would ... (click for more)

East Ridge May Revise Ordinance On Extended Stays; Fire Hall Cost Well Above Projection; Dunkin Donuts, Firehouse Subs Going Into Border Region Sector

A large portion of the East Ridge City Council meeting Thursday night was devoted to the discussion of a proposed amendment to the ordinance previously passed relating to minimum hotel and extended stay hotel requirements. The new recommendations, which the city manager, codes enforcer and city attorney have drafted after meetings with hotel associations, are that a stay can be ... (click for more)

Accountability Doesn't Have To Be A Bad Word

Am I making a difference? Isn’t that the basic question we all ask ourselves, and seek to demonstrate to others?  Ronald Reagan said:  “Some people spend an entire lifetime wondering if they made a difference in the world. But, the Marines don't have that problem.”   We would argue teachers do not have that problem either.    Educators make a huge difference ... (click for more)

Roy Exum: Guess Who Backed Kelly?

Two weeks before the August election where three members of the Hamilton County School Board were angrily replaced, the organizer of what was called “a great way for the (challengers) to raise great money to help them run smart campaigns” made a bold statement. “I'm sure the current board is well-intentioned, but the results are not there," said Paul Brock. "Leadership matters ... (click for more)