The financial impact of Tennessee Housing Development Agency reaches past the new homeowners' front doors, contributing hundreds of millions of dollars to Tennessee's economy and $29 million in state and local taxes in 2016.
THDA's impact continues with a new mortgage loan down payment program that has boosted mortgage loan volume over $93 Million for 2017 already.
One key element of the 2016 program production is the nearly $264 million in mortgage loan volume helping almost 2,000 households achieve home-ownership.
With all the 2016 program investments, the total contribution to the state's economy is estimated at $855 million in business revenue and 6,013 in additional jobs.
Housing programs are good for individual households, good for the surrounding community and financially beneficial to the state and country. HUD Secretary Ben Carson's inclusion of housing as part of the country's infrastructure in recent remarks is noteworthy and accurate.
"THDA's impact on households benefiting from our programs, whether homeownership, rental assistance or foreclosure mitigation, strengthen Tennessee's household finances and those of its municipalities," said Executive Director Ralph M. Perrey.
The estimated $855 million of additional business revenue is the result of numer-ous investments by various THDA programs: funds are allocated to communities for locally-designed programs through the Tennessee Housing Trust Fund requiring local matches; the Low Income Housing Tax Credit and Multifamily Bond Programs develop affordable rental housing; and 40,398 households are helped with rent payments.
While THDA-related activities contributed an estimated $29 million in state and local taxes in 2016, THDA is a self-supporting entity of the State of Tennessee, using no state tax dollars for its operations.
The IMPLAN input-output model was used to calculate the ripple effects of THDA-related activities on the Tennessee economy. The IMPLAN model calculates total business revenues, personal incomes, and total employment.
The Economic Impact Report is released in tandem with the annual Program Summary. Both are available