Memphis, Tenn. –Tennessee Housing Development Agency announced a pair of new grants that will help provide better access to affordable housing and improve neighborhoods in Memphis.
THDA announced a $500,000 grant for the Memphis Metropolitan Land Bank Authority, as well as a $250,000 annual sustaining grant to support United Housing Inc.’s Convergence Memphis Initiative. Both grants were announced during the THDA Board of Directors meeting in Memphis on Sept. 24.
THDA Executive Director Ralph M. Perrey said the grant funding shows the state’s commitment to improving neighborhoods and access to affordable housing in Memphis.
“This funding will help Convergence Memphis, as well as the Metropolitan Memphis Land Bank Authority, to make a meaningful impact on the future of affordable housing in Memphis,” Perrey said. “THDA recognizes the unique challenges the city faces in its efforts to revitalize neighborhoods and provide housing, and we want to show that we are here to support that work for the long term.”
Memphis Mayor Paul Young said the funding from THDA would help the city expand its efforts to increase the supply of affordable housing.
“We are grateful for the support from THDA, as these grants will help us continue our efforts to provide affordable housing and improve more neighborhoods in our city,” Young said. “This funding reflects the state's commitment to our community, and we are excited to work with our partners to make a positive impact.”
The $250,000 Convergence Memphis Initiative grant will be used to aid in the acquisition, maintenance and site preparation of lots in the Convergence Memphis neighborhoods of the city, including Frayser, Glenview and Whitehaven. The grant, which will be awarded on an annual basis, will also support operating and administrative costs for the initiative.
“United Housing is honored to be a part of this collaborative effort to enhance affordable housing opportunities and fortify our local communities,” said Amy Schaftlein, executive director of the Memphis nonprofit. “The THDA grants, along with our partnership with Convergence Memphis, will allow us to continue providing vital resources and support to those who need it, ensuring everyone has the opportunity to achieve their homeownership goals.”
The Metropolitan Memphis Land Bank Authority, which is a partner in the Convergence Memphis Initiative, will use its $500,000 from THDA to match a grant it received from the city of Memphis.
“MMLBA is excited to a part of this amazing grant opportunity with THDA,” Harris said. “Our plan to utilize these funds will support our programmatic efforts to increase affordable housing in Memphis.”
The MMLBA will use the funds to strategically acquire blighted properties and vacant lots, giving priority to sites within Convergence priority neighborhoods. The Land Bank will clear titles and pay any back taxes owed on those properties and sell them at discounted prices to entities committing to building entry-level homes on those sites, preferably for homeownership housing.
Nonprofits working with THDA on Convergence will have priority access to these building sites. A portion of the funds will be retained by MMLBA to offset the cost of demolishing blighted structures and providing on-going site maintenance while awaiting disposition.
The grants will both expand the supply of affordable housing for first-time homebuyers, as well as support the neighborhood revitalization efforts that are part of the Convergence Memphis plan.
