January 4, 2018 – The Tennessee Housing Development Agency delivered $500,000 to help United Housing, Inc., build brand new houses for U.S. military veterans on five empty lots where blighted homes used to stand.
“We are always looking for opportunities to stand behind the men and women who have served our nation in uniform, and the plan put forward by United Housing had our immediate attention,” THDA Executive Director Ralph M. Perrey.
The five properties are all in different Memphis neighborhoods. Once construction is complete, United Housing will rent the houses to qualified U.S. military veterans who have recently completed treatment for substance abuse or are receiving treatment for mental health issues or physical disabilities.
“Owning and managing rental housing for veterans is something new for United Housing, so this represents an expansion of our services, which is exciting way to kick off the new year,” said United Housing Administrator Anne Meadors.
United Housing was one of five nonprofits selected by THDA in a highly competitive process to receive grant funding from the Tennessee Housing Trust Fund. In addition, United Housing acquired and cleared the five blighted lots using forgivable loans from THDA through a separate program designed to remove abandoned homes that are beyond repair from targeted Tennessee neighborhoods.
“First, United Housing removed dangerous eyesores from the midst of these residential areas, and now, they’re building beautiful, modern homes in their place. The transformation is going to enhance the property values and desirability of all five of these neighborhoods,” said Perrey.
THDA issued the $500,000 grant from the Tennessee Housing Trust Fund (THTF), which receives no tax dollars but is instead funded by revenue from THDA’s Great Choice Home Loan program. Nonprofits and local governments from across the state compete twice a year to receive THTF funding for their affordable housing initiatives. Since 2006, THDA has provided more than $67.3 million in THTF grants.