NASHVILLE, Tenn. – Dec. 5, 2017 – Owning or renting a home has become unattainable for many Nashvillians and The Housing Fund (THF) says it’s time to change the conversation about affordable housing.
During breakfast meeting this morning at the Wildhorse Saloon, Marshall Crawford, new president and CEO of THF, told a roomful of 100 investors, community partners, government officials and others that THF will be an active and vocal leader in the city’s affordable housing conversation.
THF is a private, 501(c)(3) organization established to finance affordable housing and neighborhood revitalization projects throughout Middle Tennessee.
“We must make housing more attainable for all household income levels in Nashville,” said Crawford. “We’ve developed a new five-year strategic plan and we’re energized and ready to advocate for all communities, especially those who feel forgotten or ignored.”
Crawford told attendees that THF will create new ways the community can get involved to improve the housing situation, provide more resources for people who want to offer support, and find innovative ways to give assistance to broader audiences.
“The city’s population growth and rising housing costs have priced many residents out of the neighborhoods they have lived in their entire lives,” said Crawford. “The housing you could afford last year may no longer be in your budget range.”
According to the U.S. Census, average home prices in Nashville were $167,500 from 2011-2015. In 2016, the average home prices jumped to $266,408, while the gross rents escalated to an average of $1,396. Nashville Next indicated that by 2040, our city would need 352,600 housing units. This will require roughly 113,000 new homes or 3,800 housing units per year.
Since 1996, THF has provided affordable housing resources to give families and communities the support they need to ensure healthy living spaces. THF has helped more than 3,300 first-time homebuyers receive over $19 million in down-payment assistance loans, and has provided more than $40 million in financing to assist individuals and organizations purchase, rehabilitate, or construct homes for low- and moderate-income families. THF has loaned over $66 million, which has leveraged over $400 million in private financing for more than 4,300 housing units.
“Everyone has the potential to help make housing more attainable,” said Crawford. “Together with our investors, partners and others in the community, we can ensure people of all income levels have the housing tools and opportunities they need.”
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Link to The Housing Fund’s strategic vision and this morning’s presentation: https://thehousingfund.org/strategic-vision/