Memphis gets $11.5M to rehab neighborhoods
Memphis Business Journal
The Tennessee Housing Development Agency is administering $49.3 million of the state's $72.5 million from the Housing and Economic Recovery Act’s Neighborhood Stabilization Program, which was passed by Congress in July.
Direct community allocations from THDA include $11.5 million for Memphis, $4 million for Nashville/Davidson County, $2.7 million for Shelby County, $2.73 million for Knoxville and $2.1 million for Chattanooga.
Nationally, the program made $3.92 billion available for community and state administrators to develop programs to purchase, rehabilitate and sell abandoned and foreclosed homes to rebuild neighborhoods.
The NSP legislation also requires that 25% of the state’s allocation be used for households at or below 50% of area median income.
Ted Fellman, executive director of the Tennessee Housing Development Agency, says the funds provide an amazing opportunity to rebuild neighborhoods hit by the subprime and foreclosure crises.
THDA will allocate the state’s NSP funding to the areas of Tennessee with the greatest need, with HUD providing specific data revealing which census tracts have the highest percentages of homes financed with subprime mortgages and high foreclosure rates.
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