Statements
Mission
The Housing Fund provides resources and creative leadership to help individuals and communities create and maintain affordable and healthy places in which low and moderate income people live.
The Housing Fund is a private non-profit, Community Development Financial Institution (CDFI). We were founded in 1996 to help create solutions to the affordable housing crisis- and we are still in operation combatting these same issues today. Our goal is to create affordable homeownership opportunities that are sustainable for generations.
Our programs operate across the entire state of Tennessee, serving populations with incomes at or below 80%, 100%, and 120% of the Area Median Income (AMI). We offer programs such as Down Payment Assistance, Shared Equity Homeownership, and Home Improvement Loans.
Background
In 1993, over 2,000 Nashvillians participated in Nashville's Agenda, a community-wide planning effort that included over 3,000 persons. Discussions and recommendations focused on making Nashville the best it can be in the 21st century. The goal for housing stated: "Nashvillians believe this should be a community that provides affordable, adequate, and safe housing for all Nashvillians contributing to pride, diversity, and a strong sense of community." In 1994, a dozen action teams were organized to facilitate the community's response to Nashville's Agenda. The Housing Action Team organized an ad hoc committee made up of practitioners from area banks, non-profit housing developers and local housing officials. Working under the guidance of The Enterprise Foundation, the ad hoc committee concluded that a flexible local housing fund should be established to channel resources to housing developers and home buyers. On March 5, 1996 the Nashville Housing Fund was chartered as a not-for-profit-affiliate of the Metropolitan Development and Housing Agency, the local housing authority, but became an independent organization in November 1999. It is guided by a Board of Directors and is recognized by the IRS as a 501(c)(3) tax-exempt nonprofit agency. In 2005, the organization's name was changed to 'The Housing Fund' due to its expansion outside Davidson County. THF is also certified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI)
Impact
The Housing Fund seeks to fulfill its mission by concentrating on two aspects of affordable housing: 1) assisting low and moderate income families in becoming successful homeowners; and 2) expanding the supply of affordable housing by providing flexible gap financing and technical assistance to housing developers. This work is accomplished through the following initiatives: * Down payment Assistance Program: more than 3,500 families assisted in purchasing a home; with more than $20 million lent; 85 served in FY2018 * Development Loan Program: over 1,180 affordable housing units rehabilitated or constructed using partial funding from THF.
Needs
CEO Statement
THF makes an impact. THF's operations balance flexibility, creativity and fiscal responsibility. With moderate amounts of assistance, THF closes the gap for lower income borrowers and affordable housing developers. THF has lent $58 million, which has leveraged over $400 million in private financing for more than 4,000 units. THF guides homebuyers away from predatory mortgages, which drain away personal assets and lead to financial disaster. We help nonprofit developers increase their scale of production and aid faith-based CDCs in getting started. THF helps for-profit developers bring an affordable component to the private sector, where most new housing is developed. As a lender, THF is able to assure that new affordable housing is developed so that its design and operation contributes to the neighborhood in which it is located. As a leader in the community, THF identifies gaps in the system and creates programs to address these needs.
Service Categories |
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| Primary Category: | Public & Societal Benefit - Financial Institutions/Services (Non-Government Related) |
| Secondary Category: | Housing, Shelter - Housing Development, Construction & Management |
| Tertiary Category: | Human Services - Financial Counseling |
Areas Served
Service to the entire state of Tennessee.
| TN - Cheatham |
| TN - Davidson |
| TN - Dickson |
| TN - Robertson |
| TN - Rutherford |
| TN - Sumner |
| TN - Williamson |
| TN - Wilson |
| TN - Montgomery |
| TN - Maury |
| TN |
