Tennessee Housing Development Agency
Low interest short term loans available to nonprofit organizations that help meet the housing needs of low and very low income households
The loans may be secured or unsecured depending on the proposed activity. BUILD Loan funds must be used for operating and program expenses incurred to create affordable housing opportunities for low and very low-income households. Eligible activities may include: 1) Development of single and multi-family units for homeownership or rental, 2) Construction, 3) Land Acquisition, 4) Site Preparation, 5) Pre-Development.
The purpose of the BUILD Loan Program is to promote the production, preservation, and rehabilitation of housing for low and very low income households.
Provides a tax credit to financial institutions when loans, qualified investments, grants or contributions are made to organizations involved in developing low income housing
Eligible Activities are as follows: 1) Activities that create or preserve affordable housing for low income Tennesseans, 2) Activities that assist low income Tennesseans in obtaining safe and affordable housing, 3) Activities that build the capacity of an eligible non-profit organization to provide housing opportunities for low-income Tennesseans, and 4) Any other low-income housing related activity approved by the THDA Executive Director and the Commissioner of Revenue. Eligible Housing Entities are as follows: 1) Tennessee based non-profit organizations with an Internal Revenue Code 501 (C)(3) status, 2) Public Housing Authorities, 3) Development Districts, and 4) Tennessee Housing Development Agency.
Developed to increase low income housing development.
Provides funds to cities and community housing development organizations for the construction, aquisition, rehabilitation, or financing of affordadble housing
HOME funds are awarded through a competitive application process to cities, counties and non-profit organizations outside local participating jurisdictions. Memphis is a participating jurisdiction. An applicant must apply for at least $100,000 and may apply for a maximum HOME grant of $500,000. There is a $750,000 limit on the amount of HOME funds that can be awarded to any one county. Eligable activities include homeowner rehabilitation programs, homeownership programs, and rental housing programs.
Created to promote the production, preservation and rehabilitation of housing for low-income households.
Offers a credit against federal income tax liability each year for 10 years for owners of and investors in affordable rental housing
An indirect Federal subsidy used to finance the development of affordable rental housing for low-income households. To be eligible for consideration under the LIHTC Program, a proposed project must: 1) Be a residential rental property, 2) Commit to one of two possible low-income occupancy threshold requirements, 3) Restrict rents, including utility charges, in low-income units, 4) Operate under the rent and income restrictions for 30 years or longer, pursuant to written agreements with the agency issuing the tax credits.
Created by Congress to generate equity capital for the construction and rehabilitation of affordable rental housing.
THDA is making Multifamily Tax-Exempt Bond Authority available to local issuers for financing for multifamily housing units in Tennessee
The Multifamily Tax-Exempt Bond Authority can be used only to provide financing for new construction of affordable rental housing units, for conversion of existing properties through adaptive reuse, or for acquisition and rehabilitation of rental units. The development must be: 1) New construction, 2) A conversion of an existing property not being used for housing, or 3) Acquisition and rehabilitation.
Created to ensure the development of low-income housing.