Workshop Outlines Agency’s Focus on Affordable Housing

Tennessee’s Community Investment Tax Credit Program, a new lender incentive, gives tax credits to financial institutions that loan money to organizations working for affordable low-income housing.  Ted Fellman, executive director of the Tennessee Housing Development Agency (THDA), discussed this program and others at a Dec. 8 workshop with more than 40 lenders, nonprofit agencies and bond providers in attendance.

Fellman went on to explain that loans made under the Community Investment Tax Credit Program can be used to create affordable housing, help Tennesseans obtain affordable housing mortgages, help nonprofit agencies create affordable housing or fund affordable housing activities, such as certified homebuyer education services.

The THDA is striving to be more proactive when it comes to identifying funding opportunities, Fellman said.  “The bureaucratic process made some folks shy away, but now there are more options for banks to develop their own programs,” he said. “We’re more available and adaptable to our partners.” 

THDA encourages nonprofit agencies to offer certified homebuyer counseling to its clients. As an incentive, THDA grants $150 to agencies for each first-time homebuyer who completes counseling and obtains a THDA loan. 

“We’re all about homeownership,” said Fellman, “but people are not always ready.” For that reason, THDA also administers programs with rental components such as federal Section 8 rental vouchers.

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