Housing Trust Funds may help Memphis
By:
Timothy Redd
Justin Entzminger from Innovate Memphis walked us through the landscape the challenges
Memphis faces. Some key things form the 2017 American Community Survey were:
- Memphis has lost the highest amount of affordable housing nationally.
- There are more renters than homeowners here, 53 % of people here rent which is an 11% increase.
- Research shows a correlation between housing and poor out comes related to mental and physical health, family stability, neighborhood sustainability
- Low home ownership, low home values, and high vacancy add to high cost burden.
Michael Anderson, Center for Community Change
Director told us about how housing trust funds could address and remedy the
need for affordable housing. Housing trust funds are distinct funds established
by city, county or state governments that receive ongoing dedicated sources of
public funding to support the preservation and production of affordable housing.
Housing trust funds can increase opportunities for families and individuals to
access decent affordable homes.
Today more than 770 housing trust funds have been
established across 47 states contributing a 1.2 billion dollar revenue.
Nashville has established one as well as Knoxville and it has helped people
attain affordable housing.
I think this is a great initiative we learned in
many cities voters went to the ballot box and voted measured for affordable
housing. I left the meeting thinking this could be a push in the right
direction but I also was left wondering how we make housing trust funds happen
here. To learn more about this initiative check out https://housingtrustfundproject.org/
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