Updates on Funding for Memphis Affordable Housing Trust Fund FY2022
The need for safe, affordable, and quality housing is one of the most critical issues facing Memphis residents. Thank you for everyone who joined BLDG Memphis in our advocacy efforts to preserve funding for the Memphis Affordable Housing Trust Fund for fiscal year 2022.
Here are the updates:
- A one time 7.5 million dollars will be allocated from Accelerate Memphis to the Housing Trust Fund to address multi-family development projects, 2 units or more. This money cannot address single family projects nor repairs.
- No city dollars were allocated to the Housing Trust Fund for FY2022
- BLDG Memphis has submitted a letter to City Council to urge them to contribute additional funding to the affordable housing trust fund. Read our sign on letter here.
While we are excited to see greater investment in affordable housing; there is a still a gap in funds for single family rehabs and private residents who are in need of home repairs. The Memphis Affordable Housing Trust Fund fills that gap.
City Council is meeting to discuss how funding from the American Rescue Plan Dollars, (ARPA) given from Congress, can be distributed to address the direct needs of residents. By investing ARPA funds into the affordable housing trust fund, these dollars can be used to address home repairs for elderly, ensure stable shelter for families, and positively impact under-resourced neighborhoods both now and in the future.
Contact your city council representative TODAY to urge them to support the Memphis Affordable Housing Trust Fund. Below is a template letter that can be emailed to your elected official.
Sample Letter to City Council to Fund the Memphis Affordable Housing Trust Fund
I _______________, am writing to provide input as you develop a plan to spend the remaining American Rescue Plan Act Dollars ( ARPA) for the city. The need for safe, affordable, and quality housing is one of the most critical issues facing Memphis residents, and the ARPA funds can be used to build stronger community ties, ensure stable shelter and positively impact neighborhoods both now and in the future.
When it comes to affordable housing issues, single family home repair is one of the most prominent in the city. Across TN, homeowners in Memphis are among the most cost-burdened. However the city of Memphis has not offered a home repair program since 2013, and 2/3rd of housing units in Memphis were built before 1980. Residents' homes, particularly those who are elderly or low income, are in serious need of structural repairs, such as electrical, plumbing, heating, and roofing. With the looming effects of the pandemic, many Memphis residents do not have the ability to pay those funds.
In 2019, the Memphis City Council created the Memphis Affordable Housing Trust Fund, a dedicated and flexible source of local funding for our community’s quality affordable housing needs. However, the city has not contributed local dollars for the past two fiscal years, and the money currently in the fund cannot address single family new construction or rehab and repair of owner occupied units. This presents a significant funding gap.
By allocating ARPA dollars towards the housing trust fund the city will invest in both people and infrastructure. By repairing structural damages to homes we are not only increasing wealth among households, but also garnering additional property tax revenue for the city. Research shows that investment in home repair will reduce crime, create better educational outcomes, and build a more stable workforce. In my neighborhood affordable housing will ____________
While I understand that there are many competing priorities within government, we also know that the housing crisis facing Memphis long before this outbreak will only be made worse by the health and economic impacts of COVID-19. By investing in home repairs through the Housing Trust Fund, this will create long term impact for both residents and infrastructure in the city.
Emails of City Council Members:
"Warren, Dr., Jeff" <[email protected]>,
"Logan, Rhonda" <[email protected]>,
"Carlisle, Chase" <[email protected]>,