WASHINGTON, D.C. – May 1, 2015 – (RealEstateRama) — The Shelbyville Housing Authority received a grant from Tennessee Housing Development Agency to construct supportive housing for Bedford County residents.
Tennessee Housing Development Agency (THDA) made the $90,000 Housing Trust Fund grant at its November Board of Directors meeting. The grant was one of 11 totaling $2.8 million that were approved by the board.
SHA will use the grant funds to construct four one-bedroom units on its 1.46 acre Eastside Annex Elderly Development in Shelbyville. The row-style, single-story apartment building is Phase II of a three-phase development at the site. The project, with matching funds included, is estimated to cost $328,462.
THDA Executive Director Ralph M. Perrey said SHA development was the type of innovative approach to affordable housing the HTF program was set up to support.
“The Housing Trust Fund is open to creative solutions, designed locally,” said Perrey. “The Shelbyville Housing Authority recognizes a growing need for housing with supportive services.”
SHA officials said the completed units will help it address a public housing waiting list that includes a total of 102 applicants, nearly a quarter of which are considered low-income.
The Housing Trust Fund (HTF) was created by the THDA Board of Directors to provide financial support for innovative, affordable initiatives that serve the housing needs of Tennessee’s must vulnerable residents.
Funding for the Housing Trust Fund comes entirely from earnings generated through THDA’s Single Family Mortgage program. HTF grants are awarded through a competitive application process. Since 2006 THDA has provided over $30 million in HTF grants to local governments and nonprofit organizations across the state.