News Summary
Memphis is taking decisive action to tackle its affordable housing crisis with the introduction of the Building Home Program, unveiled by Mayor Paul Young. This initiative aims to address the deficit of around 38,000 affordable housing units in the metro area, including the demolition of the long-vacant Somerset Apartments. Additional developments like Edgeview at Legends Park, a senior housing project, are also in collaboration to provide affordable options. With ongoing construction in North Memphis and community support, Memphis is committed to enhancing housing accessibility for residents.
Memphis is taking significant steps towards addressing its affordable housing crisis with the launch of the Building Home Program, as announced by Mayor Paul Young during a press conference on May 21. This initiative aims to tackle a substantial deficit of approximately 38,000 affordable housing units in the metropolitan area.
As part of this effort, the long-vacant Somerset Apartments in Oakhaven will be demolished to make room for new housing developments. The Somerset Apartments have been empty for over a decade, and their demolition marks a proactive approach by the city to revitalize the area and promote new construction.
The Building Home Program, which will be managed by the Memphis-Shelby County Division of Planning and Development, is designed to stimulate the development of rental and ownership homes. This will utilize parcels from the Shelby County Land Bank. A joint city-county ordinance for this program is currently under review by the Memphis City Council and the Shelby County Board of Commissioners, with final votes anticipated in June.
In a collaboration aimed at enhancing affordable housing options, the Memphis Housing Authority (MHA) has partnered with real estate company Pennrose to create Edgeview at Legends Park, a 99-unit affordable housing project dedicated to seniors aged 62 and older. Positioned in the Medical District of Memphis, Edgeview is fully affordable and allows flexibility for residents under the Housing Choice Voucher Program. This project has opened its doors to approximately 35 residents, while over 300 individuals are on the waiting list for one of the available units.
MHA’s CEO has noted several challenges faced during the development of Edgeview, such as rising interest rates and material shortages. However, the project has made progress and promises further benefits for the local community, including provisions for elderly veterans and individuals earning below 30% of the area median income (AMI). Additionally, plans are in place to open a full-service clinic operated by Matter Health for residents in early fall, which will add valuable healthcare resources to the development.
To further support the objectives of the Building Home Program, five homes are currently under construction in North Memphis, with plans to add 26 more next year and an additional 30 by 2027. These developments are crucial as the city strives to meet the pressing need for affordable housing. The community has responded positively to programs like these, with homeowners sharing their experiences of how home ownership has brought pride and stability to their lives.
Additional funding for future housing projects and initiatives will be bolstered by proceeds from Habitat for Humanity’s Women Build luncheon, highlighting the importance of community involvement in tackling the housing shortage.
As Memphis adapts to the evolving housing market, these combined efforts and new programs signify a strong commitment to enhancing affordable housing options. The Building Home Program, along with collaborative projects like Edgeview at Legends Park, reinforces the city’s dedication to creating a sustainable and inclusive housing environment for all residents.
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Additional Resources
- Daily Memphian: Affordable Housing in Memphis
- Action News 5: Senior Affordable Housing Development
- Fox 13 Memphis: Somerset Apartments to be Redeveloped
- Tennessee Lookout: Challenges in Affordable Housing Construction
- Commercial Appeal: Somerset Apartments Demolition
- Wikipedia: Affordable Housing
- Google Search: Affordable Housing Memphis
- Google Scholar: Affordable Housing Memphis
- Encyclopedia Britannica: Affordable Housing
- Google News: Affordable Housing Memphis
