Tennessee Housing Development Agency

Tennessee Housing Development Agency
Name	Tennessee Housing Development Agency
Type	Public corporation
Founded	1973
Headquarters	Nashville, Tennessee
Jurisdiction	State of Tennessee
Chief executive	(Executive Director)
Website	(official website)

Contents

Tennessee Housing Development Agency is a state-level public corporation created to expand affordable housing and administer housing finance in Tennessee. The agency operates programs that connect resources from federal sources such as the United States Department of Housing and Urban Development and the United States Department of the Treasury with state policy priorities led by the Tennessee General Assembly and the Governor of Tennessee. It partners with municipal entities like the Metropolitan Government of Nashville and Davidson County and nonprofit groups including Habitat for Humanity affiliates to serve rural regions such as Knox County, Tennessee and urban centers such as Shelby County, Tennessee.

History

The agency was established following legislative action by the Tennessee General Assembly during the 1970s, influenced by national initiatives including the Housing and Community Development Act of 1974 and precedents from the California Housing Finance Agency and the New York State Housing Finance Agency. Early years saw coordination with the Federal Home Loan Bank system and interactions with entities like the National Council of State Housing Agencies and the Urban Land Institute. Major milestones include allocation of Low-Income Housing Tax Credit authority after the Tax Reform Act of 1986, involvement with programs shaped by the Community Reinvestment Act and responses to disasters such as coordination with the Federal Emergency Management Agency after regional storms. Over decades the agency adapted to state fiscal policy under administrations of governors including Ray Blanton, Dunne, and later executives tied to administrations like Bill Haslam and Bill Lee.

The agency operates under statutory oversight from the Tennessee General Assembly and reporting relationships with the Governor of Tennessee and the Tennessee Comptroller of the Treasury. Governance includes an appointed board, interaction with the Tennessee Department of Human Services, and coordination with legal counsel referencing standards from the American Bar Association. Executive leadership liaises with national peers such as the Massachusetts Housing Finance Agency and institutions like the National Council of State Housing Agencies and the Corporation for Supportive Housing. Administrative divisions mirror models used by the New Jersey Housing and Mortgage Finance Agency and include departments similar to those in the Florida Housing Finance Corporation for underwriting, compliance, asset management, and multifamily programs. The agency engages auditors from firms with relationships to the Government Finance Officers Association and aligns bond issuance practices with the Municipal Securities Rulemaking Board.

Programs include administration of the Low-Income Housing Tax Credit, issuance of mortgage revenue bonds akin to those from the Illinois Housing Development Authority, rental assistance coordination comparable to Section 8 initiatives administered by the United States Department of Housing and Urban Development, and down payment assistance modeled after programs in the Texas Department of Housing and Community Affairs. Services extend to multifamily and single-family financing, supportive housing partnerships with groups like Volunteers of America, and special needs housing coordination with the Tennessee Housing Authority. The agency often supports cooperative projects with municipal agencies such as the Metropolitan Development and Housing Agency (MDHA) of Nashville, collaborates with rural outreach organizations like the Appalachian Regional Commission, and integrates with workforce development partners including the Tennessee Department of Economic and Community Development.

Financial operations leverage federal capital sourced from the United States Department of Housing and Urban Development and tax incentives under the Internal Revenue Code including the Low-Income Housing Tax Credit. The agency issues tax-exempt mortgage revenue bonds in capital markets working with underwriters registered with the Municipal Securities Rulemaking Board and legal frameworks referencing the Securities and Exchange Commission. Funding streams include appropriations from the Tennessee General Assembly, grant awards from the United States Treasury in programs like Emergency Rental Assistance, and philanthropic grants from foundations such as the John D. and Catherine T. MacArthur Foundation and the Ford Foundation in select initiatives. Partnerships with the Federal Home Loan Bank system, community banks regulated by the Federal Deposit Insurance Corporation, and insurance programs influenced by the Tennessee Department of Commerce and Insurance shape risk management and leverage private capital.

The agency measures outcomes using metrics comparable to those used by the United States Department of Housing and Urban Development and the Government Accountability Office, reporting on units preserved, units produced, homelessness prevention efforts aligned with Continuum of Care frameworks, and tenant protections influenced by state statutes. Evaluations reference case studies from counties such as Davidson County, Tennessee and Hamilton County, Tennessee and compare performance to peer agencies like the California Tax Credit Allocation Committee. Impact assessments include collaboration with research centers such as the Urban Institute and the Brookings Institution and draw on data standards from the National Low Income Housing Coalition and the Joint Center for Housing Studies of Harvard University.

The agency maintains partnerships with federal partners including the United States Department of Housing and Urban Development, state bodies such as the Tennessee Department of Human Services, local governments like the City of Memphis, nonprofit developers including Habitat for Humanity International and Enterprise Community Partners, and philanthropic organizations like the Kresge Foundation. It collaborates with financial institutions including the Federal Home Loan Bank of Cincinnati, national intermediaries such as Local Initiatives Support Corporation, and enforcement or regulatory partners including the Tennessee Housing Authority and the Tennessee Department of Finance and Administration. These collaborations support initiatives tied to disaster recovery with the Federal Emergency Management Agency and community planning with regional councils like the Southeast Tennessee Development District.

Category:Housing in Tennessee Category:State housing finance agencies of the United States