10k housing plan, United Housing

The 10-K Housing Plan is an initiative helmed by United Housing, Inc. and Vision to Reality, LLC to Build 10,000 homes in 10 years in the City of Memphis.

Rehab – Owner Occupied --- 200 Units
Rehab – For Sale --- 200 Units
Rehab ---Special Needs --- 100 Units
Newly Built --- Special Needs --- 100 Units
New Single Family Homes  ---  400 Units
4,000 Per Year in Home Buyer Education and Credit Counseling

Collaborative Incentive Funding Sources:
Local Government = 30%
State and Federal Government = 45%
Philanthropy = 25%
Private Sector Investment = 3 times Above Funding
$34.5 Million in Incentives  
To Yield $107 Million The First Year and $1.367 Billion over Ten Years for Private Sector Investment

Financial Tools:
Down Payment Assistance
Rehab Financing
Development Assistance for Special Needs and New Housing
Loan Loss Reserves (to leverage private financing)
Home Buyer Education and Counseling

People Retained or Added: 35,000

Tax Benefits:
City of Memphis 10 Year Property Tax Payback $65.7 Million  
Shelby County, TN. 10 Year Property Tax Payback $84.4 Million
Combined Tax Payback
$150.1 Million

Non-Property Tax Related Benefits:
$9.59 Million in estimated Sales Taxes
$3.53 Million in estimated Other Taxes
$13.12 Million in estimated Local Taxes
$2.88 Billion Total Economic Impact from 10-K Plan

Impact on Labor Market:
Creates a yearly 684 full time direct construction jobs associated with new home building
Over 10 Years supports an average of 1,593 Supported Jobs (direct/indirect)
Over 10 Years will generate total of $849 Million in wages

Impact on Homeowners Utility Costs:
Memphis inner-city neighborhoods tend to have older less energy efficient homes.  
A review of medium utility bills adjusting for sizes of homes reveal  that homes in six (6) zip codes 38106, 38108, 38109, 38114, 38122 and 38127 pay on average 40+% more in utility costs than comparable size homes in the suburbs.  
The weatherization component within the Memphis 10-K Housing plan should make a significant impact on these homeowners utility costs.

Overall Benefits:
40,000 Homebuyers and Homeowners Counseled
Credit Scores Improvement
Access to Mortgage financing for purchase and Rehab improved

Overall Economic Impact:
Construction Industry Growth
Jobs Created
Taxes Base Expansion
Consumer Credit Training and Growth in Private Investment
Combined Impact $2.9 Billion

To learn more, click below:

Annotated bibliography of works cited, 100&Change proposal

Memphis 10K Housing Plan PowerPoint

Economic Impact of the 10K Housing Plan

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