The Tennessee Housing Development Agency’s activities helped generate over a billion dollars for the state’s economy during 2017, according to a new report released by the agency.
The 2017 Impacts and Investments report shows that THDA’s efforts led to approximately $1.1 billion in estimated economic activity across Tennessee. The report provides a comprehensive account of THDA’s activities during the calendar year and highlights the ripple effects of THDA programs on local and state economies.
“This report shows how thousands of Tennesseans who needed assistance with housing were helped though programs administered by THDA,” THDA Executive Director Ralph M. Perrey said. “Affordable housing not only benefits the families we assist, but also helps communities by leading to additional jobs and growth in the areas where it exists.”
THDA is the state of Tennessee’s housing finance agency and provides assistance to eligible homebuyers through its Great Choice Home Loan program. THDA also manages a wide range of grant programs under the Tennessee Housing Trust Fund, maintains a network of homebuyer education counseling partners and administers federal grant programs on the state level.
In addition to its estimated economic impact, the Impacts and Investments report shows that THDA was directly responsible for $628 million in economic activity in Tennessee. The report estimates that 7,477 jobs were created as a result of all THDA-related activities.
The mortgage numbers include 2,922 families that became homeowners through THDA’s Great Choice Loan Program in 2017. Those mortgage loans totaled $368.1 million.
THDA funded the Tennessee Housing Trust Fund with $7.9 million in profit generated from the Great Choice program.
Tax credits and bond allocations contributed an additional $496.7 million that was used to preserve or build new affordable housing across the state.
A total of 39,730 Tennesseans were helped though the Section 8 Rental Assistance Program administered by THDA, while 85,478 households were helped defray the cost heating and cooling expenses through the Low Income Home Energy Assistance Program.