NASHVILLE – A major real estate player in Tennessee’s economy is celebrating its 45th year in existence.
The Tennessee Housing Development Agency (THDA) celebrated its mission of helping Tennesseans become first-time homebuyers during a ceremony May 15 that included dignitaries such as former Gov. Winfield Dunn.
THDA – the state’s housing finance agency – was created on May 14, 1973 by Dunn, a Memphis Republican. The first THDA home loan was originated in 1974. THDA was founded to meaningfully expand safe, sound, affordable housing opportunities for low and moderate income Tennesseans.
“During the 45 years THDA has been in existence, we have helped thousands of Tennesseans realize the dream of homeownership and have promoted the expansion of affordable housing opportunities across the state,” THDA Executive Director Ralph M. Perrey said.
Dunn said he was not surprised by THDA’s success in the decades since it was established.
“The idea was so appealing and there was such a logical reason for wanting to establish an agency like THDA,” Dunn said. “It was someone else’s idea, but it was certainly one I embraced and it has turned out to be something that I am certainly proud of.”
In that time, THDA has helped thousands of Tennesseans realize the dream of homeownership by providing downpayment assistance and mortgage loans to first-time homebuyers.
In 2018 alone, THDA’s Great Choice Loan Program helped create 4,473 new homeowners in Tennessee with loans totaling $601.2 million.
In addition to assisting homebuyers, THDA also helped fund the creation of 6,283 affordable rental units through the use of Low-Income Housing Tax Credits and tax-exempt bonds.
The economic impact of THDA’s activities on the state economy in 2018 was estimated at $1.4 billion. That figure included the creation of 9,074 units in housing and construction-related professions, which accounted for $436 million in wages, and the generation of $43 million in state and local tax revenues.
In the over four decades since it was established, THDA has provided $8.6 billion in mortgage financing, assisting over 123,000 homebuyers in the process.
During that time, THDA has also provided millions of dollars in assistance for affordable housing throughout the state through the administration of state and federal grant programs, federal Section 8 programs.