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Success Stories: Making Affordable Rental Housing Possible through Partnership

Outline of Need:

Street view of several new housesThere was a need in Henderson Tennessee for rental properties for low to moderate-income households. A multi-family property would help stabilize and enhance the “heart” of America's families by providing housing for those households.

How Rural Development Helped:

USDA-Rural Development partnered with Lewiston State Bank/Bonneville Mortgage Company to fund a $5,017,500 development consisting of 50 detached rental homes. The collaboration provided project funds through a direct loan by Lewiston State Bank/Bonneville Mortgage Company and a $2,450,000 Section 538 Guarantee by USDA Rural Development (click here to learn more about this and other programs). In addition, the developer obtained tax credits from Tennessee Housing Development Agency (THDA).

group photo with big puzzleThe Results:

The partnership between USDA Rural Development, Lewiston State Bank/Bonneville Mortgage Company, Henderson Management, LLC and THDA made the development, Arrington Estates of Henderson, L.P., a reality. Arrington Estates includes 50-three bedroom, two bathroom detached rental homes with garages and an on-site community center at the heart of the development. This project has provided quality rental housing to families in the Henderson area. In this small rural town, six months after the 50 housing units became available for occupancy, 37 have already been leased.

 

group photo with some of the residents of the new neighborhoodPhoto Caption: Top--Arrington Estates Multi-Family Housing. Middle--Big Puzzle spotlighting Partners. From left to right: RD State Director Mary (Ruth) Tackett; U.S. Representative Marsha Blackburn; Bill Joseph, Architect & Co-Developer; Ed Yandell, Tennessee Housing Development Agency. Bottom--This picture includes families who live in some of the homes.

 

 

(September 2006)

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Rural Development is within the U.S. Department of Agriculture and administers rural business, cooperative, housing, utilities and community development programs.

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