January 23, 2003
NASHVILLE, Tenn. — Vanderbilt University, which remains committed to increasing the supply of affordable housing in Nashville, has renewed its five-year $100,000 investment in the Nashville Housing Fund. Through public and private resources, the nonprofit corporation assists low- and moderate-income families and individuals who want to become successful homeowners, and also works with developers to expand affordable housing options in Nashville.
Vanderbilt was one of the original investors in 1997 in the fledgling nonprofit corporation, according to Loretta Owens, executive director of the Nashville Housing Fund. “Vanderbilt has joined with other community partners to assist 1,400 new homeowners, provide initial homeownership counseling to more than 5,000 families and add 650 new units to Nashville’s affordable housing stock,” Owens said. She noted that initiating 48 units of affordable housing in the Gulch is one of the agency’s recent success stories.
Approximately 70 percent of Vanderbilt’s nearly 17,000 employees live in Davidson County. “One of the best ways to ensure that Nashville remains a vital, vibrant community is to promote home ownership,” said Vanderbilt Vice Chancellor for Public Affairs Michael J. Schoenfeld. “The Nashville Housing Fund has been leading this effort, and the results are both tangible and exciting. We are delighted to continue our investment in this program.”
The nonprofit currently has more than $19 million in funding commitments, thanks to investments from financial institutions and corporations, as well as grants from local and state governments, foundations and United Way of Middle Tennessee. The Nashville Housing Fund received more than $3 million in federal funding and $3 million in matching grants after being designated as a Community Development Financial Institution by the U.S. Department of the Treasury.
One program offered by the Nashville Housing Fund, called Front Door, provides a free hour of counseling, evaluation of credit report and referral to various homebuyer assistance programs for anyone who wants to become a homeowner. It is designed to help first-time buyers who do not know where to start. Another program enables those who meet specific income guidelines to receive loans for downpayments and closing costs on homes. A third program provides low interest loans and other incentives for developers of affordable housing.
More information about the Nashville Housing Fund is available on its website at www.nashvillehousingfund.org.
For more information about Vanderbilt, please visit the News Service homepage at www.vanderbilt.edu/News.
Media contact: Ann Marie Owens, 615-322-NEWS, annmarie.owens@vanderbilt.edu