Jamestown Manor Apartments

Existing Property Preserved for Seniors Residing in Tennessee

The number of individuals that cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than seven million affordable homes for the nation’s more than 10.8 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. Developing affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates.

For many years, the country has struggled to address the growing housing demand for millions of low-income seniors nationwide. According to the National Council on Aging, more than 25 million Americans aged 60-plus live at or below 250% of the federal poverty level (FPL) of $29,425 per year per single person. In Jamestown, Tennessee, in 2020, renter households represented 22.8% of total households, with senior households (ages 62+) accounting for approximately 13.2%. As the number of senior renter households is projected to grow 4.4% annually within Jamestown and the surrounding area through 2025, it was pertinent that the focus was not only on building new low-income housing but on preserving existing communities.