Rutherford Park

New Development Will Provide Families in TN With Affordable Housing Options

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. The development of 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.

In Tennessee, an estimated 24% of renter households are considered extremely low-income, earning 30% or below the Area Median Income. Additionally, these same low-income families are facing a shortage of approximately 129,343 affordable rental homes throughout the state. When low-income families do not have access to affordable housing, they are often forced to sacrifice other necessary expenses to afford rent. The combination of a high percentage of extremely low-income renters and the shortage of rental housing available to them, makes it critical to develop new affordable housing options.