2022 Memphis Housing Summit focuses on affordable housing options
MEMPHIS, Tenn. (WMC) - The cost of rent keeps going up, but salaries seem to stay the same.
Wednesday housing leaders from across the country came together in Memphis to find solutions.
Memphians are spending on average nearly $1100 a month on 2-bedroom rentals according to rent.com.
The troubled Tillman Cove apartments in Binghampton were demolished in 2019.
After a nearly $800,000 investment from the city, the property is on the verge of becoming a new affordable housing option for Memphians.
“There is just so much need and so hopefully today we come up with some new solutions around affordability,” said Ashley Cash, Director of Housing and Community Development in Memphis.
Wednesday Cash and other housing leaders gathered for the fourth annual State of Housing Summit, looking for new solutions like the Tillman Cove Project which offers 1-to-4-bedroom floor plans that are rented to tenants who earn 80% or less of the area median income.
For a single person, that’s about $43,000 or less.
Cash says the current pricing for each unit that will be available has not yet been posted, the complex is slated to open in the summer of 2023.
Cash says in the next year she expects 2 to 300 new affordable housing units to come online, but she says that doesn’t even scratch the surface.
“So, our research shows about 30,000 is needed in the city of Memphis and that’s because a lot of housing is sub-standard out there. A lot of houses that are affordable, paying $3 or $400 a month, it places that no one wants to live,” said Cash.
For low-income residents, the outlook is even direr.
Deidra Malone, a Memphis mother of 5, spent 3 months in an emergency shelter as she searched for affordable housing.
“Even for a little two-bedroom apartment everything is starting off at like a $1,000,” said Malone.
Cash says solving the housing crisis is about partnerships like the collaboration with The Works, Inc. that’s turning the old Northside High School into Northside Square, creating 42 affordable units by August 2024.
In the meantime, Cash reminds folks that help is available from down payment assistance.
Potential tenants can get more information here.
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