Tennessee Housing Development Agency Annual Report 2012The Tennessee Housing Development Agency (THDA) was created in 1973 as a self-supporting state agency to promote the production of affordable housing for very low-, low- and moderate-income individuals and families in Tennessee; to promote the preservation and rehabilitation of existing housing units for such persons, and to bring greater stability to the residential construction industry and related industries so as to assure a steady flow of production of new housing units. THDA has grown substantially over the years to help provide affordable housing opportunities for homeownership, homeowner rehabilitation, homebuyer education, foreclosure prevention, development of affordable rental housing and rehabilitation of existing affordable rental housing, rental assistance, grants and loans for housing programs and more.

Program SummaryTHDA created a summary of the work that we, with our partners across Tennessee, achieved in 2011. The 2011 Program Summary documents how federal dollars were leveraged with THDA and local funding, administrative expertise, compassion and sweat equity to bring security, safety and affordability to households of very low, low and moderate income. In the Program Summary you will find an executive summary of the economic impact of THDA activities on the Tennessee economy in 2011, descriptions of all the THDA programs with methodology used in calculating reported numbers throughout the document, charts that give a visual representation of our impact in 2011, and a breakdown of all of THDA’s activities for the entire state, by each county in alphabetical order, and by Congressional district. Below is the chart of statewide program totals from the 2011 Program Summary.

To read the entire 2011 Program Summary click here. To read previous year’s summaries click here.

THDA Statewide Program TotalsProgram, Date Program Started 2011

Units2011 Dollars

Cumulative Units

Cumulative Dollars

Homeownership, 1974(Tax exempt mortgage revenue bonds) 2,161 $226.4 M 105,003 $6,258.3 M

Low Income Housing Tax Credit, 1987(Federal tax expenditures) 1,866 $185.3 M 45,596 $2,251 M

HOME, 1992(Federal grant funds) 331 $15.7 M 10,575 $299.6 M

Multi-Family Bond Authority, 1993(Tax exempt bond authority delegated to local issuers) 282 $14.6 M 19,224 $657.7 M

Community Investment Tax Credit, 2005 946 $29.7 M 4,860 $139.8 MHousing Trust Fund, 2007(Rural Housing Repair, Competitive Grants, Housing Modification and Ramps, Emergency Repair)

728 $2.7 M 4,375 $30.9 M

Foreclosure Prevention, 2008 1,983 $915,120 11,365 $3.2 M KEY: Federal Program State Program

On the Cover:Governor Bill Haslam at the 2011 Governor’s Housing SummitMinvilla Manor in Knoxville, TN - 2011 Tennessee’s Best Winner for Best in InnovationGwynn Family NSP recipients from White CountyNance Place in Nashville, TN - 2011 Tennessee’s Best Winner for Remarkable Achievement - UrbanMcAnally Family NSP recipients from Sullivan County Jimmy Randolph HOME Program recipient from Rutherford County

Fighting Foreclosure with Keep My TN HomeIn 2011 THDA launched Keep My Tennessee Home, which provides loans to unemployed or substantially underemployed homeowners who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure. Tennessee is one of 18 states plus the District of Columbia receiving funds due to having an unemployment rate that is higher than the national average. The Keep My Tennessee Home program will make homeowners’ payments directly to the loan servicer/lender on their mortgage and mortgage-related expenses such as property taxes, homeowner insurance, homeowner association dues, and/or past-due mortgage payments that accumulated during a period of unemployment.

Keep My Tennessee Home made its first loan to help a Knoxville area mother stay in her home in February. Through the rest of 2011 the Keep My Tennessee Home program issued $5.3 million in forgivable loans to 752 households who were struggling to stay current with their mortgage. THDA estimates it will be able to assist 11,000 households over the next five years with the $217 million appropriation. THDA’s other Foreclosure Prevention efforts provided $915,120 to non-profits to assist 1,983 homeowners in 2011.

For more information about the Keep My Tennessee Home program and THDA’s other Foreclosure Prevention efforts click here, or visit the program website, www.KeepMyTNHome.org.

Rate Reduction for VeteransHomeownership for the Brave is a special mortgage interest rate discount for active and retired members of the military. This program, which began April 1, 2011, allows service members to apply for the ½-percent interest rate reduction on any of the three 30-year fixed rate mortgage choices available. THDA’s mortgage choices are Great Rate, Great Advantage and Great Start. Great Advantage and Great Start mortgages offer 2 or 4% down payment assistance grants at slightly higher interest rates. The mortgage loan must be an FHA, VA, USDA, or Conventional, with a 78% loan to value ratio. The discounted rate is for the full term of the loan. For the purpose of the Homeownership for the Brave Program the definition of veteran is: All members of the military including retired and reservists (at least 180 days), i.e. active duty, National Guard, spouses, and surviving spouses. If discharged or released, separation was done so under conditions other than dishonorable.

For full details on THDA’s mortgage program click here.

Housing Trust Fund’s Fifth AnniversaryIn 2006, THDA started the state’s Housing Trust Fund (HTF) to address unmet housing needs in Tennessee. The HTF marked its five-year anniversary in 2011. With this anniversary THDA’s Research and Planning division took a look at how THDA has achieved the original goals of the Fund; the impact of the Fund; and the remaining housing need in the state. To read the entire report click here.

THDA funds four programs through the HTF: the Competitive Grants Program; the Emergency Repair Program; the Rural Repair Program and the Housing Modification and Ramps program. Each of these programs is designed to assist households of low income with the creation, repair or accessibility of their home.

Press conference announcing Homeownership for the Brave in Clarksville, TN

The Housing Trust Fund Competitive Grants Program is flexible in its service population, serving both rental and homeownership efforts for low-income Tennesseans. The Emergency Repair Program and Rural Repair Program provide grants to serve homeowners who have critical repair needs to make their homes livable. The Housing Modification and Ramps program funds the construction of wheelchair ramps and other home modifications that increase the home’s accessibility.

In 2011 the Housing Trust Fund’s Housing Modification and Ramps program provided $210,490 to make 265 homes accessible. In partnership with U.S. Department of Agriculture, the Rural Housing Repair program provided an additional $637,585 to assist 148 families. Emergency Repair provided $1.8 million in home repair assistance for 315 elderly households in 2011.

Economic Impact THDA programs create jobs, income, and spending in the local economy which add to tax revenues. Because of the “ripple” effect, THDA’s affordable housing programs impact many industries in the economy, going far beyond the specific unit or the neighborhood in which THDA program money is spent. The total economic impact is the sum of direct THDA spending, indirect business-to-business transactions in Tennessee’s economy and additional employee spending.

In 2011the total contribution of THDA-related activities to Tennessee’s economy was estimated at $728.6 million. Because every 100 direct jobs created by THDA-related activities generated 72 indirect jobs throughout the local economy, THDA-related activities created 6,540 jobs in 2011.

For more details about the Economic Impact of THDA-Related Activities in 2011 click here.

Financial StatementsTHDA’s financial statements are prepared quarterly and at the end of the fiscal year by the Accounting division. The financial statements cover all generally accepted accounting principles. Once THDA has been subjected to an audit by an independent auditor, the Independent Auditor’s Report is added to make the Audited Financial Statements. Our financial statements are audited annually by our independent auditor, the Division of State Audit in the Comptroller’s Office. The 2011 audit resulted in an unqualified opinion on the financial statements. In addition, their consideration of internal control over financial reporting and tests of compliance resulted in no audit findings.

To read the audited Annual Financial Statement for the fiscal year ending June 30, 2011 click here.

To read the complete Audit Report for the fiscal year ending June 30, 2011 click here.

Adam Barber a Housing Trust Fund recipient from Montgomery County

2011 THDA Board of Directors

Robyn Jarvis Askew - At Large, East TN Phil M. Baggett - At Large, Speaker of the SenateBrian Bills - THDA Chairman - Savings & LoanTim Bolding - Not for Profit Corporation Philip C. Chamberlain II - Building MaterialsMary Chatman - Section 8 Voucher ProgramWilliam Graves - Manufactured HousingWinston Henning - Housing AuthorityLoretta J. Jercinovich – At-Large, WestJanis V. McNeely - At-Large, Middle Alvin J. Nance - Vice Chairman - Local Government Ralph M. Perrey - At-Large, Speaker of the HouseLisa Reid - Mortgage BankersBenjie Shuler - Real Estate BrokerMike Stevens - Homebuilders Mark Cate - Ex-Officio, Special Assistant to the GovernorMark Emkes - Ex-Officio, CommissionerTre Hargett - Ex-Officio, Secretary of StateJustin Wilson - Ex-Officio, Comptroller of the TreasuryDavid Lillard - Ex-Officio, State Treasurer

Accounting Kemekia Britton Joe Brown, Director Carol Buyna Melissa LahueAnn Salyers Donna Sherrell LeAnn Thomas

Community Programs Valeri Allen Mia Billingsley Jarrell Campbell Mike Clinard Lisa ElamSuzan Foulks Casey GreerShanaya GrierBarry Havens Kristen Hazelwood Coralee Holloway, Director Steve Neighbors Toni Shaw Sherry Smith Craig Stevens Jennifer Tate April Tyler

Executive Bruce Balcom Michael Blade Patricia H. Chatman, Chief Leadership OfficerRobert Farrar Ted R. Fellman, Executive Director Lynn Miller, Chief Legal Counsel Nancy Herndon

Trent Ridley, Chief Financial Officer Cindy Ripley Deborah Sanders Lorrie Shearon, Chief Strategy Officer Laura Sinclair, Chief Program Officer

Finance Wayne Beard, Director Wayne Dickerson

Human Resources Jennifer Ball Tanya Davis-Barlar Meg Howell Linda Kellogg Monti McClellanCathy Salazar, Director Annette Rader

Information Technology Dareyl AdamsCrystal Canaday David Castle Michael ChittumLinda Foulks Patrick Harrell Scott Holden Kristy Howren Nicole Lucas, Director Michael RandallJason Ronnow Bryan West

Internal Audit Ron Erickson, Director Amy Newport Beth Pugh Andrayus Washington

THDA Staff as of December 31, 2011

Williamson County Habitat for Humanity Homeowners DeCarols and Deontae Alexander

Multifamily Development Joe Bethel Felita Givens Terry Montgomery Rebecca Scott Judith Smith Ed Yandell, Director

OperationsDebby Beard Robin HauskenLinda JonesDebra Murray, Director Robert Pack

Program Compliance Gwendolyn Coffey Jenna Crotzer Nicole Draper Donna Duarte, Director Jillian Ford Ray Gray Jared Hassell Patricia Hodges Jayna Jones Willie Jones Juliet King Robert Lucas Jeffrey Lykins Herley Maclin Terry Malone Conner O’NeilStan Pack David Richardson Lee Spratt Khalia Turner

Ann Marie Wetherington

Public Affairs Rachel AgeeJosh GibsonPatricia M. Smith, Director David PairCharmaine Wilde

Quality ManagementGina Burroughs Linus ByersChris Glover Mandy Schott

Research & Planning Hulya Arik Kendra JensenMary McClennanRhonda MosierMick Nelson Rina Sutphin Bettie Teasley Sulmers, Director

Section 8 Contract Administration Ruth Brown Latichia Harvey Carolyn Head Cheryl Jett, Director Ricardo Moore Melissa Nolan Sherri Osborne Ebony Poole Jennifer TiftJennie Thompson

Danna Wall Shelia White Calvin Winston Becky Zastrow

Section 8 Rental Assistance Leah Ailey Beverly Bryant Julie Burnette Donna Calahan Danielle Carpenter Lou Ann Carter Bertha Cartwright Hillary Craig Mary Crutcher Karen Davis Candice DeGuira Horace Garrett Shirley Greer Bonita Hall Linda Haugk Sharlene Helzer Marva Hemphill Morgrett Hill Christy Hollingsworth Carolyn Hutcheson Twana Jackson Andre Kelly Velma Kemp Linda Lalone Jana LaPeer Jada Lattimore Gretchen Mason Kevin Matlock Patricia Matlock Julie Mayo

Carol McEwen Shari Messer Trish Moon Bonnie Morris Sheryle Palmer Mia Parker Debra Perkins Nancy Pollard Donna Richardson Jeboria Russell-Scott Susan Scott Heather Schroeder Lisa Shockley Linda Simmons Keisha Smith Stephanie Stack Laura Swanson, Director Sarah Turner Annette Walker Brenda Whitaker Beverly Whitehead Belinda Williams Janice Williams Reggie Woodard

Single Family Cheri Baber Ruby Baxter Jarmaine Betts Ginny Boles LaMar Brooks Cheryl Brown Sharon Campbell Marvene Carey Bill ClenDening Debbie Couch

Rhonda Ellis Jackie Fe-Archer Linda Ferguson Prisilla Fernandez-BehrBonnie Fowler Debra Fuller Vicki George Lindsay Hall, Director Gail Hignutt Barbara Holland John Hubard Richard JohnsonChristina Kemp Shelly KittsSteven Lamb Ed Lozier Denise McBride Pamela Norris Cynthia PerazaChuck Pickering Sharon Pommer Debbie Reeves, Director of Business Development Caroline Rhodes Rhonda Ronnow Sharon Singley Larisa Stout Tammy Walker Lynne WallsWendy WeaverJaqee WilliamsWendy Wisniewski