All around the country, we are seeing a spike in the cost of homeownership and the increasing price of rent.  Memphis is no exception to this alarming trend.  Housing is a key component to the success of a city and its residents and in Bluff City, we have seen the availability of affordable housing vanish over the last few years.  Home ownership for most residents has become out of reach and the high cost of rent places a burden on working families who are struggling to make ends meet in an era of inflation.

This is another crisis that must be met with real leadership and innovation.  My administration will work with developers, nonprofits and other investors to create the boldest affordable housing program in Memphis history.  We will do this by attacking the problem on all sides.  There are three strategies we must employ to create growth and accelerate homeownership and stabilize rents:

1. Affordable housing cannot just be focused on large apartment complexes in marginalized communities; we need to provide incentives for smaller investors to purchase, renovate and sell single family homes that are currently in disrepair or to build new structures on existing vacant lots.  This will allow neighborhood renewal to occur and prevent these abandoned structures from being used for a criminal enterprise.

2. We must work with legacy developers and investment funds to create innovative approaches to financing affordable housing developments so that we can create housing inventory that is accessible for all of our residents.

3. The City of Memphis needs to take a leading role in working with lending institutions to allow for sub prime applicants to qualify for mortgages for first time homebuyers.  This will set up an avenue for individuals to build generational wealth through homeownership.

We can accomplish so much as a community when we approach these challenges by ensuring that all Memphians have the opportunity to participate in growing Memphis.  Our housing problem can be solved if we are willing to work together and recognize that a rising tide lifts all boats.  Our next mayor must be someone who can deliver on affordable housing, and no one has delivered for Memphis like I have.  I’m looking forward to the opportunity to serve you and grow Memphis together.