Affordable Housing in Tennessee
While many towns and cities in Tennessee enjoy a lower cost of living than the national average, rent market rates across the state are still inaccessible to a large number of Tennessee individuals and families. Section 8 applicants must endure long waitlists as there are not enough resources available to meet the needs. Thankfully, federal programs like the LIHTC are making it possible for more low-income Tennesseeans to have safe, comfortable housing at rents that match their budget.
Living in Tennessee
Located in the nation’s heartland, the State of Tennessee is a land as rich and diverse as the people who live there. In fact, Tennessee residents think of their state as divided into three Grand Divisions – “three Tennessees,” if you will – each with its own land features and culture.
The eastern third of the state, East Tennessee, is dominated by the Blue Ridge Mountains, Great Smoky Mountains, and Cumberland Plateau, a land rich both in natural beauty and Appalachian culture with population centers that include Knoxville, Chattanooga, and the famed Tri-Cities area, the historic birthplace of Country Music.
Middle Tennessee, the state’s midsection, is a land of rolling hills and fertile soil – the agricultural center of the state. It’s also home to Nashville, the state capital and the famed Country Music Capital of the World. With a combined metro population of almost 2 million, Nashville is also the state’s largest city.
West Tennessee, the western third of the state, is loosely considered the region between the Tennessee River to the east and the Mississippi River along the western border. This flat, fertile bottom land is part of the massive Gulf plain and serves as another bed of agriculture for the state. On the western end, along the banks of the Mississippi, lies Memphis, the state’s second largest city. Also known for its music scene, Memphis is the historic birthplace of Rock & Roll (Sun Records), as well as the home of Elvis Presley, B.B. King, and the world-famous Beale Street, home of the blues.
Tennessee and the LIHTC
Also called Section 42 housing, the Low Income Housing Tax Credit is a federal program that incentivizes developers and property owners to create affordable housing options by offering generous tax credits as a subsidy. To receive the LIHTC tax credit, qualifying developers must apply to the housing authority in their state who is responsible for awarding LIHTC credits. In Tennessee, that agency is the Tennessee Housing Development Agency (THDA). Since 1987, the THDA has awarded LIHTC credits to over 1,000 properties across the state.
About Olympia Management, Inc.
Olympia Management, Inc. was established in 2014 as the management company for Olympia Construction, Inc. (OCI), an owner/developer of multi-family and elderly affordable housing complexes. While currently headquartered in Albertville, Alabama, Olympia Management currently manages hundreds of affordable housing properties across the southeastern United States, including more than a dozen properties in Tennessee.
See below to learn more about our affordable housing options in Tennessee. To learn more about Olympia Management or to inquire about availability in your area, contact us today.