Tipton County

Demographics:

Total Population
61,298                57,543             6,402,387

Percentage Non‐Hispanic White                                                      76.5%
76.9%                    75.3%
Percentage Non‐Hispanic Black                                                       18.1%
17.8%                    16.7%
Percentage Asian
0.7%                    0.6%                      1.5%
Percentage Hispanic/Latino                                                                2.2%
1.9%                      4.7%

 

Housing Statistics:

Housing Affordability
Tipton County                       Tennessee
All Households                                   2009‐2013         2005‐2009          2009‐2013
Median Household Income                                                    $52,423
$51,138                $44,298 Total Cost‐Burdened Households2
5,967                  5,802                767,633
Percentage of Households that are Cost‐Burdened                     27.7%                 27.2%
31.0%
Homeowners
Total Owner Households                                                                 15,960
16,015             1,677,205
Ownership Rate
74.0%                 75.1%                    67.8%
Median Income                                                                               $63,004
$60,338                $55,788
Median Housing Value                                                    $139,100           $132,100
$139,200 Median Monthly Owner Cost (with mortgage)                 $1,262
$1,187                  $1,202 Median Housing Cost as % of Household Income
22.1%                 22.2%                   23.1%
Cost‐burdened Owners                                                                      3,575
3,545                401,731
Percentage of Owners who are Cost‐Burdened                            22.4%                 22.1%
24.0%
Renters
Total Renter Households                                                       5,614
5,308                797,990 Median Income
$26,208              $23,300                $26,231 Median Gross Rent
$752                   $668                      $742
Median Housing Cost as % of Household Income                         29.8%                 29.8%
30.9%
Cost‐burdened Renters                                                                      2,392
2,257                365,901
Percentage of Renters who are Cost‐Burdened                            42.6%                 42.5%
45.9%
Number of Cost‐Burdened Households by Income
<$20,000                                                        1,628                  1,593
225,432
$20‐35,000                                                          556                      601
107,281
$35‐50,000                                                          140                        63
24,979
>$50,000                                                              67                          0
8,210

THDA Assistance:

Program, Year Started 2014 Units 2014 Dollars Cumulative Units Cumulative Dollars

Homeownership Loan Program, 1974 9 $824,305 1,261 $73.6M

Downpayment Loans, 2013 8 $29,987 8 $29,987

Homebuyer Education Program, 2003 7 $1,750 82 $15,050

Keep My Tennessee Home, 2011 (Allocated) 17 $485,380 72 $1.9M

Disbursed — $577,778 — $1.3M

*Medical Hardship Program, 2012 (Allocated) 7 $141,521 10 $256,278

Disbursed — $109,457 — $184,198

Foreclosure Prevention, 2008 15 $5,400 100 $36,150

HOME, 1992 1 $100,000 110 $4.1M

Rental 1 $100,000 — —

Tennessee’s Housing Trust Fund, 2007 6 $37,913 83 $496,512

Emergency Repair — — 50 $314,201

Rural Housing Repair 6 $37,913 33 $182,311

Low Income Housing Tax Credits, 1987 — — 412 $14.1M

Section 8 Rental Assistance, 1978 650 $3.6M — —

Tenant-Based 367 $2.1M — —

Project-Based 283 $1.4M — —

Weatherization Assistance Program, 1976 — — 28 $138,279

Low-Income Home Energy Assistance Program, 1981 1,046 $413,712 1,046 $413,712

Neighborhood Stabilization Program, 2008 — — — $153,475

 

 

 

Utility Allowances

THDA-approved homebuyer education counselors:

MEMPHIS AREA ASSOCIATION OF GOVERNMENTS
8289 Cordova Rd     Suite 103
Cordova  TN   38016
Phone: 901-729-2871
Fax: 901-729-4107
Email: pmorris@maagov.org
Contact: PAUL MORRIS

 

THDA Great Choice Loans Availability:

First-time Buyers: Yes

Repeat Buyers: Yes

Active Duty Military: Yes, with special interest rate reductions

Honorably Discharged Veterans: Yes, with special interest rate reductions

 

THDA Great Choice Loan Requirements:

Annual Income Limits: $69,600 for one- or two-person household, $81,200 for household of three or more

Purchase Price Maximum: $300,000

 

THDA-approved lenders:

AMERICAN MORTGAGE SERVICE CO 1921 HIGHWAY 51 SOUTH UNIT E-1 COVINGTON 38019 (901) 313-9391
AMERICAN MORTGAGE SERVICES INC 171 WESLEY REED DR ATOKA 38004 (901) 840-1400
BANK OF JACKSON 558 CARRIAGE HOUSE DR JACKSON 38305 (731) 660-8099
BARTLETT MORTGAGE INC 678 N GERMANTOWN PKWY CORDOVA 38018 (901) 387-3077
BARTLETT MORTGAGE INC 1020 W POPLAR AVE COLLIERVILLE 38017 (901) 257-7250
BARTLETT MORTGAGE INC 9915 HIGHWAY 64 SUITE 101 MEMPHIS 38002 (901) 328-6610
BARTLETT MORTGAGE INC 1870 KIRBY PKWY GERMANTOWN 38138 (901) 387-3090
BARTLETT MORTGAGE INC 3691 AUSTIN PEAY HWY MEMPHIS 38128 (901) 842-4831
FIRST CITIZENS NATIONAL BANK 1426 MUNFORD AVENUE MUNFORD 38058 (800) 690-8871
FIRST CITIZENS NATIONAL BANK 123 ATOKA AVE ATOKA 38004 (901) 837-0133
REGIONS BANK 11 MURRAY GUARD DR JACKSON 38305 (731) 984-6167
SIMMONS FIRST NATIONAL BANK 11300 HWY 51 S ATOKA 38004 (901) 840-1900
TRUSTMARK NATIONAL BANK 5350 POPLAR MEMPHIS 38119 (901) 309-8300
TRUSTMARK NATIONAL BANK 1365 S. GERMANTOWN RD GERMANTOWN 38138 (901) 309-6225

Registration is Open

Governor’s Housing Conference to Tackle Tough Questions

July 9, 2015 – Conversations ranging from Congressional action to community planning will share the stage at the 2015 Governor’s Housing Conference in October.

Presentations on design choices, the changing needs of aging Baby Boomers, and enticing debt shy Millennials into homeownership will draw housing industry experts from far and wide, all focused on providing housing of choice to various populations. The conference is set for October
7 and 8 in Nashville at the Music City Center. Registration is open at http://www.tnghc.com.

Ed Pinto, American Enterprise Institute, starts the discussion at the opening lunch with a presentation on the national housing market and the Wealth Builder Home Loan (WBHL).
Tennessee Housing Development Agency coordinates the Governor’s Housing Conference each year, providing a learning and networking opportunity for professionals in residential development, construction, lending, and sales, as well as government and nonprofit groups.

“The availability and affordability of housing is more than a quality of life for individual families, but also a key element in the health and financial stability of a community,” said Ralph M. Perrey, THDA executive director. “Economic development, job creation, school success, all these elements work together when the right housing is in place.”

Pinto, a frequent commentator on the national housing finance system, is codirector of AEI’s International Center on Housing Risk in Washington, D.C. As currently featured on HousingRisk.org, Pinto’s study of the much-touted January 2015 reduction in the Federal Housing Authority’s annual mortgage insurance premium shows that the cut did not bring additional persons of lower wealth into the housing market, but instead stimulated existing buyers to purchase a higher-priced home.

Pinto co-designed the WBHL to encourage homeownership with less credit risk, creating wealth through rapid equity growth from a 15- or 20-year amortization.

The conference’s educational sessions and exhibits combine to provide many opportunities to learn from experts. Topics include the connection between housing and economic development, alternative designs, what can be learned from the U.S. Census, and updates on THDA programs.

Companies interested in exhibit or sponsorship opportunities are asked to send an email to PSmith@thda.org.