Fahe and Partners to Increase Affordable Housing Activities in TN with New Investment

Nashville, TN – Governor Bill Lee’s Fiscal Stimulus Accountability Group (FSAG) announced today that
the state will be allocating $10 million in funding to Fahe and partners for statewide investments in
housing working families can afford. Fahe, a network of 50+ nonprofit organizations building the
American Dream in Appalachia, anticipates that this investment will generate, repair, rehab or preserve
as many as 147 units and support more than 413 households across Tennessee.

The FSAG, appointed by Governor Lee, has been working collaboratively to allocate over $3.75 billion in
funding received by the state through the American Rescue Plan Act. Fahe, together with our coalition
partners—the Neighborworks Alliance of TN and TN Association of Housing and Redevelopment
Authorities (TAHRA)—will work to deploy this additional $10 million via a competitive grant process.
According to recent real estate data, the availability of homes on the market in Tennessee dropped by
29.29% between March 2021 and March 2022, and the state experienced a significant decline in home
permits—with total permits down by 52.60% and single-family permits down by 36.44%—in the fourth
quarter of 2022.

“A safe place to call home is the foundation on which we build families, communities, economies, and
opportunity,” said Maria Catron, Executive Director of Oak Ridge Housing Authority and Chair of the
Fahe TN Caucus and President of TAHRA. “Tennessee has become a go-to place to live. While this has
been exciting and created opportunities for substantial economic growth statewide, it’s also created
major pressure on our housing market—pressure that has locked too many working families out. We are
grateful that Governor Lee and members of the FSAG recognize this supply vs. demand challenge and are
stepping forward to lead investments in housing working families can afford.”

The US Department of Treasury announced that affordable housing activities were an allowable
investment of COVID-19 relief funding in early 2022. Since then, 35 states have invested recovery funds
for affordable housing activities.

Jackie Mayo, Fahe Board President and President and CEO of HomeSource east Tennessee, based out of
Knoxville, sees this as a critical down payment on Tennessee’s future and a powerful example of
public-private partnerships. “Fahe’s strength is in our numbers. As a network we’re collectively able to
work with families at any point in their housing journey, helping them navigate the pathway to financial
stability, secure housing, and homeownership,” she said. “By partnering with the State to deploy these
funds, we’re going to be able to deliver more homes, generate greater opportunity, and ultimately
improve outcomes for our neighbors, friends, and families across the state. We know the power of this
kind of collaboration, and we’re grateful for the chance to work in lockstep with the state over the
coming years.”

Fahe will be working in partnership with the Fahe TN Caucus, the Neighborworks Alliance of TN, and the
TN Association of Housing and Redevelopment Authorities (TAHRA) to deploy these funds via a
competitive grant process.

Fahe is a network of 50+ nonprofit organizations building the American Dream in Appalachia. Since 1980
Fahe has invested over $1.32B, generating $1.69B in finance. Channeled through our Members and
community partners, this investment directly changes the lives of 778,114 people in some of the
hardest-to-reach places in Appalachia. Founded as a group of nonprofit housing organizations, this work
remains a core part of our identity.