Affordable housing gets foothold despite economic challenges - SFGate: MEMPHIS, Tenn. (AP) - Next to a group of homes built 10 years ago on Whitney Avenue in Frayser, two more new homes are now ready for owners.
"This is a work in progress. It's working and we are making progress," Frayser Community Development Corporation president Steve Lockwood said of the construction.
Work is ready to begin on eight additional homes in the same area of Whitney and Woodlawn Terrace. The construction is a collaboration of the Frayser CDC, United Housing and the city, which put up $470,000 in Housing and Community Development funding.
With the money from the sales, Lockwood said his organization hopes to start the ball rolling on 30 more housing sites.
"We've done hundreds of rehabs," he said. "This (new construction) makes a statement, a really visual statement that is different than the rehabs that we do."
In the backyard between the two new homes in a neighborhood with housing stock going back to the 1940s, Lockwood and Memphis Mayor Jim Strickland talked about two years of increases in property values in Frayser.
Several years ago, Lockwood began an advertising campaign that compared a $400 monthly mortgage payment in Frayser to $700-a-month rent els