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The board of directors of Pathway Lending authorized the creation of Pathway Affordable Housing Corporation (PAHC) in 2024. The purpose of the Pathway Affordable Housing Corporation is to acquire, renovate and develop rental housing to meet the growing need for affordable housing in the communities we serve. Initially focused on Nashville and Davidson County, we plan on expanding our efforts across Tennessee.

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Pathway Affordable Housing Corporation will initially concentrate on acquiring naturally occurring affordable housing (NOAH), preserving its presence in the market. NOAH refers to rental properties where the natural rent rates are affordable, allowing individuals to allocate no more than 30% of their income toward housing expenses. Nashville has a shortage of more than 30,000 units of affordable housing. Over the last decade, Nashville has seen a significant number of NOAH properties lost due to escalating rents and property conversion. Pathway Lending has financed affordable multi-family housing since 2013 and creating Pathway Affordable Housing Corporation is the next step in meeting our mission of creating sustainable communities by acquiring and ensuring rental properties remain affordable.

Pathway Lending will provide the seed capital to establish PAHC with the intent to attract equity and debt capital from financial institutions, corporations, philanthropy, and individuals that desire to see our community have accessible housing to all who live and work here.

PAHC will prioritize offering rental opportunities to individuals earning anywhere from 0% to 120% of the median family income. This initiative will have a significant impact on various demographics. In the Nashville MSA, for example, an individual at 80% MFI earns $59,850, while for a family of 4 it is $85,500. The rental rates would equate to 30% of a family’s wages. For an individual earning $59,850, this would be $1,496 per month in rent, and for a family of 4, this would be $2,138 per month. In Nashville, rates for newly created rental units regularly significantly exceed these levels which puts lower-income earners paying more for housing and leaving less for food and other essentials.

PAHC looks forward to working with property owners who wish to sell properties whom are committed to help maintain affordability for the people that work in our community.


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