For far too many Memphis residents, the dream of home ownership never becomes a reality. It is currently estimated that 40-percent of the city’s single-family homes are rentals. This number is double the 2007 rate, which preceded the loss of tens of thousands of homes during the recession. NHO Management, Inc. (NHOM) is working throughout Memphis to reverse this trend and build the financial health of residents.
NHOM builds safe, affordable housing for working families and is committed to building and rehabbing 10-12 homes a year, but their services go beyond construction. A counseling department also offers pre-purchase advising to prepare applicants for the mortgage process and three years of follow-up homeownership guidance. The counseling piece goes beyond the immediate needs of applying for a loan, providing assistance with retiring debts and building assets. The program has built almost 250 homes and assisted numerous families through their counseling program.
Since NHOM’s beginnings, they have leveraged relationships with Financial Federal to increase their reach. Initially supporting the work through donations, Financial Federal expanded their role to add value by structuring construction and permanent financing. As Executive Director of Red Zone Ministries and the chairman of the board of NHOM, Howard Eddings has worked closely with Kent Wunderlich and his team to find creative solutions for people who may not be familiar with the lending process. “They’ve never shied away from an opportunity that makes sense,” said Eddings. “They’ve always given fair responses to people.”
Financial Federal’s willingness to provide letters of support has also allowed NHOM to access city and state grants, improving their prospects when dealing with review committees. “The Bank makes me look taller when I’m dealing with the city of Memphis,” said Eddings. “When I walk in and say they’re willing to loan to us, that creates a leg-up for our organization.”
For more information on NHO Management, Inc., contact Gerre Currie.