In Shelby County, a new housing initiative aims to help older residents safely remain in their homes as they age, addressing the growing demand for affordable home repairs and accessibility upgrades.
The project, titled “Aging in Place 2026,” has received a $1 million grant from the Affordable Housing Program (AHP), which is administered by the Federal Home Loan Bank of Cincinnati. This funding was awarded to the Bank of Bartlett in partnership with Habitat for Humanity of Greater Memphis. The grant will be used to improve 200 housing units throughout Shelby County, Tennessee.
The initiative aims to help older homeowners with crucial repairs and modifications that enhance safety and accessibility. This support enables residents to stay in their homes longer, rather than having to move due to mobility or safety issues. Habitat for Humanity of Greater Memphis will act as the project sponsor, managing rehabilitation efforts to ensure long-term housing stability for seniors.
The Shelby County award is part of a larger regional investment facilitated by the Federal Home Loan Bank of Cincinnati’s AHP. In total, the bank has approved 56 grants amounting to nearly $51.9 million, which will be distributed to 30 member financial institutions. This funding is expected to help create or preserve 2,990 affordable housing units, benefiting residents in Kentucky, Ohio, and Tennessee.
“The affordable housing landscape is changing with many of our members and the organizations they support facing unprecedented challenges in the development and rehabilitation of housing throughout our region,” said Andrew S. Howell, president and CEO of the Federal Home Loan Bank of Cincinnati. “We are proud to illustrate our commitment to affordable housing through our largest ever announcement of Affordable Housing Program grants. The nearly $52 million that was awarded will look to support organizations throughout Kentucky, Ohio, and Tennessee develop new housing opportunities and improve housing stock for those in need.”
According to the bank, AHP funds are aimed at households earning at or below 80 percent of the area median income. This program is funded by a portion of the bank’s net income and is intended to support both new development and rehabilitation projects that enhance access to affordable housing.
Since the launch of the AHP, grants have supported thousands of families by strengthening the existing housing stock and improving access to stable, affordable housing, particularly for seniors and individuals with special needs.