MEMPHIS, Mo. — Memphis City Council members are working to help people who are on Section 8 go from renting to home ownership.
Right now, council members are in the initial stage of starting this program.
Council members said residents will have a chance to live in new energy-efficient houses while building generational wealth and stabilizing the community.
"You’ll have your own home," resident Jermanie Miller said. "You wouldn’t have to worry about the issues with tenants around you. You’ll have your own space — your own peace of mind.”
His dream of owning a home would be another blessing to count. It would also set him on a path for greater.
“Two years from now, I see myself as a businessman, and like, [I see myself with] a house,” Miller said. “Probably having some few children because I don’t have any kids.”
Miller added that he has been in the process of trying to become a homeowner for the past few years. Still, he has not had much luck.
Like Miller, there are many people in Shelby County living in Section 8, who also face the same issue. That is why the Memphis City Council is working to fix that.
"I just use some rough numbers — $100,000 home at a 7% interest rate [and] the principal interest rate would be less than $700," council chair Martavius Jones said. "Someone is probably getting a voucher for let’s say $1,000, and that $1,000 right now is going to rent in a home that isn’t even worth $1,000, so, it’s just a way of changing the mindset."
According to data from the Memphis Housing Authority, n Shelby County there are more than 26,000 residents living in public housing. The residents receive assistance and use housing choice vouchers.
There are also more than 8,000 families who live in Section 8 housing. Jones said right now, members are working with the company called Nexgen Global Green Housing on building new energy-efficient homes to also help rebuild the city.
"We work with the Housing Authority and the residents on the design because we want to give them something that is pleasing to the eye that they’ll be proud of, and we give them a choice," CEO Leroy Jackson stated. "We don’t just put something there. We give them a choice — a style."
The Memphis Housing Authority already has a homeownership program called SHAPE. It helps families convert their Housing Choice Voucher (HCV) rental assistance payments into mortgage assistance payments.
Jackson said instead of using the HCV to pay rent, that money would go toward the mortgage.
“Their voucher gives them enough money to buy the home because remember, they’re a home buyer, so they will have a certain amount of money to buy a house with and that amount of money,” Jackson said. “We’ll talk to them about what they can get and what they can’t get for the money.”
Jackson has built these kinds of homes in other places like Florida said all the houses would be built out of panels, which means it would only take 60 to 90 days to finish.
Also, HVAC systems would be insured.
"If you buy an old home, that’s like buying an old car," Jackson said. "We’re saying let’s give these people a fresh chance and fresh new home that they can have pride of ownership in."
Council members will meet about this plan again next Tuesday morning with the Memphis Housing Authority. ABC24 will keep you updated on what comes out of that meeting.