Tennessee Housing Development Agency

What Tennessee Housing Development Agency does

Tennessee Housing Development Agency (THDA) is a state government housing finance agency established by the Tennessee General Assembly in 1973 and headquartered in Nashville. It functions as Tennessee's designated allocator of federal Low Income Housing Tax Credits (LIHTC), Multifamily Tax Exempt Bonds, and the National Housing Trust Fund, and as the statewide administrator of federal programs including the Housing Choice Voucher (Section 8) program, HOME, HOME-ARP, Emergency Solutions Grants, LIHEAP, and Weatherization Assistance. THDA operates the Great Choice Home Loan, a 30-year fixed-rate mortgage product originated through a network of certified lenders and REALTORS, with adjunct offerings Great Choice Plus (up to 5% or $15,000 in down payment assistance), Homeownership for Heroes (interest rate reductions for veterans, active military, first responders, and K-12 teachers), and the New Start zero-percent interest mortgage. The agency self-funds competitive grants through the Tennessee Housing Trust Fund (THTF) using earnings from its single-family mortgage program.

THDA's core technology infrastructure centers on Volunteer Mortgage Loan Servicing (VMLS), a wholly owned subsidiary that operates the home-loan servicing platform handling payments, escrow, tax and insurance, and loss mitigation for THDA borrowers. The agency also runs the RentCafe Resident Portal for HCV participants and distributes investor disclosures through EMMA for municipal bond holders, with CSG Advisors providing municipal securities advisory. Its go-to-market is a partner-channel model: THDA does not lend directly to consumers but certifies lenders and partners with REALTORS across Tennessee. Multifamily developers (Southeast Capital TN, Callahan Flats, Bear Creek Apartments, St. Peter Manor, Baker Court) and nonprofit partners (Habitat for Humanity, ADFAC, ASP, Community Health of East Tennessee, CADAS, Sertoma of Knoxville) access LIHTC equity, tax-exempt bonds, THTF grants, and HOME funds through this channel. Pricing is structured around below-market mortgage rates and capped down-payment assistance rather than commercial margins, and revenue mechanics derive from spread on bond-funded mortgage origination, program earnings recycled into THTF, federal grant pass-throughs, and asset management fees on LIHTC properties. Customer segments span first-time homebuyers, Section 8 participants, rental housing developers, lenders/REALTORS, local governments, and special populations (refugees, individuals with intellectual disabilities, addiction recovery, survivors of domestic violence). Executive leadership is Ralph M. Perrey (Executive Director).

Name

Tennessee Housing Development Agency

Legal name

Tennessee Housing Development Agency

Website

https://thda.org

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

251–500 employees

Short description

Tennessee's state housing finance agency, established in 1973, allocating federal Low Income Housing Tax Credits, administering Section 8 vouchers, and originating 30-year fixed-rate Great Choice mortgages through a certified lender network across Tennessee.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Administration of Housing Programs (92511), Administration of Housing Programs, Urban Planning, and Community Development (9251), Community Housing Services (62422)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

National Housing Finance Agencies & Ministries (FSALAKAB)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Housing Voucher & Rental Assistance Programs (Tenant-Based/Project-Based) (FSALAKAI), Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO), Public & Affordable Housing Programs (Subsidies, Vouchers, Public Housing) (BPAIANAA)

Keywords

• Affordable housing finance
• Mortgage lending
• Down payment assistance
• Rental assistance
• Housing tax credits

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Single Family Mortgage Program: THDA originates and services mortgage loans through its Single Family Mortgage program. Earnings from this program fund the Tennessee Housing Trust Fund grants.
2. Municipal Securities Issuance: THDA issues municipal bonds for affordable housing projects, with guidance from municipal advisor CSG Advisors.
3. Low Income Housing Tax Credits: THDA allocates federal Low Income Housing Tax Credits to developers for building affordable rental housing, generating equity for developments.
4. Federal Grant Administration: THDA administers federal programs including Emergency Solutions Grants, HOME Program, HOME-ARP, LIHEAP, and Weatherization Assistance.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Tennessee Housing Development Agency is the state's housing finance agency, providing fixed-rate Great Choice Home Loans and Great Choice Plus down payment assistance to moderate-income homebuyers, administering the Housing Choice Voucher (Section 8) rental assistance program, and allocating Low Income Housing Tax Credits, Multifamily Tax Exempt Bonds, HOME, ESG, LIHEAP, and Tennessee Housing Trust Fund grants to affordable housing developers, nonprofits, and local governments. The agency services its own loan portfolio through Volunteer Mortgage Loan Servicing (VMLS).

Product overview

THDA operates as a state housing finance agency offering a comprehensive portfolio of housing-related products and programs. The core offerings include the Great Choice Home Loan (30-year fixed-rate mortgage) with associated Great Choice Plus down payment assistance, and the Homeownership for Heroes program for first responders and teachers. For renters, THDA administers the Housing Choice Voucher (HCV) Program and Project-Based Vouchers. Developer and nonprofit partners can access Low Income Housing Tax Credits (LIHTC), Multifamily Tax Exempt Bonds, Tennessee Housing Trust Fund grants, HOME Program grants, and Emergency Solutions Grants. The Volunteer Mortgage Loan Servicing (VMLS) division handles loan servicing for existing borrowers. Additional support includes the Family Self-Sufficiency Program, homebuyer education, home repair grants, foreclosure prevention, and energy assistance programs.

Differentiator

Problem solved

Functional benefit

Brands

• Great Choice Home Loan: THDA's flagship 30-year fixed-rate mortgage program for first-time homebuyers, veterans, and buyers in targeted areas
• Homeownership for Heroes
• Great Choice Plus
• Tennessee Housing Trust Fund (THTF)
• Volunteer Mortgage Loan Servicing (VMLS)

Products and services

• Great Choice Home Loan 30-year fixed-rate mortgage designed for moderate-income Tennesseans, available to first-time homebuyers and certain repeat buyers meeting income and purchase price limits.
• Great Choice Plus Down Payment Assistance Second mortgage loan providing down payment assistance up to 5% of purchase price or up to $15,000 for qualified borrowers using Great Choice loans.
• Homeownership for Heroes Great Choice loan program with interest rate reduction for Veterans, Active Military, Firefighters, EMTs, Paramedics, K-12 classroom teachers, and State & Local Law Enforcement Officials.
• New Start Loan Program Zero percent interest mortgage program enabling qualifying homebuyers to receive favorable financing terms for purchasing homes.
• Housing Choice Voucher (HCV) Program Federal rental assistance program helping low-income families, elderly, and disabled individuals afford decent housing in the private market.
• Volunteer Mortgage Loan Servicing (VMLS) Mortgage loan servicing division handling mortgage payments, escrow analysis, loss mitigation, and homeowner assistance for THDA loan holders.
• Tennessee Housing Trust Fund (THTF) Competitive grant program financed by proceeds from THDA's mortgage loan programs, serving housing needs of low- and very low-income elderly and special needs Tennesseans.
• Low Income Housing Tax Credit (LIHTC) Program Federal tax credit program administered by THDA providing funding for acquisition, rehabilitation, or new construction of affordable multifamily apartments.
• Multifamily Tax Exempt Bonds (MTBA) Program offering significant federal tax benefits to developers committed to increasing affordable housing options across Tennessee.
• HOME Program Federal grant program supporting affordable housing development, rehabilitation, and homeownership programs for low-income families.
• Emergency Solutions Grants (ESG) Federal funding program supporting homelessness prevention, rapid re-housing, and street outreach services.
• National Housing Trust Fund (NHTF) Federal grant program providing funds to build, preserve, and operate decent, affordable rental housing for extremely low-income households.
• Low Income Home Energy Assistance Program (LIHEAP) Low Income Home Energy Assistance Program helping households with heating and cooling costs.
• Family Self-Sufficiency Program (FSS) Section 8 program pairing participants with mentors to achieve financial independence through savings accounts and supportive services.
• Homebuyer Education Education courses and resources helping prospective homebuyers understand the home buying process, financial management, and homeownership responsibilities.
• Home Repairs and Emergency Repair Program Funding assistance for low-income homeowners to make critical repairs, accessibility modifications, and emergency housing repairs.
• Foreclosure Prevention Counseling and assistance services to help homeowners avoid foreclosure and maintain homeownership.
• Home Modifications and Ramps Program Program providing funding to assist persons with disabilities gain better access to their homes through wheelchair ramps and accessibility modifications.

Quantifiable outcome

• $12.6 billion in total mortgages funded through Great Choice Home Loans
• +3 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

19 partnerships are on record, tiered core and minor.

• Habitat for Humanity of TennesseecoreStrategic or Co-development PartnerAnnual $550,000 Housing Trust Fund grant distributed to local Habitat chapters across Tennessee to cover funding gaps for home construction. Habitat recipients can also receive zero percent interest THDA mortgages.
• Putnam County Highlands Residential ServicescoreStrategic or Co-development PartnerTHDA facilitated $20-25 million in funding through grants and tax credit equity for redevelopment of public housing portfolio including Oak Tree Towers and Hickory Valley developments.
• Knoxville Leadership Foundation / Southeastern Housing FoundationcoreStrategic or Co-development PartnerMultiple THDA funding sources including tax credits, tax-exempt bonds, Tennessee Housing Trust Fund grants, and National Housing Trust Fund grants enabled construction of 88-unit Callahan Flats development in North Knoxville.
• Southeast Capital TNcoreStrategic or Co-development PartnerTHDA Low Income Housing Credits enabled development of nearly 400 affordable housing units through four complexes in East and North Knoxville.
• David Hayes (Developer)coreStrategic or Co-development Partner$12 million in equity from THDA tax credits financed 63-unit Bear Creek Apartments in Oneida, with developer commitment to maintain rents below market rates for 20 years.
• Highlands Residential MortgagecoreChannel Partner/ Reseller/ DistributorTHDA's no. 1 loan originator partner helping Hamilton County residents access Great Choice and Great Choice Plus mortgages with down payment assistance.
• City of JacksoncoreStrategic or Co-development PartnerTHDA provided nearly $2 million in Blight Elimination Program funding to demolish 95+ blighted properties in Jackson since 2017.
• Community Health of East TennesseecoreStrategic or Co-development PartnerTennessee Housing Trust Fund grant enabled rebuilding of transitional housing facility in LaFollette that was destroyed by flooding.
• CADAS (Council for Alcohol and Drug Abuse Services)coreStrategic or Co-development Partner$500,000 THTF grant funded construction of 24-unit sober living apartments in Chattanooga for individuals recovering from addiction.
• Sertoma of KnoxvillecoreStrategic or Co-development PartnerTHTF grants enabled renovation of three supportive housing properties for adults with intellectual disabilities, increasing occupancy from 9 to 12 at one property.
• CMI Healthcare ServicescoreStrategic or Co-development Partner$225,251 THTF grant funded renovation of Boyette Memorial Apartments for individuals experiencing homelessness or mental illness in Memphis.
• Tennessee Community Action AgencycoreStrategic or Co-development PartnerHOME Program grant enabled construction of new home for Allen Hunter after his previous home burned down.
• HomeFreeUSAcoreStrategic or Co-development PartnerFinancial advancement program connecting consumers with THDA mortgage options. Program mission is building foundation to close racial wealth gap.
• ADFAC (Aid to Distressed Families of Appalachian Counties)coreStrategic or Co-development Partner$500,000 HOME CHDO grant funded construction of three homes in Oak Ridge for first-time homebuyers.
• Appalachia Service Project (ASP)coreStrategic or Co-development Partner$500,000 Rebuild and Recover Disaster Program grant funded construction of 20 homes for Sevier County residents displaced by 2016 Gatlinburg wildfires.
• Rutherford County Habitat for HumanitycoreStrategic or Co-development PartnerTHTF and New Start Mortgage Program funds enabled Legacy Pointe subdivision with 76 planned single-family homes.
• Enfield ManagementminorStrategic or Co-development PartnerCOVID-19 Rent Relief program distributed $211,385.40 to 51 of 132 applicants through partnership with Enfield Management properties.
• St. Peter Manor (Memphis)coreStrategic or Co-development Partner$1 million Housing Credit allocation financed $9 million in renovations over 10 years to 283-unit Memphis retirement community.
• Johnson City Housing AuthoritycoreStrategic or Co-development Partner$1 million in Housing Trust Fund grants funded Baker Court 24-unit apartment complex for formerly homeless teens and older adults.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Texas Department of Housing and Community Affairs: TDHCA administers Texas's HOME, LIHTC, HTC multifamily bond, and first-time homebuyer programs through a structure nearly identical to THDA's. Operates in a similarly large and growing state with comparable rural/urban program mix.
• California Housing Finance Agency (CalHFA): CalHFA is California's state housing finance agency and the largest in the U.S., offering first mortgage, down payment assistance, LIHTC allocation, and multifamily bond programs. Directly comparable to THDA in mandate and product set, scaled to a much larger state.
• Ohio Housing Finance Agency: Ohio Housing Finance Agency offers first-time homebuyer mortgages, down payment assistance, LIHTC, and multifamily bond programs comparable to THDA's Great Choice suite. Strong structural analogue among Mid-South/Southeast state HFAs.
• Illinois Housing Development Authority: IHDA issues mortgage revenue bonds, allocates LIHTC, administers rental assistance, and finances multifamily developments in Illinois. Directly comparable in combining single-family, multifamily, and federal program administration.
• Virginia Housing (Virginia Housing Development Authority): Virginia Housing is a self-supporting state housing finance authority offering first mortgages, down payment assistance, LIHTC, and multifamily financing. Comparable to THDA in program breadth and self-funded operating model.
• Florida Housing Finance Corporation: Florida Housing is the state's housing finance corporation, allocating LIHTC, issuing multifamily bonds, administering HCV and state homeownership programs. Directly comparable mission and product mix to THDA, with similar emphasis on first-time homebuyer assistance.
• North Carolina Housing Finance Agency: NCHFA administers first-time homebuyer mortgages, LIHTC, and federal rental assistance in North Carolina. Closest geographic and demographic peer to THDA in the Southeast.
• Pennsylvania Housing Finance Agency: PHFA operates HFA programs for first-time homebuyers, LIHTC, multifamily financing, and foreclosure prevention in Pennsylvania. Highly comparable to THDA in mid-sized state HFA scope and product architecture.
• New York State Homes and Community Renewal: NYSHCR consolidates New York's housing finance, LIHTC allocation, multifamily development, and rent regulation functions. Closest large-state analogue to THDA in combining single-family, multifamily, and tenant assistance programs under one agency.

Regional players

• Georgia Department of Community Affairs, State Housing Trust Fund: Georgia DCA administers state and federal housing programs for the adjacent Southeast market, including housing finance and community development. Closest regional peer to THDA given shared geography and overlapping nonprofit developer networks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/TNHousing
• Xx.com/TN_Housing_Dev

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tennessee Housing Development Agency