by Zachary Amos, Associate Director of Advocacy at Memphis Habitat, Guest Columnist at the Daily Memphian

MEMPHIS, TN – In Memphis, the home development appraisal gap is a persistent challenge, as highlighted in an April 16 story in The Daily Memphian about affordable housing in Soulsville. Habitat for Humanity of Greater Memphis also faces the appraisal gap in our work across the Memphis area.

At Memphis Habitat, we sell our homes at appraised value, regardless of our cost to build. We do this to ensure our mortgages remain affordable for the first-time homebuyers we serve.

Last year, we saw a $30,000 appraisal gap on every home Habitat built in historically disinvested neighborhoods. These are communities that want less blight, more opportunity, and more stability, but find themselves weighed down by systemic restraints.
 

The problem isn’t the quality of the home — it’s the value assigned to the land.

Read the full column on the Daily Memphian website by Zachary Amos, associate director of advocacy at Habitat for Humanity of Greater Memphis.

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