Marshall Crawford, President & CEO, The Housing Fund

In an interview with Invest:, Marshall Crawford, president & CEO of The Housing Fund, discussed key initiatives and the importance of partnerships in expanding homeownership opportunities for low- to moderate-income individuals. “While housing market growth may have slowed, the fundamental issue remains: Who is benefiting from homeownership opportunities, and who is being left out?” he pointed out.

Over the past year and a half, what are one or two recent successes in your mission to provide affordable housing in Nashville?

One of the biggest successes has been the opening of our new office building in Madison, Tennessee, which is essentially a suburb of Nashville. It’s an area still considered affordable for low- to moderate-income individuals. We were able to leverage our office building in The Gulch, secure a new tenant there, and use the income to cover the monthly cost of occupying the new building. We renovated the former check-cashing building in Madison, turning it into an economic driver for the area.

The impact was immediate. After we rehabbed our building, the owners of the neighboring property also upgraded their exterior, interior, and parking lot, creating a ripple effect of revitalization. At our ribbon-cutting, we had about 150 people in attendance, which was a testament to the excitement surrounding this development.

Another major milestone was securing a $5 million grant from Yield Giving, the organization through which MacKenzie Scott makes philanthropic contributions. This grant allowed us to fully and strategically fund other programs, but ultimately to pay off our new office building just 18 months after acquiring it. Being completely debt-free on the property is a tremendous success for us.

Beyond that, the resources we’ve gained have helped us expand our shared equity lending product that includes a 74% first mortgage from our investors and our 25% subsidy investment, which provides an alternative path to homeownership for low- to moderate-income individuals. Between 2014 and 2017, we had 43 shared equity homeowners. Today, we have over 100 units. I always emphasize that homeownership isn’t one-size-fits-all, but traditional mortgage lending often assumes it is. Our model allows individuals to build wealth without the typical 20% down payment requirement.

Despite a market that often shuts out low- to moderate-income individuals, we’ve continued to create homeownership opportunities through shared equity. That, to me, is another huge success.

How have homeownership needs evolved for low- to moderate-income individuals?

Homeownership is deeply tied to income levels. When we discuss affordability, whether renting or buying, it all comes down to wages.

In cities like Nashville, people move in from higher-cost markets like Chicago, New York, and California. For them, Nashville is still relatively affordable. But for lifelong residents, rising home prices have outpaced wage growth, making homeownership increasingly difficult.

Many people try to analyze this issue through a single lens, but you must consider multiple factors: different income levels, migration patterns, and economic disparities. The biggest challenge in the Nashville market isn’t just finding affordable housing, but finding it in locations where people actually want to live.

There’s a saying: “Drive until you qualify.” In other words, people must move farther out to find homes within their budget. But that comes with trade-offs, like increased commuting costs and reduced access to essential services. While housing market growth may have slowed, the fundamental issue remains: Who is benefiting from homeownership opportunities, and who is being left out?

Through our various programs, we’re ensuring that more individuals can achieve homeownership. For many, a home is the largest asset they will ever own, and it’s a key way to build generational wealth.

Public transportation plays a role, but what other factors do you consider when selecting development sites for low-income communities?

People often think about commuting in terms of getting to work, but it also includes access to schools, grocery stores, and essential services.

One of the biggest impacts on housing decisions is the quality of nearby schools. Not all public schools are created equal, and even public education isn’t affordable for everyone. If transit options are limited, that affects whether families can access quality schools, grocery stores, and other necessities.

Take the Napier community in South Nashville, for example. The most critical economic resource for residents was Dollar General. Due to theft and financial losses, it closed. Now, residents must travel farther for basic items like soap or detergent. If their only option is a gas station, they’ll pay significantly more for those same essentials.

So when we talk about commuting, we need to think beyond jobs. It’s about creating access to necessities that sustain daily life. As Nashville grows, we must consider these economic factors when planning housing and transportation solutions.

What policies or actions at the local, state, and federal levels would help bridge the affordable housing gap?

Everyone talks about zoning — whether it’s inclusionary zoning or incentive-based zoning. But the real issue goes deeper than that.

In 2006, the city created affordable condo units downtown priced under $150,000 to attract residents. However, the affordability restrictions only lasted five years. By the time those expired, those same units skyrocketed to $450,000.

Now, the new East Bank development is implementing a 99-year affordability covenant, which is great in theory. But today’s HUD-defined affordable price in Nashville is roughly $356,000, a number far out of reach for most low- to moderate-income earners. If we don’t address wages alongside affordability, we’ll keep seeing the same cycle.

Instead of setting affordability at the top and trying to keep up with the market, we should start from the bottom, looking at what people can realistically afford and structuring policies around that. This means prioritizing wage growth, supporting professions like teachers and first responders, and ensuring that affordability doesn’t just mean slightly less expensive luxury housing.

How are market trends, like interest rates and inflation, affecting your clients?

People keep saying interest rates are coming down, but my question is for whom? If you can put 20% down, sure, you’ll see lower mortgage rates. But if you’re a low-to-moderate-income homebuyer using an FHA loan, rates are still in the 7–8% range.

Inflation makes it even harder. Wages aren’t rising, but the cost of goods, services, and transit keeps climbing. Business owners pass rising costs onto consumers, and nonprofits like ours can’t absorb them either.

When essential stores like Dollar General close in low-income communities, it creates another financial burden where people must travel farther just to buy necessities. And policy changes at the federal level eventually trickle down to the state and local levels, impacting affordability even further.

What unique lending resources do you provide for aspiring homeowners?

We provide capital for both homebuyers and developers who build and preserve affordable housing. It’s not just about creating new units but also about keeping existing ones affordable.

We use tools like down payment assistance, shared equity programs, and the Community Land Trust to help homebuyers. Meanwhile, we provide financial support to developers, using tools like the Community Investment Tax Credit to make funding accessible.

We’ve also been fortunate to receive major grants, including investments and grants from financial institutions, MacKenzie Scott through Yield Giving, and Amazon. These contributions help us offer creative financing solutions that ensure people aren’t priced out of their communities. 

Are there any key partnerships that have been especially crucial to your mission?

Our partnerships with financial institutions like Pinnacle, Truist, Regions, and U.S. Bank are vital. But beyond money, it’s about relationships.

It took three years to secure a $5 million investment from Truist, not because they weren’t willing, but because strong partnerships take time. I learned that you must build relationships to ensure a sustainable future. Similarly, our relationships with Amazon, local governments, and developers ensure we can continue expanding affordable housing opportunities.

We wouldn’t be where we are without these partnerships.

What are your top priorities moving forward?

One of the biggest things that we continue to emphasize is that affordable housing is an ongoing challenge. It’s not something that will be solved overnight, and it requires a multi-faceted approach that includes homebuyers, renters, developers, financial institutions, policymakers, and community leaders.

One of the major initiatives we’re focusing on now is expanding our shared equity lending product. We’re looking at how we can scale this model to help even more individuals achieve homeownership without the traditional barriers that exist in today’s market.

We’re also constantly evaluating new lending models that can better serve the people who need them most. Traditional mortgage lending wasn’t built for everyone, and we’re committed to finding creative ways to ensure more people can access homeownership.

Another big focus is preserving affordability in areas that are experiencing rapid gentrification. We’re working with developers to ensure that existing affordable housing isn’t lost to luxury market rate redevelopment and that long-term residents aren’t displaced.

So, as we move forward, we’re excited about these efforts, and we’ll continue working alongside our partners to push for systemic change.