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Metro Memphis
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Frayser CDC Newsletter
12-3-2003
2004 Workplan
Frayser Community Development Corporation
Goal 1: A Strong Organization
Objective 1: Diversified funding
Use Board connections to solicit “bargain sale” properties- both commercial and residential. Continuation
Use Board connections to approach Frayser businesses to support FCDC. Develop detailed plan
Apply for and receive funding to support housing from City of Memphis for 4 houses. Continuation- new grant
Expand Financial and Loan Policies and Procedures. Continuation
Receive technical assistance funding from MCDP. New grant
Apply for grant funding from at least 3 additional sources, including Fed. Home Loan Bank of Cincinnati, FNMA Foundation. Continuation
Receive, renovate and sell 5 HUD $1 houses at an average profit of $15,000 per house. New
Build and sell 1 new CHDO house with a profit of $20,000. New
Investigate Tax Credit Application for multi-family development. New
Pursue new funding sources to continue foreclosure project- banks, FNMA Foundation. Continuation
Survey Frayser- land, houses, multifamily and commercial. Continuation
Objective 2: Strengthened FCDC organization
Conduct monthly Board trainings- include non-profit housing finance, conflict of interest, Board fiscal responsibility, reading financial reports, Frayser neighborhood demographics. Continuation
Recruit, train/orient new Board members. Continuation
Update Organizational Policies and Procedures. Continuation
Conduct annual staff evaluations. New
Formulate and adopt a 5-year plan for FCDC. Continuation
Goal 2: Improved Housing in Frayser
Objective 3: Fewer substandard residential properties in blighted areas
Acquire houses and lots, focusing on Rugby when possible. Continuation
Convert a minimum of 3 dilapidated properties to high-quality owner occupied homes. New
Initiate a marketing plan for Frayser. New
Pursue “bargain sale” opportunities in residential areas- concentrating on distressed properties. Continuation
Expand the construction line-of-credit. Continuation
Update/expand Housing/Construction/Development Policies and Procedures. Continuation
Encourage high-quality for-profit development in other opportunity areas.
Continuation
Support code enforcement, educate community re code enforcement, discourage substandard development. Continuation
Promote affordable rehab loans to complement other housing activities. New
Encourage/promote demolition and/or renovation of existing multi-family developments. New
Gather housing foreclosure data, develop response- default counseling, financial literacy, approach funders to promote foreclosure work. Continuation
Goal 3: Viable Commercial Areas & a Vibrant Local Economy
Objective 4: More attractive commercial areas that meet the needs of residents
Encourage development and investment in commercial areas. New
Pursue “bargain sale” opportunities in commercial areas- concentrating on most the distressed properties. Continuation
Conduct Economic Development Study, in collaboration with Memphis HCD. Continuation
Facilitate discussion of K-Mart Civic Center. New
Goal 4: Climate that Encourages Investment in Frayser
Objective 5: Increased safety
Promote community policing and police/resident communication and trust. Continuation
Encourage strong code enforcement. Continuation
Objective 6: Strong representation of Frayser’s interests in public planning processes
Facilitate community involvement in road projects- Overton Crossing widening, McLean extension, etc. Continuation
Conduct meeting with Frayser’s elected officials. New
Facilitate “K-Mart Commission”. New
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