Membership Newsletter January 2013 | NCRC Member Spotlight: Frayser CDC is Working to Revitalize a Key Neighborhood in Memphis
Frayser Community Development Corporation is a new NCRC member based in the predominantly low-income Frayser neighborhood of Memphis, TN, which is home to about 40,000 people. Frayser CDC has been led for the past ten years by Executive Director Steve Lockwood. Under Steve’s tenure, Frayser CDC has developed into a powerful player in the Frayser community, largely due to the experience that the organization and staff have in the dealing with the challenges facing the neighborhood. An important part of their work has been developing dynamic partnerships in the community with key activists, particularly in the faith community. While Frayser CDC primarily focuses on housing development, housing counseling and financial literacy, it has also been deeply engaged in issues surrounding public safety and education, which are cornerstones to building the community.
Currently, Frayser CDC is committed to housing development and redevelopment in the neighborhood. It renovates vacant and abandoned homes and then sells or rents these homes. Frayser CDC owns and manages about 60 rental homes. Their goal is to work comprehensively with the people living in these homes to turn them from renters into homeowners. Steve believes that this is vital to rebuilding the neighborhood and making sure these individuals not only fulfill their dream of homeownership but also become self-sufficient.
Recently, the leadership of the organization had a conversation about the needs in the community and decided that a key piece which was missing is a community newsletter. This is particularly important in Frayser because of the continued lack of electronic access for many residents in the neighborhood. The organization plans to launch a newsletter and use it as a tool to further unify and inform the community.
Steve has high hopes for the future of the Frayser neighborhood. He believes that the CDC’s dynamic partnerships will enable it to become even more success years to come. Furthermore, the housing stock in the neighborhood is very strong when compared to other neighborhoods in the city. Unlike many other areas where the housing is from 1920s, the housing in Frayser is much newer, which means that renovations are more affordable. Housing in Frayser is a lot cheaper as well, with an average home price of about $24,000. Steve believes that the CDC’s message, that Frayser is a great place to fulfill the dream of homeownership and a community that is making steady improvements, is one that resonates with people across the state.
Despite affordable prices in the neighborhood, one large obstacle which remains is access to credit. Steve will be working with NCRC to make the case for banks to make CRA commitments in low income areas such as Frayser, not just because of the effect it will have on the community, but also because it is good for business.
