It started as a suggestion during a strategic planning session at Greater Nashville REALTORS®: “Wouldn’t it be cool if the association could get involved in some sort of affordable housing initiative right here in our local communities?”
It felt like pie in the sky, the kind of big idea that requires many policy discussions with state and federal legislators and even more time for anything concrete to trickle down to the local level.
Somehow, though, the idea stuck. Association staff and board members brought it up with their developer and affordable housing contacts. Suddenly, the feeling became, “We might be able to make this happen.”
In October, Greater Nashville REALTORS® announced a landmark interest-bearing investment of $250,000 to The Housing Fund, a nonprofit Community Development Financial Institution based in Nashville and designed to address gaps in traditional financing. Earmarked for the next five years, the investment will help provide a key need: loans at 5% interest to help homebuyers in 11 counties in middle Tennessee get over the hurdle of up-front costs like down payments, prepaid expenses and closing costs. The investment will also support The Housing Fund’s shared-equity program that helps limited-income homebuyers.
A Win, Win, Win
According to a report by Bankrate, 81% of potential homebuyers say down payments and closing costs are “very significant” or “somewhat significant” obstacles toward owning a home someday.
“Down payment assistance is a lot of times one of the bigger barriers facing people when it comes to homeownership,” says Greater Nashville REALTORS® CEO Jarron Springer, RCE, CAE. “It’s like, ‘Well, I can qualify for a house, and I can maybe make the monthly payment, but I don’t have the $40,000 or whatever it may be that I need to get across the finish line.’”
Like most associations, Greater Nashville REALTORS® invests heavily in advocacy. But this partnership with The Housing Fund allows the association to invest its resources in a way that will have a direct, positive impact on families in the counties it serves. While the association explored partnerships with a few different affordable housing organizations, it ultimately chose The Housing Fund, which has been in existence since 1996 and has given more than 4,560 first-time homebuyers access to $41.8 million in down payment assistance.
Funds for the investment came from the association’s reserve account, typically set aside as an emergency fund, and the association also paid a one-time administrative fee to cover The Housing Fund’s staffing costs. The $250,000 investment is not just a donation, Springer adds—it is a 2.5% interest-bearing account that will give the association a financial return while doing good work aligned with its mission, vision and values, as defined by its 2026–2028 strategic plan. At the end of the five-year agreement, the association has the option of either getting back its original loan amount or reinvesting.
Members will see benefits, too. The investment is demonstrating that their association is willing to “put their money where their mouth is when it comes to issues we’re constantly talking about,” Springer says—issues such as how to promote home ownership, the value of working with a REALTOR®, and the benefits of homeownership, from building equity to generational wealth.
While the association is already leading the charge in discussing issues like these and advocating for beneficial policies to promote them, Springer says this partnership goes beyond that on behalf of its members because it further bolsters the REALTOR® brand and spreads the message that the REALTORS® are (literally) invested in combating affordable housing challenges.
“We’re taking direct action to do something to address these issues,” he says. “While it’s certainly not going to solve the problem that’s facing our country when it comes to getting into a home, it’s definitely taking a step in the right direction and is directly impacting people in the communities that our members serve.”
There’s also an advocacy connection: “It gives our government affairs team a tool to help them engage in the conversations and be at the table when elected leaders are discussing housing, especially concerning affordability,” Springer says.
Putting It All Together
The germ of the idea started with that strategic planning meeting of association staff and board leadership. From there, the association created a task force, and the proposal to partner with The Housing Fund was voted on and approved by the board of directors.
The program launched Oct. 20 with a news release, social posts, plus a video featuring Springer. The mini campaign points to the association’s Affordable Housing Initiative website, which provides details for both members and potential homebuyers about the program and how to access funding.
Feedback has already been overwhelmingly positive, says Springer. In fact, the video featuring Springer has already received the highest number of views in association history. “That makes you feel good that the broader membership is also really appreciative and excited to see this as well,” he says.
But this initiative is about more than Greater Nashville REALTORS® doing good in its community. “We believe there is a broader story here about the role business and industry organizations can play in addressing housing challenges through direct investment and community partnerships,” Springer says.
Based on what he has seen, he says, the program is unique. But he hopes it doesn’t stay that way—he believes what his association is doing can serve as a model for others.
“Government alone can’t solve this, and the business community and the nonprofit community alone cannot solve this. But when you start to collaborate across industries and across sectors, you can really start to make an impact,” Springer says. “By setting the example for other industries—and not just the real estate industry—my hope is that we can inspire others to do whatever you’re capable of with whatever resources you have to make a positive impact on your local communities.”
