About us
Our Mission
Frayser CDC Programs
The Frayser CDC believes that every person should have the chance to live the American Dream of homeownership. This is why we strive to make affordable homeownership opportunities available and effectively communicated to the public.
About the Frayser Community Development Corporation
The Frayser Community Development Corporation (FCDC) was formed in January 2000 to become a revitalization engine for its community.
To work with the community to provide improved housing and stimulate commercial and economic growth
Affordable Homes for Sale and for Rent:
The Frayser CDC provides access to affordable homes for low-to-moderate home buyers. Our agency purchases blighted houses and fully renovates and resells homes. Our objective is to stabilize household budgets through affordable housing, while building wealth for surrounding homeowners through blight removal and improved home values.
- As of 2021, the FCDC has 116 rental homes which maintain a 97% occupancy, even during the economic crisis brought on by the COVID-19 pandemic
- Many new homes were built during the period of 202-2024
- We sold 9 homes to first time homebuyers in 2020 alone — Frayser saw home values rise an astonishing 18.6%, a tribute to the vast amount of work and investment coming to Frayser from many avenues
- In 2025 we are working to acquire a multi-family apartment building so that we can provide additional safe, beautiful and affordable housing to the Frayser community
Pre purchase counseling is designed to help you determine if home ownership is right for you, how much house you can afford, understand and improve your credit score, and save for a down payment. We also provide guidance on down payment assistance sources and good mortgage lenders.
- Our Housing Counseling is entirely FREE
- We offer convenient, affordable Homebuyer Education Workshops that equip you with personalized information that takes you through the home buying process, equipping you with the information you need to succeed in buying your home.
Provides you with helpful tips to protect and maintain your home, teaches you preventative maintenance procedures and budgeting strategies for maintenance and repair, review resources for home repair and improvement, as well as helping you understand property taxes and home insurance.
- Our Housing Counseling is entirely FREE
Counseling services that will help you retain and sustain your home, teach you about financial options, assist homeowners with avoiding foreclosure, renters with understanding their rights and responsibilities, and providing both with resources to transition from home ownership to rental housing.
- Our HUD-certified housing counseling is entirely FREE
Commercial Revitalization:
- The CDC owns 7 commercial properties and has numerous partnerships with small businesses in 38127.
- In 2021, the FCDC will be launching an all new advocacy and communications platform, designed to connect all 45,000 Frayser residents and offer relevant ways of engagement with the community, and involvement in the work being done in 38127
Our
history
Frayser is a resilient community in the city of Memphis that has embodied the “grit and grind” that has become part of the fabric of Memphis. A part of Frayser’s grind stems from the flight of the community’s industrial base and businesses anchoring the area. A once thriving community Frayser was heavily impacted by foreclosure and became the capital of Tennessee; 38127 led all zip codes in the Memphis area every year from 2000-2015.
The Frayser Community Development Corporation has played a pivotal part in reshaping this crisis. Under the leadership of our former Executive Director Steve Lockwood, the CDC obtained a large parcel of the homes to fight off potential blight and the foreclosure crisis. Over the years these homes provided rental opportunities for residents as they rebuilt credit, secured financing, and moved into homeownership. One of the key phrases the CDC has emphasized is, “don’t rent for $700 when you can buy for $480”. This initiative has lead to the CDC providing the opportunity for over 100 individuals and families to achieve the dream of homeownership in Frayser.
The Frayser CDC continues to develop homeownership opportunities in partnership with the City of Memphis (Housing and Community Development Department), through purchases of blighted properties and rehabilitation, and acquiring vacant lots and land to build new construction. The CDC is also focusing on social services through our Frayser Connect Center. We were gifted Georgian Hills Baptist Church and it affords us to open up the facility to “Connect The Dots” of the Frayser Community. We are a hub to afford Frayser to collaborate, connect and continue to improve the community. We are engaging seniors with activities, hosting community meetings, and expanding our reach in Frayser.
Recent CDC Accomplishments:
Even with the obstacles that are common in the challenging field of community development, Frayser CDC has made real progress. The CDC has obtained several multi-year grants that have allowed it to hire staff and build an increasingly complex and competent agency. The CDC has evolved from planning stages to an implementation stage. Major accomplishments in recent years include:
- Designation in 2005 as one of United Way of the Mid-South’s three CDCs.
- Designation of Frayser by the City of Memphis as a “Priority Area”, and by HUD as a “Revitalization Area” and a “Renewal Community” as well as a “New Market Tax Credit” eligible community. Each of these designations brings with it development tools and opportunities.
- Establishment of the Frayser Resource Center, which was purchased in 2007 and includes the CDC’s offices. This facility, with a prime commercial location, allows for significant exposure for the CDC, its programs and products. Work on a new 800 square foot addition will start soon.
- Expansion of housing production: The CDC has purchased 200 houses to date and is currently is working at a rapid pace. Funding for housing comes from a variety of sources including the State of Tennessee, private foundations, the City of Memphis as well as the CDC’s reserve funds. The CDC is purchasing, fully renovating, and placing families into about 25 empty, foreclosed homes per year. A new staff member dedicated to increasing production was recently hired.
- Home renting: Given drastic changes in the mortgage market, the CDC, in the spring of 2008, initiated a program to purchase, renovate and rent houses. Tenants, who cannot currently qualify for home mortgages, are assisted with credit restoration services to encourage financial literacy and home ownership. 102 homes are currently rented. A property maintenance company has been contracted with to assure that the CDC’s properties remain in top condition. Additionally, the CDC manages another 25 properties for a nearby housing nonprofit. The rental portfolio generates considerable income for the CDC, stabilizing and allowing for some degree of financial independence.
- Establishment and expansion of housing counseling programs: Frayser CDC is a HUD and Tennessee Housing Development Agency Approved Housing Counselor. The CDC currently offers Home Buyer Education, Foreclosure Counseling, and Budget and Credit Counseling services. The CDC requires that all renters and leasers work with the CDC’s counselors to continue to improve their credit standing. Funding for these programs is currently coming through NCRC— National Community Revitalization Coalition— as well as several bank foundations. A recent grant supports the hiring of a new pre-purchase counselor to assist buyers in 38127 to overcome obstacles in purchasing homes.
- Acquisition of 4 bays of commercial property across the street from the CDC’s offices: These storefronts, donated to the CDC by Shelby County, were fully renovated, and a 4 year lease signed with a physical rehabilitation company. The City contributed to the renovation costs, lowering the CDC’s debt on the project. Plans are underway to acquire another set of storefronts near the CDC’s offices.
- A grant funded Home Ownership Campaign initiated in 2017 publicized the affordability of Frayser homes and provided access to lenders, realtors and Home Buyer Education. This program, which documented that in 2016 only 10% of all purchasers were owner-occupants, has changed this ratio. Initial data show that the monthly number of owner-occupants rose from 4 per month to 10 per month due to this on-going campaign.
- The CDC has been awarded grants to support our Counseling and Outreach Program through NCRC.
- LISC Memphis has also awarded the CDC with a capacity building grant that will afford the Counseling and Outreach program to expand with staffing and outreach opportunities.
Current Activities
The CDC continues to expand its affordable housing development activities- The CDC recently received a $397,000 grant from the City of Memphis to build 4 new homes and renovate 2 homes in Frayser that will be occupied with new Frayser homeowners. We also sold 2 homes in 2024 to first time homebuyers.
The CDC’s Home Buyer Education classes began in January of 2006. As the housing market in Frayser has rebounded, class attendance has increased, and is expected to continue to grow further with help from the Home Ownership Campaign.
The CDC has used the Tennessee Neighborhood Preservation Act to file suit on dozens of neglected properties in Frayser. This tool helps to force improvements of these properties, or allow the CDC the ability to renovate them.
The CDC has received funding to support renovation of low income seniors’ home owners’ homes in Frayser. Similar funding was available in past years from the City of Memphis, but phased out 5 years ago.
Several years ago Frayser CDC assessed and mapped the condition of all 16,000 parcels in Frayser, as well as mapping home ownership and tax arrearages. Empty and blighted properties remain a challenge, but are being reduced. The CDC continues to work with the City of Memphis to demonstrate the necessity of reinvesting in neighborhoods like Frayser – to build the tax base and slow urban sprawl. The CDC recently completed an analysis and PowerPoint demonstrating that, in one small area, $1M was spent on mitigating blight that resulted in an estimated rise in the City/County tax base of $6M.
The CDC is also looking to develop property that is owned on Corning (Behind the Kroger) into an affordable senior living complex.
Investing in the Frayser community benefits us all. We could not accomplish our goals without the support, involvement and enthusiasm of our committed supporters.
- City of Memphis: Division of Housing & Community Development
- City of memphis: Affordable Single Family Division
- Tennessee Housing Development Agency
- Neighborhood Preservation Inc.
- First Horizon
- Mass Mutual
- Community Lift
- HYDE Family Foundation
- Triumph Foundation
- Wells Fargo Foundation
- Bank of America Foundation
- Patriot Bank
- United housing
- LISC Memphis of the midsouth
Our current Board Members
Sherman Greer
Board member
Lora Fowler
Board member
Regenia Dowell
Board member
Sherita Martin
Board member
Michael Ellis
Board member
Richelle Shoemaker
Board member
Adrian Anderson
Board member
Yvonne Spencer
Board member
