Through a grant from the CDFI Fund and in conjunction with TBA Member Banks, this fund provides permanent financing to developers of Low-Income Housing Tax Credit properties. This fund covers in all 95 counties to help provide safe and affordable housing in Tennessee.


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Nearly 30 year ago, Phil Owen and Robert Trent founded First Cumberland Properties “to provide working families with extraordinary housing.” Now leaders in the affordable housing industry in the state, Owen and Trent have utilized Pathway Lending’s Tennessee Affordable Multifamily Housing Fund on three projects to continue their mission.

With loans from Pathway Lending, the company has been able to protect and improve Section 8 housing for low income families in communities throughout Tennessee – so far, they’ve retained or renovated nearly 400 affordable housing units.

In East Nashville, the team used their Pathway Lending loan to buy out their partners on the property and refinance the debt to retain the 195 affordable units at Berkshire Place Apartments. They also worked with Pathway and Family Affair Ministries to bring a Dollar General to the neighborhood so that tenants wouldn’t have to travel far for basic necessities like groceries.

Owen and Trent have also tapped into the Energy Efficiency Loan program at Pathway Lending to make upgrades and renovations to Wedgewood Towers, another affordable housing complex in South Nashville.

“Not only did Pathway help us purchase the property, we used their 2% energy loan program to replace the HVAC system,” says Trent. “We’re saving more than $55,000 a year on energy bills, plus another $40,000 a year in maintenance costs. Those are savings that allows us to make additional improvements and additional programs for our residents.”

In Knoxville, 195 units at Holston Oaks Apartments have been completely renovated, and a playground, community room, pool, and community green space have been added to the property.

“What we’ve been able to do at Holston Oaks is nothing short of incredible,” says Trent. “Safe, decent, and affordable multifamily rental housing is more important than ever, and we’re grateful to have Pathway Lending as a partner on these projects.”

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