$4.8 Million Grant for Memphis

As part of a new government innovation program aptly named the Mayors Project, New York City Mayor and billionaire philanthropist Michael Bloomberg is doling out a combined $24 million in grants to five of his colleagues around the country. The grants will go to the mayors of Memphis, Tenn; Atlanta, Chicago, Louisville, Ky; and New Orleans. In particular, this initiative through Bloomberg Charities is designed to assist mayors who are in the first 18 months of their term and who are in appropriate positions to improve conditions in their cities in addressing a wide spectrum of issues, from energy efficiency to handgun violence. In an article by the Huffington Post, Bloomberg stated that he hopes that the grants will fuel these efforts and encourage the sharing of effective strategies and programs between cities, allowing mayors to work together in new ways to tackle common issues.

Throwing off the yoke of a stagnant 18 years of previous administration, during which the very spirit of the city seemed to be dwindling, this grant and a new leader will undoubtedly propel Memphis on a new, brighter path–good news for real estate investors, industry leaders, and citizens alike. The newly elected Mayor A.C Wharton Jr. said his city’s $4.8 million cut of the grant will be used to help attract the intellectual capital necessary to lure investment while keeping already cash-strapped citizens in contention. Growth in a city leads to jobs, which leads to stability. Stability leads to an easing of the housing crisis and a general prospering of neighborhoods and local economy. Home values slowly begin to increase and the demand for both new housing and rental housing continue to rise in turn as well.

As his two main priorities, Wharton plans to revive areas of Memphis cut off by highway construction and approach handgun violence as a public health crisis. While not directly effecting the Memphis housing market, his goals will allow him to capitalize on the existing momentum for change and improvement, and his receptiveness to working with commercial leaders will allow for the progression of where home buyers and long-term investors want property values and incomes to go.