Higher prices for land and buildings may be coming to Giles County soon, those attending the June meeting of the Giles County Branch of the NAACP heard recently.
Marcus Houston, CRA and Community Development Officer at First Farmers and Merchants Bank, talked about economic development at the June meeting of the Giles County Branch of the National Association for the Advancement of Colored People.
With Covid-19 no longer raging as furiously, the financial industry wants to foster growth and there is plenty going on these days around Nashville.
Effects of this growth are spilling into surrounding counties, which keeps Houston busy in a market area stretching in all directions from Nashville.
There’s evidence some growth has reached Lynnville, in northern Giles County, he said.
In general, developers may buy a home or a lot, and either renovate or build a more expensive structure.
This raises the value of the surrounding lots or buildings, which gradually can raise the value of nearby lots or properties, When they sell, it’s often at a higher price which can gradually price out of the market buyers who aren’t willing or able to pay as much.
In some areas, developers are buying homes built under the the federal government Section 8 Program and reselling them for higher prices, eventually taking the off the market for lower income residents.
In other business, branch president Joseph Sutton outlined goals for the branch such as having another Freedom Fund Banquet, having speakers at monthly meetings, finding a permanent secretary, gaining more members, and keeping track of third grade reading scores.