COGIC embarks on affordable housing project on church properties with $500 million goal

Katherine Burgess, Memphis Commercial Appeal
·2 min read

The Church of God in Christ is hoping to identify at least $500 million worth of opportunities in real estate owned by local COGIC churches that can be used for affordable housing or other developments beneficial to communities.

The denomination would work to secure a $79 million fund to develop the identified properties. That funding may come from competitive debt and equity, not grants, COGIC leaders explained Saturday.

The request of pastors and bishops to take a survey identifying their church’s current real estate came during a Saturday forum of the Rev. J. Drew Sheard, COGIC presiding bishop, at Holy Convocation, the denomination’s annual meeting.

The Rev. David Bowers, vice president of Mid-Atlantic Market and senior advisor for a faith-based development initiative, presented to COGIC leaders about the need for more affordable housing in the United States.

Currently, 20% of U.S. renters pay more than 50% of their income for housing, he said. There are more than 550,000 homeless and 13 million people live in food deserts.

However, there is potential for new housing if churches come on board, he said.

Read this:After COVID-19, years away, COGIC saints return to Memphis for Holy Convocation

Previously:For COGIC, building low-income housing in Memphis is part of the mission

A 2019 analysis by the Urban Institute looked at 800 vacant parcels owned by houses of worship in Arlington and Fairfax, Virginia, Montgomery County, Maryland, and Washington, D.C. From that, they estimated 43,000-109,000 new housing units could be built.

“People are starting to get smart to the fact that this land is owned in the faith community and there’s development potential with that land,” Bowers said. “The value you bring is not just in the land. You also have dollars. You may have relationships in the city that count for something.”

Building and running affordable housing is already an important part of how COGIC members live out their Christian faith, leaders have said.

In Memphis, where the denomination is headquartered, COGIC has purchased or built multiple affordable housing units. One building with 20 units located at Pontotoc Townhomes was opened just this week.

The Pontotoc Townhomes development, now up to 101 units, was built in 2002 through a partnership with First Tennessee Housing Corporation. Since then, COGIC has acquired the property in full.

And in 2018, COGIC, alongside John Stanley Inc., opened the Mason Homes development with 77 units, costing $12.5 million.

COGIC leaders are asked to take an online survey about the land and opportunities available by Nov. 25. After that, the denomination will assess potential churches to participate in the development of low-income housing and other projects through the multimillion-dollar fund.

“No matter how small or how big, if you have land and an interest in pursuing opportunities that might exist, you should certainly participate,” said Elder Derric Scott, COGIC's chairman of faith based development initiative.

Katherine Burgess covers county government and religion. She can be reached at katherine.burgess@commercialappeal.com or followed on Twitter @kathsburgess.

This article originally appeared on Memphis Commercial Appeal: COGIC plans to build affordable housing on church properties