Pinnacle Financial Partners Commits to $10M Investment in THF’s Shared Equity Program


NASHVILLE, Tenn. July 21, 2021– Pinnacle Financial Partners has committed to a $10 million investment in The Housing Fund for the organization’s Shared Equity Program of affordable housing. The money will fund home loans made to low- to moderate-income individuals and families in Nashville and Middle Tennessee.

“This is a very exciting day in the long-standing partnership between The Housing Fund and Pinnacle Financial Partners,” says Marshall Crawford, President and CEO of The Housing Fund. “This capital will help us greatly increase homeownership opportunities for African Americans and low- and moderate-income individuals not just in Nashville, but across Middle Tennessee. Too often, ‘affordable housing’ exclusively refers to apartment rental units, and that needs to change. If we want to truly break the cycle of poverty for Tennessee families, we need to create access to wealth-building opportunities through homeownership. These dollars will serve that purpose. They will also enable The Housing Fund to leverage additional capital, preserve and maintain existing affordable housing, and work with developers to create new affordable units. We are thankful for Pinnacle’s consistent partnership and this significant investment.”

This is the second investment Pinnacle has made in the Shared Equity Program after an initial $6.5 million commitment helped start the program in August 2011. The new $10 million fund will pave the way for new homebuyers to realize their dreams in developments like The Housing Fund’s latest project on Chestnut Row and will be a catalyst towards helping The Housing Fund achieve their ultimate goal of over 100 homeowners in the program.

“The Housing Fund has long been crucial to Tennessee’s fight for more equitable housing, economic opportunity and shared prosperity,” said Carla Jarrell, Pinnacle’s community reinvestment officer. “It is an innovative organization with a long history of creative and effective solutions that push the entire movement forward. This program, in particular, has the potential to change the way we think about affordable housing investment.”

The Shared Equity Program allows for sustainable, continuous affordable housing solutions through renewable single-family units. It is designed for homes to be purchased by and eventually resold to low- to moderate-income individuals and families, constantly renewing the available affordable housing stock.

 Homebuyers in the program are only required to provide 1 percent of the purchase price, with 25 percent contributed by The Housing Fund and the other 74 percent coming from a Pinnacle loan. Once the homeowner is ready to move on, they can sell it only to another qualified low- to moderate-income buyer affiliated with The Housing Fund. At closing, The Housing Fund gets back its 25 percent contribution at 0 percent interest. Any appreciation in value is split between the seller and The Housing Fund, who then reinvests that money back into the home by helping the next buyer with a 25 percent contribution toward their purchase.

 “We believe in the shared equity model because it ensures our affordable housing options aren’t depleted as property values rise,” Jarrell said. “The Housing Fund has been at the forefront of this movement as Nashville continues searching for answers to some very big questions on housing and equity. It’s time to marshal the forces to support more smart solutions like shared equity and more partnerships like this.”

About The Housing Fund

Since its incorporation in 1996, The Housing Fund has assisted over 3,700 first time homebuyers receive over $27 million in down payment assistance loans, as well as provided more than $52 million in financing to assist individuals and organizations purchase, rehabilitate, or construct homes for low- and moderate-income families. THF has lent over $80 million, which has leveraged over $440 million in private financing for more than 5,700 units.

About Pinnacle

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2020 deposit data from the FDIC. Pinnacle earned a spot on the 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For eight years in a row and No. 1 among banks with more than $10 billion in assets in 2020.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $35.3 billion in assets as of March 31, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 14 primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at