STACEY WIEDOWER - The Daily News -

Three years and 50 houses.

That was the mandate handed to Tim Bolding in 1994 when United Way of the Mid-South hired him to operate United Housing, a new community development corporation devoted to helping homebuyers.

At the time, Bolding was working for another housing-related CDC and serving as a United Way volunteer. He was on the committee that wrote the proposal for the Housing & Urban Development (HUD) planning grant that paved the way for United Housing’s mission.

The three-year grant provided only enough funding to buy, rehabilitate and resell 50 houses to qualified low- to moderate-income and first-time homebuyers – meaning Bolding’s new job had only a three-year guarantee.

“I said, ‘You let me worry about that. That’ll be my goal,’” said Bolding, who still holds the executive director post for United Housing Inc. “We went from three years and 50 houses to 16 years and 2,010.”

It was serendipitous for UHI – which spun off from United Way to become an independent nonprofit in 2000 – that the sale of its 2,010th property happened in 2010. But the fact the organization remains strong as it moves into its 17th year has little to do with luck or chance.

UHI staff members work to secure funding from state, city, county and federal sources and from groups ranging from the Hyde, Plough and Assisi foundations to NeighborWorks America to United Way.

United Housing has three key areas of focus: homebuyer education, housing rehabilitation and lending. Participants in UHI programs can take advantage of just one service or all three, depending on the individual situation.

As Bolding spoke about the program, a homebuyer education class was in session – and every seat was full. That’s often the case, he said, especially since the collapse of the subprime lending market.

“People have finally figured out that if they’re going to get a home, they need to figure out the market,” he said. “It’s very personal in Memphis.”

UHI’s homebuyer education program is free and open to anyone. The eight-hour certification course is approved by HUD, the Federal Housing Authority, the Tennessee Housing Agency and similar lending entities. This year, UHI added a $50 online course option for interested buyers who can’t physically attend classes.

United Housing board member Gilda J. Williams said the benefits of UHI homebuyer education are priceless for the underserved buyer market it targets. She knows firsthand – she went through UHI’s homebuyer education course herself in 2001.

“United Housing serves a definite purpose with an explicit mission,” Williams said. “It alleviates the apprehension the first-time homebuyer has. And it allows the individual to work on problems that will impede the process if credit is an issue.”

Of the homebuyers served, 84 percent are first-time buyers, 61 percent are female, 58 percent are African-American and 53 percent are between the ages of 26 and 40. UHI has counseled 6,000 clients and offered more than $4.6 million in down payment assistance to qualified buyers.

The organization purchases blighted properties across the city in communities ranging from Frayser to Whitehaven to Hickory Hill. It’s part of NeighborWorks America, a national network of organizations devoted to revitalizing the nation’s declining neighborhoods.

UHI has spent around $2.5 million in construction rehabilitation loans over the life of the organization. Right now, the organization owns around 50 properties it’s working to rehabilitate. Once renovations are completed, UHI will sell the properties to program participants.

“We don’t want our customers to have any big-ticket rehabilitation problems in the near future, so we put in new heating and air, new water heater systems, new roof,” Bolding said. “We average $40,000 per job.”

Much of that funding comes through HUD Neighborhood Stabilization Program grants, he said.

In 2010, UHI added an owner financing component to help qualified buyers overcome specific obstacles to homeownership. Another recent change is an increase in Neighborhood Stabilization Program income limits. The cap moved from 80 percent of median income, or roughly $45,000 for a family of four, to 120 percent, roughly $65,000 for a family of four.

“That’s a huge jump,” Bolding said. “It’s opened a brand new market of folks that can do this.”

Williams said she considers it an honor to help buyers who feel the same sense of apprehension she felt about navigating the path to homeownership.

“If you’re really serious about purchasing a home, this is a place you can go to get your questions answered without being put on the hot seat,” she said. “It’s an organization where you can actually realize your goal.”