Established in January 2000 the Frayser Community Development Corporation ( Frayser CDC) was formed to become a revitalization engine for the Memphis Frayser subdivision. Executive Director, Steve Lockwood, has been managing the CDC since 2002. In 2005 the Frayser CDC was designated as one of three United Way of the Mid-South CDCs. By 2007 the Frayser Resource Center was founded at Watkins & Burnham. The facility currently hosts the offices of the Frayser CDC, and provides significant exposure for offered programs.
The Frayser CDC has purchased 194 houses to date, and is currently working at a rapid pace to expand this initiative. Funding for housing comes from a variety of sources including the State of Tennessee, private foundations, the City of Memphis as well as the Frayser CDC's reserve funds. The Frayser CDC is purchasing, fully renovating, and placing families into 25 homes per year. Tenants who cannot currently qualify for home mortgages are assisted with credit restoration services to encourage financial literacy, and home ownership. 96 homes are currently leased or rented. A property maintenance company has been contracted to assure that the Frayser CDC's properties remain in top condition. Additionally, the Frayser CDC manages an additional 22 properties for a nearby housing non-profit.
The Frayser CDC is a Housing and Urban Development (HUD) and Tennessee Housing Department Authority (THDA) Approved Housing Counseling Agency. Currently, Home Buyer Education, Foreclosure Counseling, and Budget & Credit Counseling services are offered to clients at no cost. Funding for these services is currently through the National Community Revitalization Coalition (NCRC) as well as several bank foundations.