N’Jeri Wilson (right) and Stephanie Sweda Montgomery say the Cooper-Young community is the best investment they’ve made. Here, the two stroll Seattle Street where they’ve purchased homes. (Photo by Wiley Henry)

In the late 1800s and early 1900s, one of the nation’s first African-American neighborhoods was built on this ground, making dreams come true for some. And in 2005, Seattle Street was listed on the National Register of Historic Places.

When Stephanie Montgomery and her husband, Dan, purchased their home on Seattle Street, they knew it was a once-in-a-lifetime deal. A first-time homebuyer, they’re planning to stay in the neighborhood.

Today, N’Jeri Wilson and her friends, Dan and Stephanie Sweda Montgomery, are among those whose housing dreams are coming true on Seattle Street, where the nonprofit Cooper-Young Development Corporation (CYDC) is selling homes at a reduced rate for low and moderate-income buyers.

Despite a troubled housing market and the rapid rate of foreclosures, Wilson and the Montgomerys figured they could become homeowners if they met CYDC’s income guidelines.

The CYDC has developed and built new, affordable homes in the Cooper-Young community to improve and increase homeownership. Their initiative is evident on Seattle Street, where nine single-family homes are selling at a reduced rate.

“The goal is to build owner-occupied homes for low and moderate income families,” said CYDC Executive Director Sutton Mora Hayes. “The houses on Seattle Street go for $90,000 - $100,000, but sell between $65,000 and $80,000.”

The hardest part of selling new homes is trying to help people get over the fear factor, said Hayes, adding, “It’s a good time now for potential buyers, because they can walk in with equity already in the home.”

The homes are offered by Sowell and Company Realtors and sold to buyers who make at or below 80 percent of the area median income. Subsidized with city and state funds, the homes can’t be investor purchased and rented.

The Cooper-Young Business Association established CYDC in 1991. The group has reclaimed and developed nearly 60 properties since 1993, including 28 rehabs, 26 new constructions and two commercial properties.

“The houses are built to tough standards. They’re not box-shape homes,” said Hayes, who has been with CYDC sine 2005.

Paul Young, CYDC treasurer, said another goal for the nonprofit is to shore up Cooper-Young with new development. He said there are other community development corporations with similar missions, “but inside Memphis city limits, there aren’t a lot of new, affordable houses constructed for that price.”

New construction started at the end of 2006. So far three families have moved into the new 1,300 sq. ft. homes with three bedrooms and two baths. There are a number of amenities as well, including wall-to-wall carpet and sleek kitchen features.

‘My house fits my personality’

When Wilson started looking for a home, an agent at Crye-Leike Realtors told her about a house on Seattle Street. She had already seen the homes online.

“My house fits my personality. I’m a Bohemian. I get to bring out my personality,” says N’Jeri Wilson. (Photos by Wiley Henry)

“I was going down Parkway and Central when my Realtor called and said there’s a house on Seattle,” Wilson recalls. “I was already headed over there.”

The reputation of Cooper-Young provided Wilson with some assurance that a home in the area would be ideal. She lived on Meda Street in the 1980s and wanted to get back to Midtown living.

“I was looking to get back to Cooper-Young, but I couldn’t afford it. It was too expensive,” said the mother of two grown children and three grandchildren. Nevertheless, it was a drawing card that piqued Wilson’s interest in the home she finally purchased.

If the home didn’t have Cooper-Young attached to it, “I wouldn’t have bought it,” she said. It also helped that she met the income guideline. The purchase price: $85,000.

“I just couldn’t afford to buy a house on the other side of McLean where it is already developed,” said Wilson, an employee at Whole Foods. “Over here, the housing prices are very good.”

Wilson shelled out $200 in earnest money. She received assistance on the closing costs. “When I went to close, I got my $200 back,” she said. “That was real cool.”

The traditional bungalow-style home suits Wilson’s taste. “I have a New Orleans-style house,” she said. “My house fits my personality. I’m a Bohemian. I get to bring out my personality.”

Wilson loves her home. She said potential homeowners could benefit as well if they fall within CYDC guidelines.

“It’s really important that people come over and see what we have here,” she said. “I want the neighborhood to continue to do well.”

‘Unpacked for the last time’

All the new homes on Seattle Street each have their own vibes, said Stephanie Montgomery, who purchased an $85,000 home at the end of Seattle and Euclid.

A first-time homebuyer, Stephanie and her husband, Dan, came within $500 to qualify for the reduced rate. However, two months before moving in, Stephanie was laid off from her job.

“Luckily, I was recently hired at St. Jude,” added Dan, also a working musician. “It turned out to be cheaper than where we were renting.”

The Montgomerys lived on both sides of a rental duplex at Tanglewood and Walker, but sought to purchase a home in the Midtown area if one was affordable.

“If it wasn’t for this project, we wouldn’t be able to afford this house,” said Stephanie, 42. “Both of us had some financial problems, bad luck and debt. I had a Chapter 13 (bankruptcy) in my history. So we worked to get our credit scores up.”

The Montgomerys started looking for a home in 2006, the year they got married. “Before we moved in, me and Dan would walk up and down the street at all times of the day,” said Stephanie. “By us being white in a predominantly black neighborhood, I wanted to make sure we were welcomed.”

Wilson, who is African American, was already making her house a home on Seattle. She knew Stephanie and her husband before they moved on the street and drew closer to them as neighbors.

Midtown had always been foremost in Stephanie’s mind since she first moved to the area at age 18. She didn’t want to live anywhere else. So the circle was complete when she bought her first house on Seattle.

Dan is a native of Southern New Jersey. He’s lived in Memphis for seven years now and compares Midtown to Greenwich Village in New York. He said Midtown living is conducive for a musician.

“For the price, it’s amazing,” said Dan, 48. “It took me all these years to plant my seeds. I’ve moved cross-country a couple of times. Now I’m unpacked for the last time. We’re not going anywhere.”