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OPENING THE DOOR:
CREATING & MAINTAINING AFFORDABLE HOUSING FOR TENNESSEE
Don Watt, Director – THDA Community Programs
Cynthia Peraza, Director – THDA Single Family Special Programs
DID YOU KNOW?
THDA offers a variety of programs that provide financing to nonprofits and local governments.
These programs help improve housing stability of homeowners and neighborhood stability of the areas in which they live.
Improving The
Neighborhood
BlightElimination
Program(BEP)
This program focuses on targeted counties in Tennessee with the highest number of vacancies and foreclosures.
Shelby, Madison, Montgomery, Hamilton, Knox, and Anderson.
.
Property Eligibility Criteria
Be an existing single-family (1 – 4 unit) home.
Be located in approved BEP counties.
Be vacant for 90 days from date of application.
Be condemned or meet BEP Property Condition Checklist test and demolition inspection report.
The costs of acquisition, demolition, “greening”, and maintenance of property do not exceed $25,000.
Have clear title to property at closing of the Stage 1 Loan.
How Blight Affects The Community:
Lowers property values
Increases Foreclosures
Drains community resources
Drains law enforcement & emergency resources
Jeopardizes public safety
Improving Stability
In Place
HOME
EMERGENCY REPAIR PROGRAM
Tennessee Repair Loan Programs
TRLP / ARLP
Terms of the Loans
Property must be owner occupied Loan Amount Minimum $5000 Max $25,000
0% Fixed Rate deferred payment
5 Year Term (forgivable 20% per year)
No LTV
No minimum credit score
No Prepayment Penalty
Income limits vary by County
* The Borrower(s) will be required to attend a Post-Purchase counseling session through a Certified NeighborWorks Counselor
Types of Repairs
Structural Support
Roofing
Weatherproofing
Plumbing
Electrical
Heating & Cooling systems
Accessibility
Environmental issues
Weatherization Assistance Program
Accessibility Modifications
Home Modifications & Ramps
Creating Access
To Housing
ESG
Expanding Housing Options
Through Rental Housing
Competitive Grants
National Housing Trust
Expanding Housing Options
Through Homeownership
HOME Funded
COMMUNITY HOUSING DEVELOPMENT ORGANIZATIONS
HOME
DPA
HOME DPA
APPRAISAL GAP PROGRAM
The Gap Program was designed to provide funding to eligible nonprofit entities to help cover the difference or gap between the costs to build new construction or substantially rehabilitate homes and the appraised value of the home.
The program will pay up to $20,000 per property when the appraised value is less than the sales price/cost of construction.
NEW START
The New Start Loan Program is designed to promote the
construction of new homes for low and very low income
Tennesseans.
The Program will be delivered through non-profit organizations
with established programs for the construction of single family
housing for low and very low income households.
The New Start Program Partner is responsible for selecting the
homebuyer, determining the borrower’s eligibility based on New
Start Program guidelines, constructing the home, providing
homebuyer education, and originating the New Start Loan.
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