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.

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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

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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

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DPA

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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.