New Multi-Million Dollar Housing Rehabilitation Loan Program for
Homeowners in Middle Tennessee and Madison County in West Tennessee
This new affordable-cost loan program has been developed by Tennessee Housing Development Agency (THDA) to help low- and moderate-income homeowners make necessary home repairs. The Preserve Loan Program offers a 4% interest rate on home repair loans, and joins a long list of housing programs and services that THDA has offered to Tennesseans since the agency was established 35 years ago.
"This new loan program is good news for homeowners in Middle Tennessee and Madison County in West Tennessee who need to fix a roof, replace a heating system, or undertake other major household repairs,” said Ted R. Fellman, Executive Director of THDA. In a difficult economic time for so many low and moderate income homeowners, THDA -- with the support of its financial partners -- is stepping up to offer help.
Middle Tennessee
Fifth Third Bank was the first bank to partner with THDA to offer this new program in the Middle Tennessee area to enable homeowners with low to moderate income to make necessary home repairs. Fifth Third Bank committed a full-funded $3.25 million line of credit to initiate the program. "Fifth Third Bank is proud to extend credit to THDA enabling the Preserve Loan Program to be offered in the Middle Tennessee community," said Don Abel, Fifth Third Bank Senior Commercial Lender. "Together we are working to improve lives in Middle Tennessee."Middle Tennessee applicants are invited to call one of the following Preserve Loan program partners:
Affordable Housing Resources: Pat Durard 615-251-0025 ex 227
Buffalo Valley: Bill Basinger 931-796-4256
CHP/Williamson County: Steve Murray 615-790-5556
Creative Compassion: Sarah Derrick 931-456-6654
Woodbine Community Organization: Cathy Dodd 615-833-9580
West Tennessee (Madison County)
First State Bank is partnering with THDA to offer this new program in the Madison County (Jackson) area of West Tennessee to enable homeowners with low to moderate income to make necessary home repairs. First State Bank committed a fully-funded $500,000 line of credit to initiate the program in Madison County."It's a New Day," stated John Clark, president and CEO of First State. "For the past several months, we have all been affected by the economy, fluctuations in the stock market and local businesses cutting back in various ways. At First State, we are experiencing some of the same challenges in this new day as many of you. But in a time of uncertainties, we're choosing to focus on those things that are certain. And it is almost always certain that investing in your home is a good investment. First State is extremely pleased to partner with THDA in the Preserve Loan Program to be offered in the Madison County community. This loan program will allow qualifying local families the ability to make necessary home repairs increasing the value of their homes. Quite simply, it's time to get back to the basics. And there is nothing more basic than taking care of our homes. At First State, we're choosing to think of today as a new day of opportunity and the Preserve Loan program is a great opportunity for Madison County. We're honored to be a part of it."
Effective October 1, 2009 Madison County applicants are invited to call the following Preserve Loan program partner:
United Housing Inc.: Frances Burns 901-728-6926
The Preserve Loan Program is part of the innovative Housing Trust Fund (HTF) established by THDA in 2006 with a $1 million appropriation from the Tennessee General Assembly. HTF is an umbrella for many housing assistance programs. Programs include funds for ramps to increase accessibility, grants to make emergency repairs to homes belonging to elderly citizens of very low income, transitional housing for persons leaving institutions, and monies to create a quiet place of passing for terminally-ill homeless veterans.
If you have any questions or need additional information, please contact Ed Lozier by email or at 615-815-2082.