Funds will help renovate substandard homes
Byrdstown awarded $500,000 HOME grant from THDA
Nov. 24, 2020 – Tennessee Housing Development Agency has awarded a $500,000 HOME Program grant to the Town of Byrdstown to help make much-needed repairs to substandard homes for elderly and disabled residents.
The HOME program is funded by the U.S. Department of Housing and Urban Development and is administered in part in Tennessee by THDA. During the most recent funding round, THDA awarded 22 competitive HOME grants statewide totaling $6.9 million
“Providing safe, decent housing is important for all Tennesseans, and with the help of these HOME funds, Byrdstown will be able to ensure more of its residents have access to just that,” THDA Executive Director Ralph M. Perrey said.
Byrdstown plans to use the funds to renovate or rebuild at least eight single-family homes located within the town limits. The project will benefit very-low and low-income individuals that do not have the financial resources to make needed improvements to their residences.
“$500,000 here in a small city means a lot more than it does in a big place like Nashville,” Byrdstown Mayor Sam Gibson said. “I think it will go a long way and I feel we’re very fortunate to have it.”
The town’s next step will be to hold a public meeting to outline application procedures and grant guidelines. Once applications are received, a priority list will be formed based on the level of rehabilitation work required, as well as each applicant’s socioeconomic factors. Homes that cannot be brought up to code will not be considered for the project.
Each home selected under the program will receive a per-unit subsidy for rehabilitation that will bring it up to code. Efficiency-sized dwellings can receive up to $58,378, while one-bedroom homes can receive up to $66,923, two-bedrooms to $81,377, three-bedrooms up to $105,276 and four or more bedrooms up to $115,560.
Financial assistance for home repairs will be provided in the form of a deferred grant that is forgivable at 20 percent per year if the family remains in compliance.
Vantage Consulting will administer the grant for the town.
HOME grants must be used for the production, preservation, or rehabilitation of affordable housing for low and very low income families and individuals.