U.S. Rep Diane Harshbarger, state Rep. Jeremy Faison and state Sen. Frank Nicely joined locale elected leaders in Newport to announce a $500,000 HOME Program grant for Cocke County. The county hopes to make repairs to at least 10 homes that need to be brought up to code in order to improve the quality of life and living conditions for low- and very low-income county residents.
NEWS RELEASE:
Funds will help renovate substandard homes
Cocke County awarded $500,000 HOME grant from THDA
March 5, 2021 – Tennessee Housing Development Agency has awarded a $500,000 HOME Program grant to the Cocke County to help make much-needed repairs to substandard homes for elderly and disabled residents.
Cocke County will use the funds to renovate or rebuild at least 10 single-family homes located in the county. The project will benefit low- and very low-income individuals that do not have the financial resources to make needed improvements to their homes.
“Providing safe, decent housing is important for all Tennesseans, and with the help of these HOME funds, Morristown will be able to ensure more of its residents have access to just that,” THDA Executive Director Ralph M. Perrey said.
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
“I would like to congratulate Cocke County on receiving this HOME grant. Expanding access to safe housing for East Tennessee residents is a great use of Federal grant funding, and I’d like to thank the THDA for administering this important program,” Congresswoman Diana Harshbarger (TN-01) said.
The county’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.
Tennessee’s Community Assistance Corporation will administer the grant for the county.
HOME grants must be used for the production, preservation, or rehabilitation of affordable housing for low and very low income families and individuals.
