Funds will help renovate substandard homes
THDA awards $500,000 HOME grant to Town of Woodbury
Nov. 24, 2020 – Tennessee Housing Development Agency has awarded a $500,000 HOME Program grant to assist with the preservation and rehabilitation of substandard homes for Town of Woodbury residents.
The HOME program is funded by the U.S. Department of Housing and Urban Development and is administered partly in Tennessee by THDA. During the most recent funding round, THDA awarded 17 competitive HOME grants statewide totaling $7.7 million.
“All Tennesseans deserve to live in a safe, affordable and decent-looking home, and this HOME Grant will play a huge role in making that happen for Woodbury residents,” THDA Executive Director Ralph M. Perrey said.
Amanda Mainord, with Grassroots Planning & Consulting which applied for the grant for the Town of Woodbury, said the HOME Grant funds will assist in rehabbing approximately eight homes.
“Residents of Woodbury will benefit greatly from the improvements made to their homes through the THDA HOME program,” Town of Woodbury Mayor Andy Duggin said. “I believe everyone should have a safe place to lay their head at night, and the HOME program will make that dream a reality for more Woodbury citizens. This is a highly competitive grant, and I am proud Woodbury was selected.”
Mainoid said the application process is currently open, and will close on Dec. 31. Applications will be prioritized based on the applicant’s socioeconomic factors and required rehabilitation.
Qualified applicants can visit Woodbury City Hall to pick up an application.
To qualify, eligible applicants must own their home and have household incomes at or below 80 percent of the area median income when adjusted for family size. All completed work will meet local and state building code requirements and will be inspected by a qualified inspector.
All types of manufactured housing are not eligible and do not qualify for the HOME funding assistance at this time. Additionally, if homes cannot be brought up to code standards, they may qualify for new housing construction.
Financial assistance for home repairs will be provided in the form of a deferred grant that is forgivable at 20 percent per year over five years for the Rehabilitation Grant if the homeowner remains in compliance.
HOME grants must be used for the production, preservation, or rehabilitation of affordable housing for low and very low-income families and individuals.