NEWS RELEASE: TCAC awarded $1 million HOME grant from THDA
Updated: Dec 9, 2021
Funds will help construct affordable homes
TCAC awarded $1 million HOME grant from THDA
Nov. 8, 2021 – The Tennessee Housing Development Agency awarded a $1 million grant to the Tennessee Community Assistance Corporation that will be used to construct new and affordable single family housing in rural East Tennessee.
TCAC will use the HOME CHDO grant funding to build and sell seven single-family homes in Jefferson, Sevier and Union counties in an effort to address the lack of affordable housing options in the region.
“These HOME Program funds can really do a lot of good work in places like Jefferson, Sevier and Union counties by providing affordable housing ownership options for lower-income homebuyers,” THDA Executive Director Ralph M. Perrey said.
TCAC Executive Director Retha Patton said the non-profit will use proceeds from sales of the initial seven homes to build an additional two dozen homes in the three-county area.
“We are excited to receive this first-ever $1 million grant award to serve communities, residents, and employers, and be able to offer real solutions to address the extreme lack of available affordable housing within our region,” Patton said. “I encourage anyone looking for housing to check out this unbelievable opportunity to own a home for similar amount as their monthly rent costs and contact us for details.
Patton said anyone interested in owning a home built by TCAC should visit the non-profit’s website at www.tcac1.org or attend an upcoming information meeting.
HOME CHDO grants must be used for the production, preservation, or rehabilitation of affordable housing for low and very low income families and individuals. Two information meetings are scheduled during the next month; Nov. 17 from 5-7 p.m. in the Jefferson County Public Library’s meeting room in Jefferson City, and Nov. 18 from 6:30 – 8 pm at the Union County Courthouse in Maynardville.
“This program can really work for everyone,” Patton said. “So give us a chance to sit down and show you how you can build and own a brand new, energy-efficient quality home at a price that is affordable to you and within your budget.”
The HOME Program is funded by the U.S. Department of Housing and Urban Development. HOME funds are allocated by THDA through a competitive application process to smaller cities, counties and non-profit organizations. Urban areas and local participating jurisdictions receive their funding directly from the federal government.