Habitat for Humanity of Cleveland Will Share $1,500,000 in THDA Grant
Habitat for Humanity of Cleveland announced on Friday that it has been awarded $74,000.00 by the Tennessee Housing Development Agency to construct two new homes in Bradley County. To match the $1 million anonymous donation, THDA will contribute a one-time $1 million boost to the 2022 Habitat for Tennessee program allocation on behalf of the state. This brings the total available allocation for 2022 to $1,500,000.00. Habitat for Humanity will utilize this money to help build 50 new houses in Tennessee by awarding grants to Habitat affiliates across the state’s three grant divisions.
Colleen Dudley, executive director of Habitat for Humanity of Tennessee, said, “Our partnership with THDA is fundamental to our continued growth. Our Habitat partners have been able to take these grant funds and promote charities in their local communities. Aide A donates an additional $5.5 million from local individuals, churches, foundations, and businesses to complete these builds.
Tammy Johnson, executive director of Habitat for the Humanity of Cleveland, said, “Together we bring hope, sustainability, and affordable homeownership to our community. Like Habitat, THDA aims to make decent, affordable homeownership accessible to low-income families. Committed. We are honored to count on THDA as a partner, as we continue to work with volunteers, housing families, sponsors, and community leaders to build homes, communities, and hopes.”
Habitat for Humanity builds houses with those in need and then sells the houses to homeowner partners. Habitat homes are sold at no profit and financed with affordable no-interest loans. The homeowners’ monthly mortgage payments are recycled into a revolving Fund for Habitat for Humanity of Cleveland that supports the construction of new homes. Habitat homeowners make on average between 25 and 50 percent of the area’s median income. Homeowners are required to invest 300-400 hours of “sweat equity”—time spent building on their own house or other Habitat houses, or attending homeownership and financial peace classes. Sweat equity reduces the cost of a property, improves the personal investment of family members in their homes, and encourages the formation of community ties.
“THDA shares Habitat’s commitment to creating new homeownership opportunities for Tennessee families,” said THDA Executive Director Ralph M. Perrey. “We know that Habitat will put this funding to good use building new homes across the state.”