Tennessee Housing Agency Awarded Hancock County $265,000 Home Grant for Elderly & Disabled Residents
Tennessee Housing Development Agency has awarded a $265,000 HOME Program grant to Hancock County to help make much-needed repairs to substandard homes for elderly and disabled residents.
The Hancock County Government will use funding to renovate or rebuild at least four 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, Hancock County 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
The next step for the county will be to hold a public meeting outlining 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 either project.
Each home selected 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.
First Tennessee Development District 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.