Tuesday, October 28, 2014
Local Governments Awarded Grants To Assist Homeowners
State grant funds have been awarded to local governments to assist area homeowners who may need financial assistance with repair work needed to bring their homes up to codes.
During a business meeting Thursday, members of the Lawrenceburg Board of Mayor and Council approved the acceptance of $250,000 in Tennessee Housing Development Agency (THDA) grant funds as well as the policies and procedures governing the grant. Lawrence County government has been awarded a like amount under the same grant program.
The grant funds are made available by THDA through the U.S. Department of Housing and Urban Development Home Investment Partnership Act. The grant is to be administered through the South Central Tennessee Development District.
The grant funds will be made available to eligible residents for the rehabilitation of substandard homes. The funds may be used to make needed repairs and address safety issues that will render the structures “safe, sound, and sanitary.”
The funds may only be used for owner-occupied homes. The grant loan will be secured by local governments in the form of a lien against the property.
After a period of five years the property title will be free and clear. Should the owner opt not to reside at the property for the entire five-year period, or to sell the property, the agreement would require that the funds be repaid.
The maximum individual grant amount is $40,000. If needed, additional funds may be awarded for the abatement of lead.
Those wishing to apply for the grant funds must meet income guidelines set forth through the state’s Section 8 housing program, based upon annual income and number of residents. The points-based rating system will be used in order to identify those in greatest need.
