OUR COUNTY
D. GARY DAVIS
COUNTY MAYOR
Bradley County Receives $500,000 Home Grant
There are record numbers of American homeowners who stand to lose their homes because of the negative impact the recession has had on the real estate market. Many others are foregoing needed home repairs because they simply can’t afford it. This may be due a job loss, soaring medical bills or a high risk variable rate loan for example. If you are in this situation I want you to know there is help available to those who qualify
My office has applied for and received a $500,000 home grant from the Tennessee Housing Development Agency. The $500,000 grant does not require any matching funds from the county and will be administered by the Southeast Tennessee Development District on the County’s behalf. It will be known as the Bradley County Home Housing Rehabilitation Project.
The County Commission approved my resolution adopting the THDA Program’s policies and procedures, paving the way for the SETDD to begin screening qualified applicants. The goal is to promote the preservation and rehabilitation of existing housing units for low and moderate income families and individuals. Those who meet the guidelines can use the money to make needed repairs to their home.
I anticipate the Southeast Tennessee Development District will soon announce that they are scheduling public meetings to give those who are interested a chance to ask questions about the program. The next step will be the screening of applicants.
This Home Rehabilitation Grant Program targets owner-occupied, dilapidated houses with the goal of bringing the structure up to the local building code. Qualified families or individuals receive the funds as a forgivable grant. If an existing house is so dilapidated that it is not economically feasible to repair, a new house may be "reconstructed” on the same site. Reconstruction is considered rehabilitation under the federal HOME regulations.
For those homeowners who do not meet the grant guidelines but face the unfortunate prospect of foreclosure, I recommend that you contact one of the THDA’s counseling agencies. There are dozens of nonprofit agencies that will work to get home loans modified. However, you should only speak with housing counseling agencies approved by the U.S. Department of Housing and Urban Development or THDA.
The FBI says there are several cases of people posing as "foreclosure-rescue" companies who claim they can help homeowners stave off the threat of foreclosure. Of course they always ask for a fee ranging from $1,000 to $3,000.
Counseling and advice is also available through the Hope Now Alliance. This is a group made up of home owner-counseling agencies, banks and other financial institutions. You can call, toll-free at (888) 995-4673, or visit www.hopenow.com. Counseling is always free through this site.
While some homeowners may be distressed in the current recession, there are some encouraging signs. The number of residential foreclosures in Tennessee continues to show month-to-month improvement and Bradley County’s unemployment rate of 9.1% in November is still well below the state average of 10.9 %. The county’s broad economic and industrial base is one reason we are weathering this weak economy better than some. It’s another reason I say… Bradley County is Tennessee at its best.