Oak Ridge Today

THDA grant will help with down payment assistance in Oak Ridge

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Pictured above in front row are, left to right, Oak Ridge City Manager Mark Watson, Oak Ridge Housing Authority Commissioner Tom Beehan, Tennessee Lt. Gov. Randy McNally, U.S. Rep. Chuck Fleischmann, state Rep. John Ragan, ORHA Executive Director Maria Catron, and Tennessee Housing Development Agency Industry and Government Affairs Liaison Katie Moore; and back row, left to right, ORHA Commissioner Jim Palmer, ORHA Board Chair Jean Lantrip, and ORHA Board Secretary Sharon Crane. (Photo courtesy THDA)

The Tennessee Housing Development Agency has awarded a $106,000 HOME Program grant to the Oak Ridge Housing Authority that will be used to help low-income families purchase a new home.

The Oak Ridge Housing Authority will use the funding to provide assistance up to $14,999 to cover down payment and closing costs for eligible first-time home buyers living in the city limits, a press release said.

“A down payment is often the biggest hurdle to overcome for working families wanting to buy a home,” THDA Executive Director Ralph M. Perrey said. “These funds will allow first-time home buyers who would otherwise be able to afford a mortgage payment to overcome that obstacle.”

ORHA Executive Director Maria Catron said the grant will be used to help low-to-moderate income families, with the exact amount awarded based on the gap needed to cover the buyer’s down payment and closing costs.

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Down payment assistance of $15,000 available for qualified home buyers in Clinton zip code

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This the map of targeted zip codes where $15,000 in down payment assistance is available to qualified home buyers. (Map by Tennessee Housing Development Agency)

This is the map of targeted zip codes where $15,000 in down payment assistance is available to qualified home buyers. (Map by Tennessee Housing Development Agency)

 

A program that kicked off in March offers $15,000 in down payment assistance to certain qualified home buyers in a Clinton area zip code and 54 other zip codes across Tennessee.

The down payment assistance is available through the Hardest Hit Fund Down Payment Assistance program, a federal program administered in the Volunteer State by the Tennessee Housing Development Agency, or THDA.

The help is available in Anderson County in the 37716 zip code. That zip code includes an area north and east of Oak Ridge, extending to Clinton and beyond along State Route 61 and north and south of the highway.

To qualify, home buyers must purchase an existing home in one of the 55 targeted zip codes. The purchase requires a THDA Great Choice Home Loan. [Read more…]