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.
â€œA down payment is often the biggest hurdle to overcome for working families wanting to buy a home,â€ THDA Executive Director Ralph M. Perrey said. â€œThese funds will allow first-time home buyers who would otherwise be able to afford a mortgage payment to overcome that obstacle.â€
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 buyerâ€™s down payment and closing costs.[Read more…]