Home Loan & Repair Programs

May 23 - mkamplain
Our County
D. Gary Davis
County Mayor

It has been said that "a person’s home is their castle”. This is true in the sense that a person is usually proud of what their hard work, has helped to provide for themselves, and also their family. But when the best of intentions, the best of plans and the best work that a person can do is still not enough to provide for their family, problems soon arise.

It is true that "the government” big enough to give you everything that you need, is also simultaneously big enough to take everything that you have. There is also truth in the fact that many amazing non-profit, faith based and community driven programs are also very much "alive and well” all across Bradley County. But I also wanted to speak about 2 recent programs that have been explained to me that may be of great benefit to the families across our region.

The Tennessee Housing Development Agency has awarded a $375,000 grant to Bradley County that will be used to help individual families bring substandard homes back into code and thereby improve the safety of each resident. The funds for this program are ultimately funded by the U.S. Department of Housing and Urban Development and administered in part by the THDA. Ideally this program is designed to help very low and low income individuals who do not have the financial resources to make much needed improvements to their residences. We have plans to hold public meetings to outline the application procedures and also explain the grant guidelines. As explained at present, each home will be eligible for up to $40,000 subsidy for rehabilitation to bring it up to code. The Southeast Tennessee Development District has been selected to administer the program under policies and standards established by the county. The deadline to apply is May 26th, 2017 and you may also call SETDD Housing Services at (423) 424-4260.

The Rural Development of the USDA also has recently reminded us of two very important and needed options that may also help families all across Bradley County. The have both, a home ownership loan program and a home repair program that are currently being offered. The family’s that could qualify must reside OUTSIDE of the city limits of Cleveland but WITHIN the boundaries of Bradley County. The maximum loan at this time for Bradley County is $152,100 with an interest rate that presently is 3.25%. The home repair program must also meet asset limitations, have an acceptable credit history and also own and occupy the property in order to qualify. In an effort to help "very low” income homeowners to be able to make the necessary repairs to their homes multiple efforts have been combined to help. On average payments should average $5.00 for every $1,000 borrowed with an interest rate presently at 1 % for up to 20 years. Many more options are available than today’s space will allow, but for more information please feel free to call the local office of the Rural Development of the USDA at (423) 708-6785

These are just two options that are available at the present time to allow for repairs, home ownership and also the opportunity to improve the safety and indeed the health of you and your family. I remain thankful that we have developed partnerships like these that continue to produce valuable benefits for the citizens who reside in Bradley County Tennessee. These programs, and many others, continue to remind us all that Bradley County, truly is Tennessee at its best!

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