HOME program grants comes to Smyrna

I mentioned the HOME program in one of my columns earlier this year and it looks like Smyrna is getting the ball rolling with a public meeting on the subject. It offers totally forgivable loans to improve your house and it really is that simple.. If you stay in your house for 5 years after getting the loan you owe NOTHING...and nothing is good.

The HOME Program

The HOME program provides 100% forgivable loans to eligible residents of owner-occupied residences of the Town of Smyrna. (“Forgivable loan” means that if you continue to live in the house for as few as the next 5 years, you would be required to repay $0.) Eligibility is based on: income, assets, and condition of dwelling, among others.
Successful applicants will receive 100% forgivable loans ranging from $1,000 to $106,147 that will be used to improve their HOME.

PDF flyer

For more information please attend the HOME INFORMATIONAL MEETING which will be held at 7:00 p.m. on Sept. 27, 2011 in the Council Chambers at the Smyrna Town Hall.

This project is funded under an agreement with Tennessee Housing Development Agency through the US Department of Housing and Urban Development.

I went to the THDA website to look at requirements to qualify for the program and they give this information. PDF link

HOME PROGRAM REQUIREMENTSIncome Limits - HOME funds may be used only to benefit households with incomes of 80% or less of area median income, adjusted for family size. For rental projects, 90% of the households must have incomes below 60% of area median income, adjusted for family size.

Subsidy Levels - The subsidy levels for HOME-assisted units range from a minimum of $1,000 per unit to a maximum of $100,672 for a unit with four or more bedrooms.

Property Standards - HOME-assisted housing must meet all applicable local codes, rehabilitation standards and zoning ordinances at project completion. In the absence of local codes, HOME-assisted housing must meet the applicable 2003 International Code.

I know that I will be looking into this program as I have no plans on moving soon.