Monday, March 19, 2018

Hardest Hit Fund
As homebuying season approaches, local residents with a moderate income who want to buy their first home have less than a year left to take advantage of a $15,000 down payment assistance from the Tennessee Housing Development Agency before funds run out. According to executive director Ralph Perrey, the Agency will run out of $60 million in down payment assistance for designated ZIP codes in Tennessee by the fall of this year. The Hardest Hit Fund provides the down payment help for eligible homebuyers in certain ZIP codes, including 37821 in Cocke County and 37877 and 37890 in Jefferson and Hamblen Counties. The funds were designated for the state by the U.S. Department of the Treasury in March 2017 to help stabilize neighborhoods hit hardest by the housing crisis and are recovering more slowly than others. The Hardest Hit Fund was expected to be available until 2020, but Perrey said his agency has seen a greater need than expected in the state and now expects the Fund to be depleted later this year. Those who qualify for a Great Choice Home Loan also qualify for assistance through the Hardest Hit Fund.


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