Nashville Receives $4M to Rehab Neighborhoods via THDA
Posted on | November 24, 2008 | No Comments
Last July, Congress passed the Housing and Economic Recovery Act’s Neighborhood Stabilization Program allocated $72.5 million dollars to Tennessee. THDA (Tennessee Housing Development Agency) is administering $49.3 million of that money to rehab and sell abandoned and foreclosed homes in order to rebuild these hard hit neighborhoods.
Though there are several areas that are receiving funds through THDA ($11.5 million for Memphis, $2.7 million for Shelby County, $2.73 million for Knoxville and $2.1 million for Chattanooga) Nashville/Davidson County is receiving $4 million. Since the bill that was passed requires 25 percent of the state’s allocation be used for households at or below 50 percent of area median income, it is a natural fit for THDA. They will be targeting areas with the highest percentages of homes financed with sub-prime mortgages and high foreclosure rates, which they deem the areas with the greatest need.
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