As housing inventory continues to dwindle and more and more people are moving to Middle Tennessee than ever before, home prices are also rising at a rapid pace, pricing some would-be buyers out the market.
But according to a new report from The Tennessean, the Tennessee Housing Development Agency is expanding its efforts to help more first-time home buyers get into a new and affordable place to live.
With the aid of $60 million in federal funding, eligible buyers can receive as much as $15,000 in down payment assistance, which will be available to buyers in seven zip codes in Davidson County, as well as 29 additional counties throughout the state.
Along with simply providing more Tennessee residents the opportunity at buying a home, it’s these kinds of investments that also help strengthen and stabilize communities and neighborhoods, which can also ensure each buyer is making a good long-term investment of their own.
As noted by the THDA Executive Director, many people wrongly assume this type of down payment assistance program only applies to a lower-tier income bracket, however, one-and-two person households earning up to $82,000 are encouraged to apply, as are larger household earning up to $96,000.