Eastern 8 was one of just two Community Housing Development Organizations (CHDOs) statewide that received HOME CHDO grants during the recent FY 2019 Fall Grant Mini Round.
THDA administers the federally funded HOME program to promote the production, preservation and rehabilitation of single-family housing for low-income households.
THDA Executive Director Ralph M. Perrey said the grant funds will help Eastern 8 promote affordable home ownership opportunities for its clients.
“This grant will allow Eastern 8 to build much-needed housing that is both affordable and safe for the homeowners of moderate means,” Perrey said.
Eastern 8 plans to use the funds to construct eight single-family homes in the Tri-Cities area. The residences will be located in Kingsport, Fall Branch and Elizabethon.
“We are pleased to receive the grant from THDA and are excited to get to work on providing more affordable housing options for families here in the Tri-Cities,” Eastern 8 Executive Director Sherry Trent said.
The homes are currently in the planning stage, Trent said, with construction slated to begin by early summer.
The homes built by Eastern 8 will feature a three-bedroom layout with an open floor plan and approximately 1,150 square feet. of living space. The homes will be made available for purchase, with financing options and downpayment assistance provided to the homeowners through Eastern 8.
The HOME Program is funded by the U.S. Department of Housing and Urban Development (HUD). HOME funds made available to CHDOs are awarded through a competitive application process to eligible non-profit organizations that meet the designation as a CHDO by THDA.