Ceremonial Agreement Held  in Nashville NASHVILLE— May 10, 2005 — USDA Rural Development State Director Mary “Ruth” Tackett and Affordable Housing Resources’ Executive Director Eddie Latimer today signed an agreement in an effort to share in the commitment of making the dream of homeownership a reality for low income Middle Tennesseans during a ceremony to celebrate the partnership and officially kick-off the program at the Rural Development State Office in Nashville.

From left: Eddie Latimer, executive director Affordable Housing Resources; Ruth Tackett, USDA Rural Development Tennessee state director; Don Harris, USDA RD housing program director in Tennessee; and Chris Westbrook, USDA RD Nashville area director

“We are very excited to expand our partnership with Affordable Housing Resources in assisting low income families to become homeowners in Tennessee,” Tackett said.  “The signing of this agreement is a great example of federal and nonprofit organizations working together to better utilize the limited resources available, and to emphasize Rural Development’s commitment to the future of rural communities.”

Affordable Housing Resources is an affiliate of NeighborWorks America — a national non-profit organization that works closely with government agencies to help deliver affordable housing loan products and homebuyer education throughout the country. This agreement will serve as a model for the nation with NeighborWorks America on successfully implementing a leveraged loan model. This is the first such formal working agreement between a NeighborWorks affiliate and Rural Development in the 502 Direct Housing Program.

“We are excited about this opportunity to partner with Rural Development,” Latimer said. “Not only will it allow us to expand our lending, education and construction services to Middle Tennessee, but as a national pilot, it will enable other rural communities the opportunity to assess other urban nonprofit housing services.”

The program is designed to increase homeownership by assisting low to very-low income individuals or families in purchasing or building a home in rural areas of Tennessee.  The new partnership will initially serve eligible regions in 14 mid-state counties including: Stewart, Houston, Humphreys, Montgomery, Dickson, Cheatham,  Robertson, Davidson, Williamson, Sumner, Trousdale, Wilson, Rutherford, and  Maury.

Loans may be made without a down payment, and eligible applicants may qualify for monthly payment assistance.  Affordable Housing Resources will also offer individuals and families home buyer education classes. USDA Rural Development’s office serving the mid-state area is located at 3322 West End Avenue, Suite 302, Nashville, TN  37203.  If you would like information regarding single family housing loans with USDA Rural Development, contact (615) 783-1359.

USDA Rural Development is committed to the future of rural communities by assisting with financial and technical assistance through various housing, community and business-cooperative programs.  Further information on Tennessee Rural Development programs can be obtained by visiting http://www.rurdev.usda.gov/tn.