FOR IMMEDIATE RELEASE
June 17, 2002

Contact:
Toni Harris
615/741-4979
Reporters on deadline: home - 646-7161

THDA Takes Family From Dreamer to Homeowner

SMYRNA - The Tennessee Housing Development Agency (THDA) has partnered with Affordable Housing Resources (AHR) to make Angel Hendrix and her son, Traveontri, proud homeowners. Ms. Hendrix is a participant in THDA's Section 8 to Homeownership Program. In the Section 8 to Homeownership Program, eligible families who are receiving rental assistance through the Section 8 Housing Choice Voucher Program use their voucher to purchase rather than rent a home.

"THDA's partnership with Affordable Housing Resources is vital in helping Section 8 families achieve the goal of homeownership in the Middle Tennessee region. AHR provides homebuyer education and works with the family to secure a competitive first mortgage loan for a purchase price the family can afford based on their income," said Laura Swanson, Director of THDA's Section 8 Rental Assistance Division. "Then, AHR offers a second mortgage loan to qualifying families based on the amount of mortgage subsidy the family qualifies for in the Section 8 program. This increases the family's buying power and housing choice."

Through THDA's Section 8 Program, Ms. Hendrix participated in the Family Self Sufficiency (FSS) program where she earned over $4,000 in escrow savings that helped her to purchase a home. An escrow savings account is established for Section 8 FSS participants when the family is employed. As the family's earned income increases, the amount set-aside in their escrow savings account increases. Each FSS participant establishes personal goals. Ms. Hendrix's FSS goals were to obtain an education, sufficient employment, own her own home, and to be welfare-free.

Today, Ms. Hendrix has a good job with Sterling University Gables Apartments as an assistant manager. And, she has purchased her first home with a first mortgage loan from THDA, and second mortgage loan from AHR. "I couldn't have done it without the help of THDA and AHR," said Angel Hendrix. "Yesterday, I was renting and wondering if I would ever be able to own my own home. Today, my dream is a reality"

To be eligible to participate in THDA's Section 8 to Homeownership Program, a family must currently be a participant in the Housing Choice Voucher Program who is either participating in THDA's Family Self-Sufficiency Program or who has a disabled head of household or spouse. In addition, families must be first-time homebuyers with at least $10,300 in annual income, and non-disabled families must have at least 24 months of continuous full-time employment.

"THDA exists to promote affordable housing," said Executive Director Janice Myrick. "The Section 8 to Homeownership Program is just another way that we can help families reach their goal of homeownership. This program is designed to work to the advantage of the buyers."

THDA currently administers the Section 8 Housing Choice Voucher (HCV) Program in 78 counties in Tennessee. THDA's Board of Directors adopted an Administrative Policy to allow the Rental Assistance Division to administer the Section 8 to Homeownership Program on a trial basis for one-year beginning in October 2001. At the end of the trial period, the Board will evaluate the program and decide whether to permanently adopt the program.

If you would like more information on THDA's Section 8 to Homeownership program log onto our website, www.state.tn.us/thda, or contact our Nashville office at 1-800-228-THDA (8432).

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Editor's Notes:

THDA's mission is to be the lead state agency promoting sound and affordable housing for people who need help. THDA provides affordable mortgage programs, administers rental assistance and federal and state grants.

The Agency has a 19-member board of directors appointed from various sectors of the housing industry, with the state government being represented by the Governor's office, the Commission of Finance & Administration and the Constitutional Officers: Secretary of State, State Treasurer and Comptroller of the Treasury.

THDA administers the state HOUSE grant program and the federal HOME program, providing over $20 million per year to cities, counties, and not-for-profit organizations. These organizations increase the availability and affordability of housing throughout Tennessee.

Pursuant to the State of Tennessee's policy of non-discrimination, the Tennessee Housing Development Agency does not discriminate on the basis of race, sex, religion, color, national or ethnic origin, age, disability, or military service in its policies, or in the admission or access to, or treatment or employment in, its programs, services or activities.

Equal Employment Opportunity/Affirmative Action inquiries or complaints should be directed to the Tennessee Housing Development Agency EEO/AA, ADA Coordinator and Deputy Executive Director Don Harris, 404 James Robertson Parkway, Suite 1114, Nashville, TN 37243-0900, 615/741-1106; 615/532-2894, TDD; 1-800-228-THDA, toll-free answering machine.

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