If you live in Knoxville, Tennessee you might be eligible for a new forgivable home improvement loan initiative called the “My Front Yard” program. The offering gives qualified applicants up to $4,999 in home improvement loans that don’t have to be paid back if all the requirements are met. As we’ve noted before, Tennessee home improvements and loan applications are still on the rise while much of the country is seeing a decline in overall home improvement projects.
Tennessee’s population is exploding with more people moving into the state each year, raising home values and changing the financial housing map of the Volunteer State. Many residents of Tennessee have found themselves unable to move to new homes in the state because they can’t afford the rising mortgage costs brought on by the increased demand in housing and Tennessee real estate, so more and more Tennessee residents are improving their existing homes by taking out Tennessee home improvement loans and financing their home improvement costs.
Knoxville Tennessee
This is a joint effort of local Community Development as well as the US Department of Housing and Urban Development and it covers the 16 square mile empowerment zone of most of Knoxville, TN that is home to nearly 48,000 people. The loans are forgiven at 20 percent a year for each year you continue to live in the home, so after 5 years the loan is completely forgiven and the money essentially ends up being a home improvement grant that never has to be repaid.
The home improvement loans are designed for exterior home improvements including, but not limited to, exterior doors, gutters, landscaping, roof repairs, porch repairs, shutters, driveways, sidewalks, accessibility ramps, siding, painting and even exterior lighting. The Housing Manager for the Community Development Department has explained the program as a good way for homeowners to improve the value of their home by increasing curbside appeal. The loan is designed to help people improve their homes and then reward them by staying in those homes for the next five years and continuing to care for and maintain their investment.
Improvements to just a few homes in any single neighborhood can actually increase the home value of other houses in the surrounding area. Participants in Knoxville’s “My Front Yard” program have been overwhelming enthusiastic about how easy the loan process is and how good their homes look after the improvements.
Knoxville has worked with over 30 homeowners so far and still has funding available for more. After applying for the home improvement grant inspectors will make sure your home is in good enough structure condition for improvements. Problematic homes might also be eligible for home improvement financing and low-interest loans through the “Owner Occupied Rehab” program which is also part of the EZ home repair program. If you’re interested in learning more you can call 865-215-2120 or visit the city of Knoxville’s Development Department’s website.
Other Tennessee Loan Programs
When a Tennessee homeowner wants to improve his home but doesn’t have the money readily available he or she usually turns to a home improvement financing method of some sort, whether it be a home equity loan, a home equity line of credit, or even a zero interest home improvement loan. They could also turn to the First Tennessee bank for home improvement and home loans of various types. Tennessee has been at the forefront of setting up government issued loans and grants for home improvements like the “My Front Yard” forgivable home improvement loan program in Knoxville, TN.
Tennessee is the 18th largest economy in the nation, which means there are lots of people working on their homes and lots of industries and jobs available to keep those Tennessee home improvement loans being paid off. However, moving to a new home is often much more expensive than improving the one you already live in, so more and more Tennessee homeowners are fixing up their current home by adding custom built additions, remodeling kitchens and bathrooms and even attempting some of their own home improvement projects.
As the cost of home improvement projects rise, though, more Tennessee people are turning to home improvement financing and applying for Tennessee home improvement loans through various means. The methods of applying for a home improvement loan are basically the same if you live in East Tennessee, Middle Tennessee or even West Tennessee. While residents in the larger Tennessee cities like Knoxville, Nashville, Chattanooga, Memphis and Oak Ridge might have higher mortgages or higher property values, even the rural Tennessee state residents will have some home equity to use as collateral for home improvement financing options.
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