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.

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, sidwalks, 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.