THE AMERICAN DREAM - Program to Aid Home Ownership
August 26, 2004 - Knoxville Mayor Bill Haslam
and Knox County Mayor Mike Ragsdale today outlined a new program designed
to help more people own homes in the community.
The American Dream Downpayment Initiative program, funded through
the U.S. Department of Housing and Urban Development, helps those
who meet program requirements to get a loan of up to $5,000 to help
purchase a home. The no-interest loan is forgiven over a 5-year period
as long as the recipient remains an occupant of the home.
who own homes feel even more invested in their community and that
builds stronger and safer neighborhoods," said Mayor Bill Haslam.
"City and county staff are working diligently to get the word out
about this important program."
"This is the kind of program that can positively impact a family for
generations," said Knox County Mayor Ragsdale. "It's another way that
local government can work with the federal government to help those
The grant from the U.S. Department of Housing and Urban Development
awarded $195,919 to Knoxville and $54,258 to Knox County for the ADDI
The city's Community Development staff will host a public meeting
at 6 p.m. Tuesday, Sept. 7 in the multi-purpose room at the L.T. Ross
Building, 2247 Western Ave. to outline how citizens may obtain assistance
under this program.
An overview of the program is included with this news release.