Halfway home

FCDC working to complete homes before stimulus funding ends

This home on Grandview is one of the first six homes built in the Norwood Village subdivision as part of the Foothills Community Development Corporation project.

This home on Grandview is one of the first six homes built in the Norwood Village subdivision as part of the Foothills Community Development Corporation project.

Foothills Community Development Corporation (FCDC) is working hard to complete and finalize closings on its first six homes in the Norwood Village subdivision, so eligible residents can take advantage of the $8,000 federal tax credit that expires on Dec. 1, 2009, company officials announced.

“FCDC currently is on track to complete and close on the first six homes by the end of November,” said FCDC Executive Director Kelly Spears. “FCDC has secured qualified families for the first six homes, but we continue to look for eligible families for the remaining 12 FCDC homes in Norwood Village.”

Since FCDC already has completed and closed on 17 homes in 2009 (not including the homes in Norwood Village), the agency exhausted its prior waiting list of families seeking an affordable home in Blount County.

In May, non-profit organizations FCDC and Blount County Habitat for Humanity announced their partnership to develop the Norwood Village Subdivision, an affordable neighborhood offering 35 total home sites in Blount County from both FCDC and Habitat.

In September, the six homes currently being built reached half-way in the building cycle.

The FCDC homes in Norwood Village appraise at approximately $146,000, and the mortgage payment can be as low as $538 monthly. The Tennessee Housing Development Agency finances the homes for the FCDC residents, with some mortgage rates as low as 0 percent.

By recently closing on an $800,000 loan at 0 percent financing with Mountain National Bank, FCDC obtained construction financing for the remaining 12 FCDC homes in Norwood Village.

To help families pursue this new housing opportunity, FCDC encourages qualified Blount County residents who are in need of affordable housing to complete a pre-application for an FCDC home.

The process to apply for an FCDC home in Blount County includes the following steps:

• Contact FCDC either online at www.foothillscdc.org/contact or by calling FCDC at 865-982-8692, ext. 234

• Complete and submit a pre-application form

• FCDC will determine the applicant’s initial qualification

• Qualified candidates will be contacted to pick up an application from FCDC

• Applicant will fill out the application and return it to FCDC with a $25 check

• FCDC will obtain a credit report using the $25 application fee

• FCDC will schedule a meeting to review the applicant’s status and organize a plan to get the applicant mortgage-ready

• Once the mortgage is ready, FCDC will find the best financing and grant package available;

• The selected lender will qualify the applicant and provide a commitment letter

• FCDC will provide the lot for the applicant and finance the construction of the new home.

Foothills Community Development Corporation is a private, IRS-designated 501(c)(3) non-profit corporation organized in the State of Tennessee to expand affordable housing opportunities for low- to moderate-income residents of Blount County, Tennessee. FCDC is recognized by the United States Department of Housing and Urban Development and the Tennessee Housing Development Agency as a Community Housing Development Organization and as an Equal Housing Partner that promotes Fair Housing.

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