The Tennessee Housing Development Agency is offering low-cost loans for as much as $30,000 to help struggling homeowners make costly repairs.
Qualifying homeowners in Middle Tennessee can take out loans with an interest rate of just 4 percent.
Fifth Third Bank – Tennessee is providing more than $3 million in credit to flow through THDA. CEO Dan Hogan says the project helps the bank meet a mandate to lend after taking U.S. Treasury funds last year.
“We do consider this part of our commitment to lend money back in the community.”
THDA expects to make loans to 300 families at first. The program could be extended if other banks decide to join.
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