Clay County homeowners may be eligible for funds through the Appalachian Renovation Loan Program (ARLP) for repairs or improvements to their homes.
ARLP is a program provided through the Tennessee Housing Development Agency (THDA) to improve homeownership for residents of Appalachian counties.
Homeowners of single-family (one-to-four unit) homes in Clay County that require repairs or modifications are eligible to apply.
Eligible property types include single family 1-4 unit residences or manufactured homes (double-wide only). Commercial properties, multifamily properties and properties listed on a state or national historic register are ineligible.
The terms of the loan include a maximum amount of $25,000, 4.0% interest rate, repayable, 5-year loan term, no prepayment penalty and post purchase homebuyer education will be required for all ARLP loans and must be completed prior to closing.
Interested applicants may contact the Upper Cumberland Development District, the region’s designated ARLP Program Participant. The Program Participant will determine if the applicant meets the basic loan qualifications and if the repairs or improvements fall within THDA’s approved activities. To apply or for more information contact Tammy O’Dell at (931) 476-4102 or by email at [email protected] .