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Eastern Eight receives $500,000 grant for Village at Kings Springs

Sue Guinn Legg • Aug 11, 2016 at 9:13 PM

Eastern Eight Community Development Corp. has received $500,000 in federal grant funding for for new homes and assistance to new homeowners in the Village at Kings Springs in Johnson City.

One of four nonprofit housing development organizations statewide to share in a total of $2 million in U.S. Housing and Urban Development HOME grant funding recently awarded through the Tennessee Housing and Development Agency, Eastern Eight will use the funds to finance and build five new single-family homes at the Village at Kings Springs and to assist the people who will live in those homes with down payments, credit remediation and homeownership education.

Eastern Eight Director Retha Patton said the homes will be priced in the $115,000 to $135,000 range to fit the budget of average working people in the region. Because proceeds from the homes’ sales will be used to build additional homes and provide other affordable housing opportunities in the region, Patton said the grant is expected to help up to 80 or 90 people realize the dream of homeownership.

“We are thrilled to receive the HOME funds to put them to work within the city of Johnson City to provide new construction homes that will be affordable,” Patton said. “Eastern Eight is committed to addressing the affordable housing needs within Johnson City, and these funds will ensure that we are able to develop affordable housing to meet the demand.

Katie Moore, THDA’s liaison for East Tennessee, said the state’s goal in its administration of the competitive Home Grant program is “to get this funding into communities where it will create homeowners and homeownership that make the communities sustainable.”

According to Patton, a total of 15 homes of the homes will be built at the Village at King Springs.

More information about the development and homeownership assistance available through the program may be obtained by visiting www.e8cdc.org or by contacting Eastern Eight at [email protected], calling 423-232-5097 or writing to 214 East Watauga Ave., Johnson City, TN 37601.

Email Sue Guinn Legg at [email protected]. Follow her on Twitter @sueleggjcpress. Like her on Facebook at facebook.com/sueleggjcpress.

 

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