Hope VI FreshStart

Down Payment Assistance

Down payment assistance is available to qualified applicants through four programs: Family Self-Sufficiency, HOME Consortium, the IDA Program and through HOPE VI.

Family Self-Sufficiency Program

FamilyThe Family Self-Sufficiency (FSS) Program is a voluntary program open to all eligible clients of Public Housing and the Housing Choice Voucher Program including HOPE VI. It is designed to assist unemployed and underemployed individuals as they work toward economic self-sufficiency by increasing their income, reducing the need for welfare assistance, and providing connections to needed support services.

The down payment portion of the Family Self-Sufficiency Program works by creating an Escrow Account for participating individuals. An Escrow Account is a financial incentive that becomes available upon successful completion of the FSS Contract of Participation.

The Escrow Account is created as the family's income increases. Under Housing and Urban Development (HUD) guidelines, as earned income increases, so does the amount of a family's rent. As the rent increases due to increased earned income, HUD puts money in an FSS Escrow Account for you. Every month during the contract period the difference between what the family was paying for rent and what they are now paying for rent as a result of increased income is deposited in the Escrow Account. At the end of the successful contract period, the funds in the account are then made available to the family to spend as they see fit, including as a down payment on a home.

HOME Consortium

The Northeast Tennessee/Virginia HOME Consortium serves the areas of Sullivan and Washington Counties including Bristol, Virginia with furthering affordable housing through grants and below market loans.

HOME Consortium down payment assistance includes:

  • $5000 for a down payment, closing costs, or principal reduction.
  • No monthly payment of accured interest.
  • Upon sale of transfer of ownership of the home, the loan would be paid back from the proceeds of the sale.
IDA Program

The Upper East Tennessee Human Development Agency (UETHDA) is a community action agency serving an eight county area with a variety of services including the Individual Development Account (IDA) program.

IDA down payment assistance includes:

  • Matched savings funds for program participants.
  • A minimum contribution of $500 and a maximum contribution of $2000 will receive a 2:1 match.

HOPE VI may provide $5250 down payment and closings costs assistance to original HOPE VI residents to assist with homeownership.