Eastern Eight Wins Grant; Mountain City Reaps Benefits

MOUNTAIN CITY, TENN.  – Local nonprofit Eastern Eight Community Development Corporation recently accepted an award of $160,000 from the Federal Home Loan Bank of Cincinatti to fund a new rental project in Mountain City.

“This is a tremendous award,” said Eastern Eight Executive Director Retha Patton. “There’s a severe need for safe, affordable rental housing in Northeast Tennessee - these funds give us the ability to work toward a solution. The project in Mountain City is especially exciting.”

FHLB funds, combined with a $500,000 award from the Tennessee Housing Development Agency, will be used in the first quarter of 2010 to build a rental facility in Mountain City. Wayland Place Phase II is an eight unit complex that, along with already-built Phase I complex, increases E8’s rental capacity in Mountain City to 16 units.

The increase is desperately needed, according to E8 Property Manager Robin Carter. “People in Mountain City call us all the time looking for affordable housing,” she said. “I’ve had to turn so many away – I think Wayland Place is going to meet a lot of needs.”

Eastern Eight partnered with Bank of Tennessee to secure the funds. Bank of Tennessee will provide a bridge loan to get the project started, offering special rates and reduced points and fees. The bank agreed to help with landscaping as well, by providing volunteers through bank employees. Also, the Johnson County Kiwanis has agreed to provide Eastern Eight with volunteers giving at least 40 hours to the project.

Without the support of these and other key players, Patton believes the project wouldn’t be possible. “We’re fortunate to have partners who understand the needs of the community,” she said. “Together, we can make a recognizable difference in Northeast Tennessee.”

More Information

• Bank of Tennessee website
• Eastern Eight Grant Story JC Press.pdf