HUD and City of Knoxville Celebrate FHA'S 80th Anniversary with New Homeowners in Historic Parkridge Neighborhood

Homeowners newly renovated home

U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) recently celebrated it's 80th Anniversary with Knoxville Mayor Madeline Rogero, HUD Southeast Acting Deputy Regional Administrator Mark Brezina, and other local leaders along with new FHA homebuyers David Haynes and Fawn Harrison outside their home in Knoxville's historic Parkridge neighborhood.

The new homeowners expressed excitement with the final result. The home is beautifully restored with white picket fencing, complete with the original stained glass windows that allow light to filter the room with a soft glow, and extensive original built in wooden bookshelves that add elegance and practicality to their home. The homeowners looked through 100 homes before finding the one they fell in love with.

Mayor Rogero thanked HUD Staff for their partnership and introduced several City Councilmen, who were also present; Dan Brown, George Wallace, and Marshall Stair. The Mayor said that as a team player with HUD, the City is a great supporter of FHA, which stimulates the economy. HUD Acting Regional Deputy Director, Mark Brezina, presented a certificate of appreciation to the homeowners.

"Mortgages back then were very short-term, often just three to five years," Knoxville Mayor Madeline Rogero said. "Can you imagine? Who can afford that, and how many people can swing that kind of payment:" in reference to why the U.S. Housing Act of 1934 was created.

FHA has played, and continues to play, a vital role in assisting Americans with access to quality, affordable places to live, in stable communities across the country dating back to when President Franklin Roosevelt signed the National Housing Act of 1934.

"We are working to bring back new life to older communities through revitalization, which is a plus to our economy, a plus to our homes and a plus for our City," said Ed Ellis, HUD's Knoxville Office Director.

Mayor Madeline Rogero with new homeowners

Speakers included Knoxville Mayor Madeline Rogero; HUD Southeast Acting Deputy Regional Administrator Mark Brezina; Larry Cox, representing Congressman John J. Duncan, Jr. (2nd District-TN); Knoxville HUD Field Office Director, Edward D. Ellis; Dan Rogers III Director, HUD Region IV Atlanta Homeownership Center; Becky Wade, Director of Community Development, City of Knoxville; Jeff Talman, Manager, AmeriFirst Home Mortgage; and FHA Homebuyers David Haynes and Fawn Harrison.

Jeff Talman, Renovation Manager of AmeriFirst Home Mortgage, helped arrange the financing for the renovation with an FHA 203 (k) insured loan, which is the financial tool from HUD and FHA that made the transformation possible.

Talman said "It is my view that the awareness and understanding of the tools of community and housing revitalization are understood less than might be expected relative to the importance place on the goal thereof." He focused his comments on the ingredients of revitalization and recognized some of the participants, realtors, contractors, who made the deal, happen. "This house has been on the market for 600 days over the course of three listings and unoccupied."

Becky Wade, City Community Development Manager, related that the City welcomes these type of renovation projects in the City, and noted that the walkability and proximity to the downtown are key factors in what the City values when selecting homes to invest in and renovate, so the City can be renewed, or grow from the inside out, and Parkridge is a great example of this.

Dan Rogers, III, said that a large part of what HUD Secretary Castro wants to do is to improve access to credit, with cleaner requirements for qualifying for FHA insured loans.

The project utilized the HUD's FHA 203 (k)insured loan mortgage product in combination with HUD's PowerSaver Grant (demonstration program for the Knoxville area), is a recently completed renovation at 2023 Washington Ave, 37917, in Knoxville's Historic Park Ridge Neighborhood. The new first-time homeowner occupants are David Haynes and Fawn Harrison. The house they now own and renovated was like many center-city Knoxville houses built in about 1890. When the homeowner first saw it in late Spring of 2014 it had significant deferred maintenance. It was unoccupied and had been on the market for a long time. Buyers used the FHA 203k mortgage to both remedy deficiencies and to modernize and customize to their taste and budget. With the PowerSaver Grant they were able to do an extensive analysis of the energy profile of the house and focused significant resources toward making the house more efficient. They are very excited to be part of the community and they love their house. The entire project was a collaborative effort made possible by great teamwork.

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