Bank of Tennessee announces two grant awards

Feb 10 2010 12:00AM

Tri-Cities, TN February 10, 2010 – Bank of Tennessee was recently awarded two grants through the Federal Home Loan Bank’s Affordable Housing Program. All of the funds will allow the Bank to support the construction of rental housing for low-to-moderate income individuals and families. The tenants will be persons at or below 80 percent of area median income. The grants were made to Bank of Tennessee, with sponsor Eastern Eight Community Development.

The Bank’s $426,000 grant will support the Mountain Home Neighborhood Redevelopment, Johnson City, TN. Fifteen rental units will be renovated in preparation for new tenants. The Bank’s $160,000 grant will support Wayland Place, Mountain City, TN. Eight rental units will be created via new construction.

"We are proud of the long-standing relationship we have with the Federal Home Loan Bank of Cincinnati and our partnership with Eastern Eight Community Development." said Roy L. Harmon, President and CEO, Bank of Tennessee. "Working with these two organizations has helped to support Bank of Tennessee's commitment to provide affordable housing in Northeast Tennessee."

“These are tremendous awards,” 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.”

Bank of Tennessee has been serving the greater Tri-Cities area for more than 35 years with 11 Tri-City locations. We continually strive to bring our community innovative banking solutions. For more information, visit bankoftennessee.com or call (423) 378.9500.