Knoxville Mayor Bill Haslam and Knox County Mayor Mike Ragsdale today outlined a new program designed to help more people own homes in the community.

The American Dream Downpayment Initiative program, funded through the U.S. Department of Housing and Urban Development, helps those who meet program requirements to get a loan of up to $5,000 to help purchase a home. The no-interest loan is forgiven over a 5-year period as long as the recipient remains an occupant of the home.

"People who own homes feel even more invested in their community and that builds stronger and safer neighborhoods," said Mayor Bill Haslam. "City and county staff are working diligently to get the word out about this important program."

"This is the kind of program that can positively impact a family for generations," said Knox County Mayor Ragsdale. "It's another way that local government can work with the federal government to help those we serve."

The grant from the U.S. Department of Housing and Urban Development awarded $195,919 to Knoxville and $54,258 to Knox County for the ADDI program

The city's Community Development staff will host a public meeting at 6 p.m. Tuesday, Sept. 7 in the multi-purpose room at the L.T. Ross Building, 2247 Western Ave. to outline how citizens may obtain assistance under this program.

An overview of the program is included with this news release.