The dream of home ownership once seemed a long shot to James Smith, a Chattanoogan with special needs. But thanks to a partnership among Tennessee Valley Federal Credit Union, Chattanooga Neighborhood Enterprise, Inc. and the AIM Center, Mr. Smith is now enjoying the independence and satisfaction of owning his own condo.

According to Gloria Morris, TVFCU mortgage lending manager, last fall TVFCU was awarded a $200,000 grant to create home ownership opportunities for special needs homebuyers from the Federal Home Loan Bank. Ms. Morris said, "This was one of just seven such projects approved within our region. The application is very specific and there is fierce competition for these grant dollars. We were delighted to win the grant and are very pleased with the first recipients."

Candidates for the down payment assistance were designated from AIM's special needs participants. Two out of a total of four available mortgages have been awarded. Mr. Smith and another individual have selected condos that are low-maintenance and secure.

AIM Consumer Housing Specialist Gina Turley said, "It is gratifying to see deserving individuals take advantage of this opportunity."

First mortgage financing comes from TVFCU, while CNE used HOME funds (from the US Department of Housing and Urban Development) to provide a "due on sale" second mortgage.

In addition, CNE has provided valuable education on home ownership. Jean Lamb, CNE lending manager, said each participant was required to complete CNE's FasTrak to Homeownership pre-purchase class, as well as attend further post-purchase and finance management classes as needed to manage the stress involved in transitioning into homeownership.

Ms. Lamb said, "These classes are offered by CNE to consumers on a regular basis, as part of our core mission of promoting responsible home ownership."

AIM Center will continue to follow the new owners' progress for twelve months and as needed thereafter. AIM Center provides consumer-driven psychiatric rehabilitation services that enhance recovery in the living, working, learning and social environments. These services are free to individuals with a psychiatric disorder.

James Smith, who was homeless for five years and has overcome many challenges, is delighted with his new home. He said, "This is a Godsend. The best part is knowing this is mine and every penny I invest here is working for my future. It's a great feeling."