After 10 months of offering incentives to police officers, Chattanooga Neighborhood Enterprise has expanded its Police Fund for Homeownership to encompass the Chattanooga Fire Department.
Through the Firefighter Fund for Homeownership, local sworn firefighters can receive $10,000 toward the purchase of a single-family home anywhere in Chattanooga. Additionally, firefighters who purchase a home in areas where revitalization efforts are underway, including the Bushtown, Orchard Knob, Highland Park and Glenwood neighborhoods, are eligible for a $20,000 incentive. The benefit is given in the form of a forgivable loan, 20 percent of which is forgiven each year for five years.
CNE’s Police Fund for Homeownership was established to offset the costs of homeownership to help sworn police officers relocate from outside the city limits or transition from renting to owning anywhere in Chattanooga. Currently, the fund has helped seven officers achieve homeownership.
Due to a number of firefighters inquiring about the program, CNE and the City of Chattanooga made the decision to expand the program to help firefighters become homeowners.
“Our firefighters know the community and streets better if they live in the neighborhoods they’re serving,” said Chattanooga Fire Chief Randy Parker. “By encouraging firefighters to live where they work, CNE’s program is helping the fire department to more effectively do its job, decreasing response times and facilitating more community involvement.”
As part of the program, firefighters attend CNE’s eight-hour homebuyer education class and meet with a counselor to determine if additional incentives, such as CNE’s down payment assistance program, are available to them. The program may be combined with other CNE incentive programs as long as the total amount does not exceed the purchase price of appraisal plus closing costs. Loans are immediately available to eligible firefighters.
Source: Chattanooga Neighborhood Enterprise