Chattanooga Police Fund for Homeownership
The City of Chattanooga | CNE | Chattanooga Police Department
The City of Chattanooga, Chattanooga Neighborhood Enterprise, Inc, and the Chattanooga Police Department are pleased to announce the establishment of the Chattanooga Police Fund for Homeownership. The purpose of the Fund is to promote homeownership among City of Chattanooga Police officers by offsetting the initial costs of homeownership through a forgivable second mortgage.
- A sworn officer may receive $10,000 toward the purchase of a home if s/he relocates from outside the City limits or transitions from renting to owning anywhere in the City.
- May receive $20,000 if the home is located in featured area where revitalization effors are currently underway.
- The benefit comes in the form of a forgivable loan, 20% of which is forgiven each year over 5 years.
- If the officer leaves the Force or sells the home within 5 years, the remaining balance of the loan must be paid.
- May be combined with other CNE programs (total cannot exceed purchase price or appraisal, plus closing costs).
- CNE’s award winning 8-hour Homebuyer Education class included in program.
- Home purchased must be owner-occupied, single family residential