Chattanooga Neighborhood Enterprise (CNE) on Tuesday announced a partnership with the city of Chattanooga and the Chattanooga Police Department to incent sworn police officers to become homeowners within the city limits. The Chattanooga Police Fund for Homeownership offsets the initial costs of homeownership for officers relocating from outside the city limits or transitioning from renting to owning anywhere in the city.
“CNE’s Police Fund for Homeownership program is just one way that we can show how much we appreciate our police officers for their dedication to keeping our communities safe,” said Mayor Ron Littlefield.
“The program not only provides housing assistance to the city’s police officers, but it also helps to sustain neighborhoods in the heart of our great city.”
Sworn Chattanooga police officers can receive $10,000 toward the purchase of a single-family home anywhere in the city of Chattanooga, and additional incentives are available to make homeownership more attractive than ever. Officers who purchase a home in areas where revitalization efforts are underway, including Bushtown, Orchard Knob, Highland Park and Glenwood neighborhoods, are eligible for a $20,000 incentive. The benefit is in the form of a forgivable loan, 20 percent of which is forgiven each year over five years.
“Police officers support our mission of building and ensuring quality neighborhoods in Chattanooga,” said CNE President and CEO David Johnson. “It is our honor to offer something back to them and help encourage their financial success through homeownership.”
Mr. Johnson encourages police officers considering a purchase to attend CNE’s award winning 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 Chattanooga Police Fund for Homeownership benefit may be combined with other CNE incentive programs, as long as the total does not exceed the purchase price of appraisal, plus closing costs. Loans are immediately available to eligible police officers.