Chattanooga Police & Fire Fund for Homeownership
The City of Chattanooga | CNE | Chattanooga Police & Fire Departments
The City of Chattanooga, Chattanooga Neighborhood Enterprise, Inc, and the Chattanooga Police & Fire Departments are pleased to announce the establishment of the Chattanooga Police & Fire Fund for Homeownership. The purpose of the Fund is to promote homeownership among City of Chattanooga Police officers and Firefighters by offsetting the initial costs of homeownership through a forgivable second mortgage.
Details
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A sworn police officer or firefighter 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.
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May receive $20,000 if the home is located in featured area where revitalization effors are currently underway.
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The benefit comes in the form of a forgivable loan, 20% of which is forgiven each year over 5 years.
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If the person leaves the CPD or CFD or sells the home within 5 years, the remaining balance of the loan must be paid.
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May be combined with other CNE programs (total cannot exceed purchase price or appraisal, plus closing costs).
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CNE's award winning 8-hour Homebuyer Education class included in program.
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Home purchased must be owner-occupied, single family residential.
To learn more about this program, click here. Call 423-756-6201 to get more information regarding this program.
