A housing loan program for first responders was announced and the first housing fair was held on December 10, 2018. Other housing fairs will be held and the loan program will continue throughout the life of the sales tax. Other programs are being explored.
Uniformed police and firefighters can receive a no interest/no payment second loan in the amount of either $5,000 or $10,000 that can be used for any combination of down payments, along with some of the other costs associated with buying a home.
Homes that are located in the Urban Renewal Area, made up of the city center, will be eligible for a $10,000 loan.
The homes must be single-family residences and must be used as the primary residence of the officer or firefighter. Standard credit regulations will apply, but assistance will be available for non-automatic qualifiers through secondary market lenders and credit repair assistance. The money will be distributed on a first-come, first-served basis, and if the money currently in the budget runs out, a waiting list will be established.
Interested officers may submit an application to their chief, and each department will set their own criteria for approving the applications.
Down payments and closing costs will be structured as a zero interest five-year forgivable loan, and those receiving loans will be required to serve as an officer for five years for the loans to be forgiven.