City Receives $50,000 from First Horizon Bank for New Program to Help Police Officers Purchase Homes in Targeted Areas Within City
(Fayetteville, N.C.) – The City of Fayetteville received a $50,000 check last night at the council meeting from First Horizon Bank for the Good Neighbor Homebuyer Loan Program. This program, administered by the City’s Economic and Community Development Department, is designed to offer Fayetteville City police officers a depreciating loan of up to $20,000 to use for a home down payment, closing costs or pre-paids. For police officers to qualify, the homes must be in Fayetteville’s revitalization corridors of Murchison Road or B Street.
“We are very excited to receive these funds as part of a collaborative effort with the City Council’s new program,” said Police Chief Gina Hawkins. “This provides our officers with a great opportunity to receive assistance with a home purchase within the city.”
“I am very thankful for First Horizon Bank’s graciousness in providing this money and thank Council for the initial funding and support for this effort,” said Mayor Mitch Colvin. “This type of partnership is what makes our city so successful and demonstrates our partnership with the private sector, making homes within the city more affordable for our police officers. We encourage other businesses and organizations to consider such beneficial partnerships.”