SAN DIEGO (KGTV) — San Diego Police officers are getting a new chance to buy a home in the city that they serve.
This week, the city launched a public-private partnership that allows eligible officers to get up to a $50,000 interest free loan that can go toward a down payment for a home.
"We're not here to help people buy million dollar homes or anything like that," said Councilman Chris Cate. "We want folks to live in the communities that they are patrolling."
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The goal is improve police recruitment and retention, an issue the city has been trying to tackle for years. Already, the City Council has approved recruitment bonuses, and a series of salary raises for officers. An entry-level officer now makes about $66,000 per year.
"Several of our officers have had to move outside of the county because the price of homes keeps going up and up and up," said Jack Schaeffer, who heads the San Diego Police Officers Association.
Eligible officers would need to contribute 3.5 percent of the purchase price in cash. They would also need to pay back the interest-free loan within five years.