Montgomery announces homebuyer loan program offering no down payment for police officers

Mayor Steven L. Reed announced a Community Home Buyer Loan Program, a public–private partnership with Renasant Bank that will offer Montgomery Police Department officers home loans with no down payment and no private mortgage insurance.

The initiative, Reed said, is meant to encourage officers to live in the neighborhoods they patrol. "When we look at offering a home with no down payment and no mortgage insurance, this is a great first step for many who've never owned their own home," Reed said. He said the program reflects the city’s continued investment in public safety and cited salary increases of 39% for officers over the past five years.

Why it matters: City officials said having officers live in the community builds connections between residents and police and can…