According to the DP, fewer than one dozen of the City's 117 officers live in the City. That's about to change, though.
The $75K will go a long way to help one lucky police officer!
- Cville police officers have a starting salary of $35,000.
- A prudent buyer would spend only 4x annual salary on purchasing a home: $140K.
- The median price of a single family home in the City is $283,750 during the Third Quarter of 2009.
- The average price is $309K.
- So with the $75K grant, one lucky officer can buy a house at $215K.
- That's the "charming Belmont cottage" at 900 sq ft.
Well, it's the thought that counts. Perhaps some more local charitable organizations and/or eminent residents will be motivated to match this grant and get more of the City's finest living inside the City limits.
Read the details here.