GeekMove is a relocation incentive designed to assist developers and system administrators who are interested in relocating to Chattanooga.
How much is the incentive?
There is a $10,000 forgivable second mortgage and $1,250 for relocation expenses. Total Package is worth $11,250!
How can the money be used?
The relocation incentive offsets the initial costs of homeownership by providing a forgivable second mortgage to help with a down payment and other costs associated with buying a home.
What is the process for getting approved?
Submit Application
Application reviewed by GeekMove committee
Skype Technical Interview (making sure you are who you say you are)
Offer extended by GeekMove committee
60 days to get a contract on a house (needs to be an owner-occupied residential property located within approved neighborhood)
90 days to close on a house
First-time homebuyers must complete Chattanooga Neighborhood Enterprise’s Homebuyer Education Program before closing.
Money transferred upon closing
Move to Chattanooga…work hard…get involved in geek culture…encourage other geeks to move to Chattanooga…enjoy life.
How many spots are there in the program?
There will be ten total packages offered to accepted geeks.
What are the eligibility requirements?
The program is designed for full-time developers and sys admins that can demonstrate proficiency in a given domain through experience and/or certifications.
Applicants must currently reside outside a 50-mile radius of Chattanooga.
A primary residence must be purchased in one of eight neighborhoods (listed below).
Because the program is designed to build the geek culture of Chattanooga, we hope to see recipients engage in events and programs (this is not a requirement, though, just a hope)
What are the details of the incentive?
This would be a forgivable second mortgage of $10,000, to cover closing costs and to reduce outstanding principal, which will be forgiven at 20% each year for the next five years. The second mortgage will contain a due upon sale clause. If the property is sold prior to the five-year period, the remainder of the forgivable mortgage will be due upon sale. An additional lump sum of $1,250 for moving expenses will be mailed to the homebuyer upon closing.
What neighborhoods qualify for the incentive?
Designated areas include: Bushtown, Ferger Place, Glenwood, Highland Park, Martin Luther King, Orchard Knob, Southside/Cowart Place, and Southside Historic District (includes Jefferson Heights and Ft. Negley).
Are there any income restrictions?
No.
Why do they have to buy a house to receive the incentive?
The funds have been provided by The Lyndhurst Foundation, which is a local foundation interested in seeing neighborhood revitalization in addition to a more robust entrepreneurial community. Because of this, the incentive is as much community development tool as it is “economic development.”