DATE: December 3, 2024
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Adopt a Resolution Approving the Terms of the Employee Home Loan Program
RECOMMENDATION
That the Council adopts a resolution (Attachment II) approving the Terms of the Employee Home Loan Program.
SUMMARY
In May of 2017, City Council expressed a desire to encourage City of Hayward employees to live within City limits and City of Hayward employees expressed interest in an employee home loan assistance program. After reviewing existing home loan assistance programs in other California jurisdictions, staff recommended establishing a home loan program for all employees in partnership with a financial service organization. On April 9, 2019, Council approved the adoption of a pilot Employee Home Loan Program. Staff developed a partnership with a local financial institution to assist eligible employees with the home purchasing process and the creation of loan terms.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution