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File #: RPT 18-210   
Section: Informational Report Status: Agenda Ready
Meeting Body: Council Budget and Finance Committee
Agenda Date: 1/30/2019 Final action:
Subject: Consideration of a Pilot Employee Home Loan Assistance Program
Attachments: 1. Attachment I Staff Report

DATE:      January 30, 2019

 

TO:           Council Budget and Finance Committee

 

FROM:     Director of Finance

 

SUBJECT                     

Title                      

Consideration of a Pilot Employee Home Loan Assistance Program                                                             

End
RECOMMENDATION

Recommendation

That the Council Budget and Finance Committee provides feedback and direction on guidelines for a pilot employee home loan assistance program.

End

SUMMARY

 

City Council expressed a desire to explore options to encourage City of Hayward employees to live within the City limits.  Staff researched options, surveyed various California jurisdictions, and administered an employee survey to determine employee interests.  Existing programs fall into three categories: (1) City-operated financing for all employees meeting established program standards; (2) City-operated financing for department heads and/or city managers only; and (3) Partnership programs with financial services organization for all employees. Of these three program types, the partnership programs are the most preferred by jurisdictions and utilized by employees.  This is the type of program recommended for Committee consideration.

 

ATTACHMENTS

Attachment I                                          Staff Report