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
EndRECOMMENDATION
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