News

Council OKs loans for city employees

The City Council approved a program Tuesday that may provide an incentive for city employees to live in Mountain View.

The program will make 20 low interest home loans available worth $100,000 each, which will compliment a primary home loan. The goal of the program is to better prepare the city for an emergency by having more "first responders," usually thought of as police and firefighters, in the city. But on Tuesday the city declared all of its employees as first responders.

If the success of such programs in other cities is an indication, only a handful of employees will use the program.

To pay for it, the city will use $1 million in below-market-rate housing funds, which can only be given to lower-paid city employees, and $1 million in general fund reserves, which are not restricted.

The program will be administered by Neighborhood Housing Services Silicon Valley, the state's only nonprofit home loan lender.

Daniel DeBolt

Comments

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Posted by Humm
a resident of Shoreline West
on Jun 12, 2009 at 12:06 am

You have to wonder. I've been reading all these articles about how the city is having budget issues and then I see something like this? Don't you think it is the wrong time to tie up funds that could be used for all city employees and city services instead of giving someone a loan? Seems kinda of odd. I have to wonder if the all the talk about employees jobs on the line are really a huge smoke screen. Not very responsibe. I usually one to support the executives of a company but on this one I would be curious how the unions feel. If it was me I would be like, "Ummm excuse me you want me to give up what and you have a million dollars to use for this?" Let me see have one or two employees live in town or reduce city services...just a thought


 +   Like this comment
Posted by Hello
a resident of Sylvan Park
on Jun 12, 2009 at 8:45 am

Hi 'humm', I agree with your general spirit of fiscal responsibilty. However, the money used for this program comes from two funds (reserves and below market rate housing) whose money cannot be used towards funding regular city services. Instead of just having the money sit around, the city will be repaid with a modest amount of interest. Meanwhile, the employees can live in town, where they will have a vested interest in their work and providing quality service.

As for jobs on the line, it was no smokescreen. 14 (vacant) positions were eliminated, and if more cuts are necessary the next positions won't be vacant ones.


 +   Like this comment
Posted by Old Ben
a resident of Shoreline West
on Jun 14, 2009 at 2:31 am

Can you spell "pork"?



 +   Like this comment
Posted by Tony
a resident of Castro City
on Jun 15, 2009 at 2:30 pm

Yeah, God forbid we have more tax payers come to live here. Let's keep those stupid city employees at arm's reach so that they won't be here taking up all the free resources that we offer and they provide.


 +   Like this comment
Posted by tami
a resident of Jackson Park
on Jun 15, 2009 at 2:44 pm

a loan of 100,000 for homes that are still asking a million - yeah!!


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