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.