Reso 1999-161 - Laserfiche WebLink

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 99-161 (2134/1833) RESOLUTION ESTABLISHING AN EMPLOYEE HOUSING ASSISTANCE LOAN PROGRAM FOR MANAGEMENT STAFF Whereas, the City Council finds and declares that the housing market in the Bay Area is such that the acquisition and retention of management employees is enhanced by providing housing assistance for said employees; and Whereas, the City Council finds and declares that it is of benefit to the City government and to the community at large to encourage its management employees and their families live in San Leandro; and Whereas, the City Council finds and declares that the duties of such employees can be performed with greater efficiency if the employee resides within the City; and Whereas, the Bay Area housing market makes it difficult for such employees to find appropriate and reasonable housing within the City without assistance; NOW, THEREFORE, BE IT RESOLVED as follows: A. An Employee Housing Assistance Loan Program is hereby established. B. Loans may be made of City funds, or by acting as a guarantor for private funding, to City employees of the City of San Leandro as follows: Positions covered: All management positions; 2. The purpose of the loan is to permit the employee to purchase housing within the City of San Leandro by providing a bridge loan to assist an employee in the sale of a home located outside the City's corporate limits to a home within the City's corporate limits; 3. The amount of the loan available shall be capped at $250,000; 4. The loan shall be secured by a Deed of Trust encumbering the real property which must be the principal place of residence of the employee and shall be located within the City of San Leandro; 5. The term of the loan shall be no greater than one year, shall be fully amortized and shall fully accelerate and be completely due and payable at the conclusion of the term of the loan.