Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director, Department of Housing
Subject: Employee Down Payment Assistance Program for Employees of the County of San Mateo and the Housing Authority of the County of San Mateo
RECOMMENDATION:
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Adopt a resolution:
A) Approving the use of $1.2 million in repayments from the START Down Payment Assistance Program as funding for the Employee Down Payment Assistance Program for employees of the County of San Mateo and the Housing Authority of the County of San Mateo; and
B) Authorizing the Director of the Department of Housing, or his designee, to sign loan documents, as approved by County Counsel, with qualified borrowers.
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BACKGROUND:
In December 2016, the Board of Supervisors approved the creation of the Employee Down Payment Assistance Program ("EDPAP"), a home down payment assistance loan program administered by the Department of Housing ("DOH") for employees of the County of San Mateo and the Housing Authority of the County of San Mateo. The purpose of EDPAP was to incentivize County employees living outside the County to move into it, reducing commutes to work and lessening the resultant carbon footprint. The Board approved the allotment of $2.2 million in loan repayment proceeds from the now-discontinued START Down Payment Assistance Program, a down payment assistance program created by the County in the 1990s-to initially fund EDPAP.
Since the inception of EDPAP in January 2017, the DOH has successfully closed 14 loans assisting 16 employees-including two couples-in the purchase of homes in San Mateo County. Five County employees moved into the County, thus reducing their commute time and lessening their carbon footprint. Seven employees are still actively looking to purchase home with EDPAP loans, and once they have completed purchases the original funding of $2.2 million in funds will be exhausted. DOH has i...
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