Special Notice / Hearing: None__
Vote Required: 4/5ths
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Employee Down Payment Assistance Program
RECOMMENDATION:
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Approve an Appropriation Transfer Request (ATR) in the amount of $1,000,000 from the County One-Time Expense Fund to the Department of Housing to fund the Employee Down Payment Assistance Program.
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BACKGROUND:
The Employee Down Payment Assistance Program (EDPAP) is administered by the Department of Housing (DOH) and is a benefit open to all full-time, permanent employees with at least 18 months of service with the County of San Mateo or the Housing Authority of the County of San Mateo. The program offers a $100,000 loan (second mortgage) towards the purchase of a home in San Mateo County. The loan is deferred for the first five years, amortized for 30 years at three percent interest. The County also offers a $5,000 grant to help cover closing costs for those moving into San Mateo County from outside the County.
The program was designed to encourage County employees to live within the County thereby decreasing the environmental impact and the physical/emotional effects of a long commute.
Since the inception of EDPAP in January 2017, DOH has successfully closed 30 loans, assisting 36 County employees including six County couples, including a father/daughter duo. There was also one loan to a Housing Authority employee which is not included in the 30 loans.
DISCUSSION:
In 2019, the Board of Supervisors amended the ordinance on the county's Accumulated Capital Outlay fund to rename the fund as the County One-Time Expense Fund and expand the purposes for which the funds may be used. The new ordinance allows the Board to make available funding for Board approved housing programs and the EDPAP qualifies as one such program.
As of March 2023, the EDPAP only has enough funds for five County employees to purchase a home, and...
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