Section 103-081 Res. 32-02; Establishing a Homeownership Assistance Program as an Employee Benefit for Eligible City Employees


Council Bill No.          R 32-02          

A RESOLUTION

establishing a homeownership assistance program as an employee benefit for eligible City employees; setting guidelines for the administration of the program; and transferring funds.

    WHEREAS, an employee homeownership assistance program will provide for incentives that enhance the City’s ability to recruit and retain a valued and experienced work force; and

    WHEREAS, this benefit will encourage additional investment in the targeted City neighborhood; and

    WHEREAS, the program will create a partnership among the City, local housing and community development stakeholders, and housing lenders to offer additional financial incentives to increase home ownership.

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.  There is hereby established a home ownership assistance program for City employees who purchase homes within the targeted area of the City of Columbia, described as follows:

Beginning at the intersection of Stadium Boulevard North and Interstate 70; thence eastward along the centerline of Interstate 70 to the centerline of Highway 63; thence southward along the center line of Highway 63; to the centerline of Broadway; thence westward along the centerline of Broadway to the centerline of Old 63 South; thence southward along the centerline of Old 63 South to the centerline of Stadium Boulevard; thence westward along the centerline of Stadium Boulevard to the centerline of South Providence Road; thence northward along the centerline of South Providence Road to the centerline of West Broadway; thence westward along the centerline of West Broadway to the centerline of North Stadium Boulevard; thence northward along the centerline of Stadium Boulevard to the centerline of Interstate 70, the point of beginning.

    SECTION 2.  The guidelines for the program are as follows:

    A.    The program is available to City employees who have been continuously employed by the City for the 24 months immediately before applying and who have had no record of remedial actions taken against them in the 12 months immediately before applying.
    B.    This benefit shall be limited to the amount of appropriated funds made available by the council for this purpose.  Participants shall be selected on a “first come, first served” basis.
    C.    Assistance shall be in the form of a $5,000 loan to eligible employees to be used towards the purchase of a home in the targeted area.
        1.    The loan shall bear no interest.
        2.    The loan shall be forgiven at a rate of 20% per year for each year the recipient continues City employment and continues to live in the home so purchased.

    SECTION 3.  The sum of $30,000 is hereby transferred from the City Council Contingency Fund Account No. 110-8500-590.56-86 to the Planning Miscellaneous Charges Account No. 110-4020-532.59-90.

    SECTION 4.    The program shall be administered by the Department of Human Resources with assistance from the departments of Planning and Finance.
    
    SECTION 5.    Continuance of the program shall be contingent upon future appropriations in City budgets.

    ADOPTED this 4th day of February, 2002.