Series 103 2002 ORDINANCES/RESOLUTIONS
Section 103-105 Res. 43-02A; Re-establishing and Modifying the Guidelines of the Homeownership Assistance Program, an Employee Benefit for Eligible Employees
Council Bill No. R 43-02A
re-establishing and modifying the guidelines of the homeownership assistance program, an
employee benefit for eligible City employees.
WHEREAS, an employee homeownership assistance program will provide for incentives
enhance the Citys ability to recruit and retain a valued and experienced work force; and
WHEREAS, this benefit will encourage additional investment in the targeted City
WHEREAS, the program will create a partnership among the City, local housing
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
SECTION 1. There is hereby re-established a home ownership assistance
program for City
employees who purchase homes within the targeted area of the City of Columbia, described as
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
SECTION 2. The guidelines for the program are as follows:
A. The program is available to permanent 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
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 full year the recipient
continues City employment (retirees excepted) and continues to own and live in the home so
SECTION 3. The program shall be administered by the
Department of Human Resources
with assistance from the departments of Planning and Finance.
SECTION 4. Continuance of the program shall be contingent
upon future appropriations in
SECTION 5. This resolution replaces R 32-02, adopted on February 4, 2002,
except that this
resolution shall not affect the transfer of funds in Section 3 of R 32-02.
ADOPTED this 18th day of February, 2002.