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Galt council approves $250,000 home‑buying assistance pilot for city employees
Summary
The City of Galt approved a $250,000 pilot loan program to help full‑time city employees buy homes within city limits. The City Council authorized loans of up to $25,000 with a lien on the property and a staged forgiveness schedule; the measure passed 4‑0.
The Galt City Council on Sept. 2 approved a $250,000 Home Buying Assistance Program aimed at helping full‑time city employees purchase homes inside city limits.
Human Resources Director Trish Colby told the council the program would offer a one‑time loan of $25,000 to eligible employees, with the city recorded as a lienholder. Forgiveness of the loan, Colby said, would begin after five years and be fully forgiven after 10 years; years five through nine reduce the balance incrementally (about $3,000 per year) and the final forgiveness amount is larger in year 10. The program would be limited to single‑family homes, attached or detached dwellings, or condominium units used as the borrower’s primary residence.
Colby said eligibility requires the applicant to be a full‑time City…
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