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Clearlake council directs staff to draft employee home‑loan program using housing set‑aside funds
Summary
Councilors asked staff to return with a draft employee home‑loan assistance program (owner‑occupied requirement, second‑lien structure and repayment on sale or refinance) to be seeded from roughly $2 million in housing set‑aside funds; council signaled consensus to proceed and left key forgiveness/repayment details for staff to draft.
Clearlake — The City Council on Nov. 2 directed staff to prepare a formal employee home‑loan assistance program after reviewing a proposal that would use restricted housing funds to help city employees buy homes within city limits.
City manager Mr. Flora and staff outlined a model similar to Walnut Creek’s program: the city would record a second lien, require buyers to cover closing costs and a minimum down payment, charge no monthly payments or interest on the city loan, and require repayment when the home is sold or…
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