Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Programs topic
No spam. Unsubscribe anytime.
Committee hears update on first-time homebuyer program and city employee down-payment assistance
Summary
Officials reported more than 350 homes in the city's first-time homebuyer program and described a city employee benefit that can provide up to 20% of a down payment (for employees who pass probation), with forgiveness after long-term occupancy; members said inventory shortages limit program uptake.
The Moderator described the city's first-time homebuyer program, saying there are over 350 homes in Oroville enrolled in the program and that the program has been successful but faces inventory constraints. "We have over 350 homes in Oroville in that program right now," he said while discussing the program's success and the difficulty of finding homes that fit the program's criteria.
The Moderator also explained an employee down-payment assistance benefit: city employees who remain past probation can receive up to 20% of a down payment on a house, with repayment deferred until refinance or sale and complete forgiveness after a 30-year period. "If you have it 30 years, it gets wiped away," he said. Committee members noted the program helps recruitment and retention but said the city needs more inventory that fits the program's parameters.
No changes to the program were proposed at the meeting; staff said they will continue to manage the inventory and recruitment implications.
