Council Policy and Procedures Committee
September 28, 2022

September 28, 2022
Council Policy and Procedures Committee
Employee Homebuyer Policy (D-13)
Background
• Current Policy was revised in 2019 to support goals,
including:
• Support recruitment and retention
• Provide a program that assists employees to overcome
housing market challenges
• Include purchase area and loan amounts that increase
participation and value
• Streamline administration
2 Current Program Overview
3 Employees Served Maximum Loan Amount Proximity to
Mountain View
All Employees $250,000 10 mile radius
First Responders $500,000 5 mile radius
Department Heads and
Council Appointees
A. 75% of the sales price, up to the median
home price in Mountain View, OR
B. 25% of the sales price, to a maximum
median home price in Mountain View
A. In Mountain
View
B. 5 mile radius
Recommendations
All Employee Loans:
• Clarification of proximity to Mountain View: GIS mapping • Interest only payment period extension: Up to 7 years Council appointee and department head loans:
• Equity requirements
• Subordinate loan requirements
4 Questions
Discussion/Questions
5