Peace Officer Housing Incentive
Program
Andrea E. Russell, Director of Human Resources & Risk
Management
May 1, 2024
Background
Background
In an effort to enhance community safety and foster a stronger connection between law enforcement officers and the neighborhoods they serve, the Peace Officer Housing Incentive Program is an innovative initiative to encourage full-time sworn peace officers to become homeowners within the city limits. With a commitment to promoting local residency among our dedicated officers, the city can allocate $1 million from the general fund to establish a groundbreaking home buyer incentive program.
This housing incentive program will allow San Bernardino peace officers the ability to access financial assistance in the form of a low interest home loan designed to aide in home ownership within city limits. Each eligible officer will have the opportunity to obtain a loan of up to $50,000, generously provided at a favorable interest rate of 2 percent over a ten-year term.
Eligibility
This program would apply to all full-time sworn peace officers who have completed the field training officer (FTO) program.
Eligibility
Program Guidelines
• The home must be the primary residence of the peace officer for a minimum of five (5) years.
• If the Residence is sold or transferred prior to 5 years, the total amount or original loan would become due and payable. If the Residence is sold or transferred after 5 years, the forgiveness amount would be prorated.
Program Guidelines
Program Guidelines
• Repayment would be made as a payroll deduction. If the peace officer is on unpaid leave or receiving reduced pay such that full payment by payroll deduction is not possible, the peace officer shall continue to make timely payments to the City by other means.
• The City’s loan agreement would be secured with a deed of trust and have appropriate default provisions.
Program Guidelines
Program Guidelines
• Should a peace officer’s employment be terminated for any reason (i.e.., retirement, job loss, voluntary exit) or should a peace officer sell their property prior to the five (5) year term, the peace officer would be required to repay the remaining balance of the home loan within 45 days after separation.
If the peace officer is unable to pay the remaining loan balance 45 days after separating from the City, then the City would have the right to adjust the interest rate to the prevailing market rate 60 days after employee separation.
Program Guidelines
These prudent measures ensure that the City's investment is protected and that funds can continue to be allocated to support home ownership for sworn peace officers. By
implementing the Peace Officer Housing Incentive Program, the City of San Bernardino is not only investing in the future of our police force but also in the vitality and resilience of our community as a whole.
Together, we are building a safer, stronger, and more vibrant San Bernardino, where our peace officers are not only
protectors of the peace but also cherished members of the neighborhoods they call home.
Questions?