Pasadena : Policy on Employee Loans
The city’s 22 department heads and two assistant city managers are eligible for no-interest housing loans of up to $50,000 under a policy approved Tuesday by the City Council.
Under that policy, new executive-level employees hired from outside the city could receive the loans to help them buy a house in Pasadena. Half the loan would be paid back over five years from salary deductions. The balance would be due at the end of that period.
Police Chief Jerry Oliver, who began work July 1, will be the first to benefit from the policy. The council Tuesday approved a $50,000 loan to help Oliver buy a home costing more than $400,000.
Four other recently hired employees could also be eligible for the loans, City Manager Philip Hawkey said.
Councilman Rick Cole, who voted against the loans, said he did not want to expand the policy to an entire class of employees simply to aid Oliver.
Hawkey and City Clerk Marvell Herren received financial help under an earlier policy covering the city manager, city clerk and city attorney.