Police Home Loan Program Studied
City Councilman Gary Monahan on Monday called for approval of a loan program to help police buy homes.
The program would lend members of the Police Department as much as $35,000 toward a down payment on a house in the city.
For every year they live in the house, $1,000--for as long as 10 years--would be forgiven.
Bank loans can be combined with the city’s down payment, Monahan said. “It’s kind of like taking out a second [mortgage].”
Police Lt. Ron Smith said the “whole purpose of that is the closer you’re tied to the community, the better you’ll be able to serve the community. It does help for response times.”
A similar program exists in Anaheim.
The City Council will consider the program at 6:30 p.m. Monday in City Hall, 77 Fair Drive.