City Employees to Get Home-Buying Aid
From Times Staff and Wire Reports
This pricey city has decided to help some of its 1,050 full-time municipal employees buy homes. The City Council voted Tuesday to launch a program within 60 days to lend money to eligible workers who are buying their first homes.
The program applies to homes that cost up to $750,000 and will allow workers to put just 5% down. The city will provide low-interest loans for up to 15% of purchase prices. The other 80% will be provided by local lenders.
