REPORT TO COUNCIL
SUBJECT
Title
Adopt a Resolution Amending Resolution Number 712-15, the Executive Mortgage Assistance Policy for the Provision of Housing Assistance to Newly Appointed Charter Officers and Department Directors (the "Executive Mortgage Assistance Program") to Update the Index Used to set the Interest Rate on New Mortgages.
Report
BACKGROUND
The City has had a long-standing Executive Mortgage Assistance Program (the "Program"). The Program was established in 1981 by Council Resolution Number 256-81. The Program was amended in 1988, 1989, 1996, 2015, and 2019 by Council Resolution Numbers 226-88, 125-89, 160-96, 712-15, and 933-19 respectively. The 2019 resolution amended resolution 712-15 to add the Deputy City Manager classification to the resolution. All other provisions of 712-15 remained in place.
EXISTING POLICY
Council Policy 7.3.1 Legislative Management - Goals and Policies, Goal 7.3D: Maintain a quality work force, consistent with state and federal laws, City Charter, and adopted policies in order to assure that City services are provided in an effective, efficient, and high quality manner.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" with the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment and 15378(b)(4) in that is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.
DISCUSSION
Given the high cost of the housing market in Sunnyvale, the Program was enacted to enhance the City's ability to hire top quality executives, as well as encourage executives to live within Sunnyvale corporate limits.
The interest rate index used to set the mortgage rate in the resolution was historically the 11th District Co...
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