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 include the classification of Deputy City Manager.
BACKGROUND AND DISCUSSION
The City's Executive Mortgage Assistance Program is currently available to the City Manager, the City Attorney, Department Directors, and the Assistant City Manager. This Report to Council has been prepared to include the classification of Deputy City Manager in the program.
The City has had a long-standing Executive Mortgage Assistance Program. The program was established in 1981 by Council Resolution Number 256-81. The program was amended in 1988, 1989, 1996, and 2015 by Council Resolution Numbers 226-88, 125-89, 160-96, and 712-15 respectively.
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.
Some of the key terms and conditions of the current program are:
1. The loan is solely for purchase of residential property within the City of Sunnyvale for the employee's principal place of residence.
2. The program is available to executives within twenty-four (24) months of commencing employment with the City, upon the approval of the City Manager.
3. The loan may not exceed ninety percent (90%) of the appraised price of the property, with a minimum down payment of five percent (5%).
4. The loan may not exceed ten (10) times the employee's annual salary control point at the time of employment.
Eligibility to this program is limited to the Council appointed officers of City Manager and City Attorney, Department Directors, and Assistant City Managers. The classification of Deputy City Manager was established in 2018 as an executive and unrepresented c...
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