City Workers May Get Help With Housing
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From Times Staff Reports
City employees may be offered a mortgage assistance plan like the one given to Police Chief Cam Sanchez, who got a $500,000 low-interest loan to help him cope with soaring housing prices.
The City Council agreed to consider extending a similar opportunity to other city employees. To qualify, employees would have to put down 5% of the house’s cost, with a bank financing 80%. The city would finance the other 15%.
The program would apply to homes costing up to $750,000.
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