REP FC 259 03/11/2008 2006-2008 - Laserfiche WebLink

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REPORT OF THE COMMITTEE ON FINANCE DATE: March 11, 2008 Re: Comm. No. 1001/Res. No. 528-08 PLACE: Sheraton Keauhou Bay Resort & Spa 78-128 `Ehukai Street Kailua-Kona, Hawaii TIME: 1:57 p.m. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to which was referred Resolution No. 528-08, reports as follows: Resolution No. 528-08, transmitted by Council Member Emily I. Naeole, via Communication No. 1001, dated February 5, 2008, approval of a residential assistance program for qualified County of Hawaii employees, which would serve as a helpful recruitment tool, assisting departments and agencies in not only attracting, but retaining high-quality public employees. The Program will consist of the following conditions: 1. It would be limited to one-time participation only; 2. The loan application can only be submitted after successful completion of 12 months of employment; 3. The mayor may waive the 12 month period at his or her discretion on a case-by-case basis, particularly for recruitment purposes; 4. The loan would be available on a first-come, first-serve basis, but would be limited to 20 loans per year; 5. When the Program limit is reached, County employees will be placed on a waiting list and will be notified when a loan is available; 6. The waiting list will be administered by the Department of Finance; 7. The loan would be toward the down payment of the purchase of a home; 8. The home purchased is not required to be "new" construction; 9. The property must be owner occupied; 10. The loan is available only to first-time Hawaii Island homeowners; 11. The maximum loan amount may not exceed $20,000; 12. The duration of the loan would be up to 10 years; and 13. For each year the employee works for the County of Hawaii, the County would pay $2,000 toward the principal of the loan; and FC REPORT NO. 259