This just in from Rebecca Kimitch:
Two El Monte police officers will receive $10,000 in help buying homes in El Monte, since the city council unanimously approved it on Tuesday.
Police Chief Ken Weldon has requested $20,000 for the Police Residence Incentive Program. The program provides El Monte officers a one-time, no-interest, forgivable loan to purchase a home in the city. The maximum loan amount is $10,000, according to the city’s Web site.
The program was developed to encourage officers to purchase homes in El Monte, and offer financial support in their effort to do so.
The first year of the program – fiscal year 2003-2004, the program was funded at $104,500. Since then, funding has decreased to $40,000 in fiscal year 2007-2008.
This fiscal year the program was not funded. However, two officers who are currently in escrow wish to take advantage of the program, leading Weldon to request the funds, according to a memo the chief wrote to the city council.
“I am requesting to fund this program for this year only and then terminate the program until other funding sources become available,” Weldon wrote.
The item is on the council’s consent calender.