9:47 am

  Local News
  State / National / World
  Opinion / Letters
  Arts / Entertainment
  Submit Event
  Comics / Games
  DJ Designers
  Advertise With Us
  About Us
Funds added to college district’s loan program
August 16, 2013, 05:00 AM Daily Journal Staff Report

An additional $1 million in funding from the post-retirement fund will go to the San Mateo County Community College District’s Employee Second Loan Program, the Board of Trustees decided Wednesday night.

The loan program is designed to help faculty and staff make down payments on homes and be able to afford to purchase homes in the Bay Area, Chancellor Ron Galatolo said. The increase in funding comes with a recent increase in the number of employees seeking to purchase a home.

The program offers a 10-year loan, with a maximum loan amount of $50,000, interest and payment are free for five years and beginning in the sixth year, interest is calculated at the district rate plus 2.5 percent for the term of the loan, paid monthly.

To date, the district has made 21 loans; nine of which have been paid back for a total return to the district of $95,798 which represents a 18.74 percent return on investment. The district’s portfolio of loans is currently valued at $775,577.

The district’s loan program has been in place for the last 12 years.



Tags: district, program,

Other stories from today:


Print this Page Print this Page  |  Bookmark and Share
<< Back
Return To Archives

Daily Journal Quick Poll
Who do you think will be the Democratic nominee for president?

Hillary Clinton
Bernie Sanders
Martin O'Malley
Jim Webb
Lincoln Chafee
Joe Biden


Bush offers plan to repeal, replace federal health care law
MANCHESTER, N.H. — Republican presidential candidate Jeb Bush touted on Tuesday his plan to repeal..
Dutch Safety Board: Buk missile downed MH17 in Ukraine
GILZE-RIJEN AIR BASE, Netherlands — A missile launched from rebel-held Ukraine smashed into Malays..
Planned Parenthood to forgo payment in fetal tissue programs
NEW YORK — Responding to a furor over undercover videos, Planned Parenthood says it will maintain ..
More >>  

©2015 San Mateo Daily Journal
Redwood Shores newspaper