Saturday
August
27
2016
1:10 am
Weather
 
  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  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  | 
<< Back
 
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
Would you welcome express lanes with a toll or carpool lanes on Highway 101 in San Mateo County?

Yes, they will help with traffic
Yes, but only carpool lanes
Only if the lanes are added and not taken away from current lanes
Not sure
No way

 

 
 
 
Yellen suggests rate hike is coming but offers no timetable
WASHINGTON — Federal Reserve Chair Janet Yellen said Friday that the case for raising interest rat..
SpaceX Dragon returns to Earth with station science, gear
CAPE CANAVERAL, Fla. — A SpaceX Dragon capsule returned to Earth on Friday with scientific gifts f..
More >>  
 
 
  
 
  
 
©2016 San Mateo Daily Journal
San Mateo County notice of bulk sale