SB 5461 - DIGEST

     Finds that many school district employees, including teachers, other certificated staff, and classified employees, cannot afford to live within reasonable distances of the areas in which they work making it more difficult for those employees to maintain vital links with the school community including participation in after school activities.

     Directs the department of community, trade, and economic development, in cooperation with the housing finance commission, to develop a statewide pilot program to provide down payment assistance loans to eligible employees of school districts.

     Requires the department and the commission to report to the legislature by December 15, 2001, regarding the results of the program including information about the number of borrowers assisted, the average amount of the down payment assistance, and the number of loans in each school district.

     Appropriates the sum of two hundred fifty thousand dollars, or as much thereof as may be necessary, from the general fund to the department of community, trade, and economic development for the fiscal year ending June 30, 2002, to be used by the department of community, trade, and economic development to work in cooperation with the housing finance commission to develop a statewide pilot program to provide down payment assistance loans to eligible employees of school districts.

     Appropriates the sum of two hundred fifty thousand dollars, or as much thereof as may be necessary, from the general fund to the department of community, trade, and economic development for the fiscal year ending June 30, 2003, to be used by the department of community, trade, and economic development to work in cooperation with the housing finance commission to develop a statewide pilot program to provide down payment assistance loans to eligible employees of school districts.