Employee Requirements
For Full-Time  Employees Earning $150,000 or Less

  • Employee must be a current, fulltime employee (please see your employer’s website or contact your benefits/human resources department for a definition of an eligible employee
  • Employee must occupy the home that is purchased and the purchased home must be used as a primary residence by the purchasing employee. Vacation homes, second homes and re-financings are NOT permitted.
  • If the employee re-finances the first mortgage loan before the 5 year term of the GCL loan has expired then the employee must repay the un-forgiven balance of the GCL loan.
  • Home purchased cannot be a gift.
  • All home buyers must complete approved pre-purchase / budget counseling classes provided by or approved by FRDC.
  • This program can only be used once. Employees cannot receive more than one forgivable loan.
  • The program can only be used by one family member per household.
  • The employee must provide at least 3% of the total purchase price toward the home purchase to be eligible for the GCL program.
  • Participating employees who do not comply fully with the rules for eligibility or participation will be required to repay in whole or in part the loan.
  • Program funds are provided on a first-come, first-serve basis after all required documentation has been submitted and funding under the options in the program is dependent upon available funding for GCL.

Home Eligibility Requirements

  • Home must be located in the designated GCL target area.  View the GCL map.
  • One or two-family units and condominiums/townhomes are permitted. Multi family (three units or more) properties are NOT permitted.
  • Home must meet existing city code requirements.
  • If existing homes requiring rehabilitation are purchased (foreclosed homes, etc.) sums must be set aside at the loan closing in amounts sufficient to complete those renovations necessary in order to meet code requirements. Renovation must be completed in 12 months.
  • The purchase price of the home must not exceed the fair market value of the property.
  • The employee must present a purchase agreement for the home and proof of insurance for the property.
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