The city would like to help some low- and moderate-income families buy a home using interest-free loans to help with down payments.
Mayor Kirk Caldwell announced Tuesday that the city is accepting applications for no-interest loans up to $40,000 that a homebuyer can use toward a down payment.
The federal government is providing $575,000 for these loans, which the city administers.
Information about who can qualify is available at the city Department of Community Services’ loan branch at 768-7076.
Some requirements include a homebuyer providing 5 percent of the purchase price as down payment and completing an approved homeownership course. Applying for the no-interest loans doesn’t cost anything, but must be done through a mortgage lender after a homebuyer is approved for a first mortgage.
Ford plans $14B in cuts as part of strategy
DETROIT >> Ford Motor Co.’s new CEO plans to cut $14 billion in costs, drop some car models and focus the company’s resources on trucks, SUVs and electric vehicles as part of a renewed effort to win over skeptical investors.
Jim Hackett, who became Ford’s CEO in May, met with around 100 investors in New York on Tuesday to lay out his plans for the future. He said getting the company lean and flexible will help it handle the changes the auto industry is facing, from car-sharing to self-driving vehicles, to the shift to electric cars.
Buffett buys into Pilot Flying J truck stops
OMAHA, Neb. >> Warren Buffett’s company is acquiring a major stake in Pilot Flying J truck stops and it will take over a majority stake within about five years from the family of Cleveland Browns owner Jimmy Haslam and Tennessee Gov. Bill Haslam.
The ubiquitous truck stops, 750 of them in 44 states and Canada, make up the 15th largest private company in the U.S., according to Forbes, with 27,000 employees and revenue of more than $20 billion per year.
Berkshire Hathaway and Pilot Travel Centers announced the deal Tuesday. Initially, Berkshire will buy 38.6 percent of the company, but in 2023 that will increase to 80 percent.
Financial terms weren’t disclosed.
ON THE MOVE
Kaiser Permanente Hawaii has named Miki Arume as the new director of service. She will be responsible for service performances, which includes strategic development, monitoring and communication of service programs as well as quality and utilization standards in order to optimize service outcomes. Arume has been with Kaiser Permanente Hawaii for 24 years and was previously a senior consultant for organizational effectiveness.
G70, a design firm formerly known as Group 70 International Inc., has hired the following employees for its Architecture Division:
>> Ken Nukui has joined the company as a project architect. Nukui has 15 years of industry experience in Japan and the United States.
>> Lan Wang has joined the company as a project architect. Wang has 12 years of management and design experience in international hospitality projects.
