City Loses $50K on Home Owned by Balico's Daughter

Using the city’s affordable housing program, former Mayor Ed Balico’s daughter purchased a home that has cost the City of Hercules more than $50,000, according to a recent story by the Contra Costa Times.

The Times reports that the city bought the home from Jill Balico, whose father is Ed, in a short sale when embattled City Manager Nelson Oliva was still in office. Jill Balico bought the home for $412,500 in 2006 and sold the house to the city during pre-foreclosure in 2009 for $120,000, the Times reports.

In June, the city sold the home—a condo—for $125,000, but after closing costs, repairs and a $50,000 home loan Jill Balico received from the city, Hercules ultimately lost tens of thousands on the transaction, the Times reports.

Home loans like the one Jill Balico received as well as the city’s entire , while run by Oliva have come under fire increasingly in recent months.

The city is in the midst of a against its former manager for reasons that include fraud in the management of the housing program.