GILROY
– Gilroy teachers can get help purchasing a home from public and
private programs.
GILROY – Gilroy teachers can get help purchasing a home from public and private programs.
“It turns out there is affordable housing to be found, if you look hard enough and if you know the right programs,” said Maury Kendall, spokeswoman for the Housing Trust of Santa Clara County.
The Housing Trust, a nonprofit partnership between private and public agencies, has been granting $6,500 closing cost loans to qualified first-time home buyers since August 2001 and began targeting teachers in Santa Clara County late last year.
“We are always happy to provide a loan to help an educator buy a home in the community they serve,” Kendall said.
In just over two years, the Housing Trust has issued 837 such loans throughout the county, with 32 of those going to Gilroy teachers. The majority went to teachers in San Jose, Kendall said.
“We and other affordable housing advocates long ago identified the need for programs to retain teachers, public service workers and other people whose work is to improve the quality of life in Santa Clara County,” Kendall said.
Teachers can also take advantage of the Extra Credit Teacher Program from the California Housing Finance Agency, which provides eligible teachers with a below-market interest rate (currently 5 to 6 percent) first loan as well as a forgivable-interest, deferred second mortgage to cover $7,500 or 3 percent of the sale price, whichever is greater.
The program, launched in 2000, strives to retain teachers at low-performing schools. To qualify, a teacher, administrator or staff member must spend three years in a school scoring in the bottom half of the Academic Performance Index similar schools ranking. Similar schools are scored from 1 to 10.
According to the HFA Web site, teachers at three Gilroy schools would not qualify for the Extra Credit program: Rucker, Luigi Aprea and Ascencion Solorsano Middle School.
Teachers at all other schools are eligible based on 2002’s API scores
There are various income and home price restrictions to qualify for low-interest loans, and it must be a first home purchase.
For details, visit www.housingtrustscc.org or www.calhfa.ca.gov.
