CalHFA Expands Down Payment Assistance for School Employees

Register now

The California Housing Finance Agency has expanded a down payment assistance program for public school employees.

The agency is broadening who can qualify for the Extra Credit Teacher Home Purchase Program.

Now, public school administrators and support staff including aides, bus drivers, food services workers and janitors can receive help through the program. The program also includes educators at public charter schools, school district offices and county continuation schools.

In designated high-cost counties, the program gives up to $15,000 or 3.5% of the sale price in down payment assistance for a first-time home purchase, whichever is the bigger amount. And in lower-cost counties, the maximum is $7,000 or 3.5%.

"The Extra Credit Teacher Home Purchase Program provides a vitally important service to the dedicated school employees who serve our students each and every day," California School Boards Association President Chris Ungar said in a news release Thursday.

"By helping these public servants obtain an important piece of the American dream, homeownership, we are addressing one of the major contributors to attrition from the profession and stabilizing schools and communities in the process."

For reprint and licensing requests for this article, click here.
Originations Purchase
MORE FROM NATIONAL MORTGAGE NEWS