California Housing Finance Agency (CalHFA) has announced changes to its Extra Credit Teacher Program, allowing more K-12 public school employees—including administrators and support staff such as aides, bus drivers, food services workers and janitors—to receive as much as $15,000 in down payment assistance. The program includes educators at public charter schools, school district offices and county continuation schools.
The Extra Credit Teacher Home Purchase Program helps with the down payment and opens the door for more teachers to become homeowners." In California, the average starting salary for an elementary school teacher is less than $42,000 per year. The average annual salary is $69,000 for all public school teachers, according to industry reports. "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," said California School Boards Association (CSBA) President Chris Ungar. "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."
Under the Extra Credit Teacher Home Purchase Program, public school employees in California's high-cost counties—including those in the Bay Area and Southern California—could qualify for a maximum of $15,000 or 3.5 percent of the sales price or appraised value, whichever is greater. A complete list of the 35 high-cost counties is available here (Mendocino County is referenced as a high cost county). The program greatly benefits educators buying homes for less than $430,000 in those counties.
Educators must meet county-by-county income limits for the program, which are based on the number of people living in the home. Access the City page and the full newsletter article published by CalHFA using the link below.