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UPDATE

Incentive for teachers: more home buyer funds

September 21, 2003|Times wire and staff reports

The California Housing Finance Agency is adding $24 million to its home purchase program for teachers thanks to Proposition 46, the Affordable Housing Initiative, a $2.1-billion bond passed last year.

Since the Extra Credit Teacher Program was launched in 2000, the agency has funded $100 million in mortgages for 497 credentialed teachers and administrators. Sixty percent are in Los Angeles and Orange counties.

The borrowers, who commit to working three years at low-performing schools, receive below-market interest rates -- currently 4.75% to 5% -- on first loans, as well as deferred second mortgages to cover down payment costs of $7,500 or 3% of the first loan, whichever is greater.

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