EXTRA, EXTRA/California city helps teachers buy homes
On Jan. 11, 2006, San Jose, Calif., presented its 500th zero-interest home loan to a local teacher. The city’s Teacher Homebuyer Program was created in 1999 by Mayor Ron Gonzales to recruit and retain teachers despite rising statewide housing costs. Through the program, qualified teachers can receive up to $65,000 in loans to buy single-family detached homes, townhomes or condominiums priced up to $570,000 in the city. In the last seven years, San Jose has spent more than $18 million on the program and has leveraged more than $137 million in other private and public funds to help teachers buy homes.