$15 Million More for Teacher Homebuying Program 

HOUSING and COMMUNITY SERVICES AGENCY

FOR IMMEDIATE RELEASE: PR-0109 PR CONTACT: Ken Domer 714.480.2990 Julia Bidwell (714) 480-2991 June 1, 2001

$15 Million More for Teacher Homebuying Program

County of Orange Receives $15 Million for Extra Credit Teacher Home Purchase Program
Santa Ana City Council To Honor 16 Participating Teachers from Santa Ana Unified

(Santa Ana, CA) -The County of Orange received an additional allocation of $15 million from the California Debt Limit Allocation Committee (CDLAC) for the Extra Credit Teacher Home Purchase Program (Extra Credit Program). The Extra Credit Program is a first time homebuying program for eligible teachers, assistant principals, and principals who teach or commit to teach for five years at a low performing school according to the State’s Academic Performance Index (API). An API of 1, 2, or 3 is considered low performing. The program, as administered by the County of Orange, provides a reduced 30-year fixed rate mortgage and $7,500 in downpayment assistance for qualified homes throughout Orange County.

For the year 2000, the Orange County Extra Credit Program assisted 30 teachers to become first time homebuyers and was offered to schools in 14 districts and 16 cities. The average home purchase price for those buying through the Extra Credit Program was $181,216 and the average teacher household income was $57,510. The new allocation of $15 million for 2001 is expected to assist approximately 60 teachers, assistant principals, or principals become first time homebuyers in Orange County. The new funding will become available mid-July 2001 and is on a first come, first serve basis.

To recognize those teachers who bought homes and work in the Santa Ana Unified School District, the Santa Ana City Council, led by Councilman Jose Solorio, will honor 16 teachers at the City Council meeting on Monday, June 4th at 6 PM. Six of the teachers now reside in the City of Santa Ana. The City Council meeting is held at the Santa Ana City Hall, Council Chambers, 20 Civic Center Plaza, Santa Ana. The meeting can be viewed on Santa Ana Adelphia Channel 3. One advantage cited by participants in the Extra Credit Program is the ability to buy a home close to a school site. The first teacher in Orange County to move into a home through the Extra Credit Program now lives within walking distance of her school.

"Children in our city really benefit from having teachers live in their neighborhood and the teachers benefit from being able to afford a nice home in our neighborhoods," stated Councilman Jose Solorio. "It’s a win-win situation for all involved."

More information on the Extra Credit Teacher Home Purchase Program is available from the California State Treasurer’s web site at http://www.treasurer.ca.gov/cdlac/extracredit/extracredit.asp. Interested teachers, assistant principals, or principals may call (714) 480-2870 to be placed on an interest list for more information.