CPS [Chicago Public School] teachers to get mortgage help

ChicagoBusiness.com ^ | March 08, 2005 | By Bob Tita

[fight_truth_decay]

Daley to ask for $250,000 for new program.

Chicago public school teachers would be eligible to receive up to $7,500 toward a housing mortgage under a new program announced Tuesday.

Mayor Richard Daley said he will ask the City Council to appropriate $250,000 for the program. Chicago Public Schools is expected to match that amount. An ordinance authorizing the program is expected to be introduced Wednesday in the City Council.

The Teacher Homebuyer Assistance Program would provide grants of $7,500 to teachers buying homes in new mixed income developments intended to replace the Chicago Housing Authority’s low-income housing developments. Those teachers who buy houses elsewhere in the city would be eligible for $3,000 grants.

“We are thrilled that this new down payment assistance will give teachers the opportunity to live in new mixed income CHA developments,” said school Superintendent Arne Duncan during a ceremony announcing the program.

The mortgage assistance would be available for teachers who have taught in city public schools for at least five years, but have not owned a home in the city for at least three years. The grants also would be extended to veteran teachers who now live in the suburbs and opt to move into the city. City residency has been required for all teachers hired since 1996.

Recipients of the grants must agree to continue teaching in Chicago public school for at least five more years. Those who leave early would be required to return a portion of the money. Teachers’ mortgages would have to originate with one of nine banks and mortgage companies authorized by the city to participate in the program.

The grants could be used in conjunction with existing housing incentives for teachers. For the past couple of years, the Teacher Housing Resource Center – a joint effort between the school system and the city – has offered discounts on housing costs, including rents. More than 600 teachers have saved money through the program, according to officials.

[nothingnew]

"......back in the USSR!...."

FMCDH(BITS)

[stylin19a]

That's in addition to existing housing assistance programs:

Here's the Teacher Next Door program (HUD properties in "revitalized" areas)

The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, a teacher can buy it for $50,000. To make a HUD home even more affordable, you can apply for an FHA-insured mortgage with a downpayment of only $100 and you may finance all closing costs.(You have to live in it for at least 3 years)

If the home you want to purchase needs repairs, you may use FHA's 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment.

Might as well just give 'em away.

[DUMBGRUNT]

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[traviskicks]

Public School Ping

Wow.. talk about special interest clout.. this is disgusting.


When the people find that they can vote themselves money, that will herald the end of the republic.
-Benjamin Franklin

[cherry]

there is no teaching shortage but there is a nursing shortage so where's the damn free money to recruit and keep nurses in Chicago?

this is baloney, again.....

[Born Conservative]