New grant program helps San Diego teachers with down payment
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Some San Diego and Poway unified teachers could get more than $40,000 toward a down payment on their first home through a new program.
Why it matters: While California teachers have the highest salaries in the country, big portions of their paychecks are going towards housing and many can't afford to live where they teach.
Driving the news: San Diego City Councilmember Marni von Wilpert announced the H.O.P.E. grant program Wednesday for teachers working in District 5, which includes Scripps Ranch, Rancho Penasquitos, Rancho Bernardo and other neighborhoods.
- To qualify, a teacher's household income must be less than 160% of the Area Median Income or about $134,000 for a single-person household.
- Applicants also need to complete financial counseling.
Follow the money: The $1 million program is privately funded by Lennar Homes as part of a development agreement with the city.
The big picture: School districts around the county are getting into the home-building business to make housing more affordable for teachers.
Zoom in: San Diego Unified's real estate strategy is expanding as it considers building 1,000 income-restricted apartments on five of its properties across the city, the Union-Tribune reported.
- The district is already the landlord for about 50 low-income families of district employees in Scripps Ranch and expects to add more in City Heights.
- Its goal is to house 10% of its employees within the next decade.
What's next: H.O.P.E. grant applications open March 1 through the Urban League of San Diego County on a first-come, first-served basis.