Colorado helps teachers buy homes with new program
Summary and headline written by AI from the source article. How we work
The Colorado Housing and Finance Authority launched the Schools to Home program on July 1 to help public school employees in Colorado become first-time homeowners.
The program provides financial assistance with down payments and closing costs, aiming to address teacher shortages and improve retention rates. As of late September, 85 people had used the program, and officials estimate it will facilitate around 125 home purchases.
The state allocated $10 million from the Public School Permanent Fund to begin Schools to Home, with plans for further investment. Eligible participants must work full time for a public school, complete a homebuyer education course, and meet specific credit and income requirements. Assistance through the program is capped at 25% of the first mortgage loan.
Participants will repay the assistance when they sell the property and will also share a portion of any increase in the home’s value with the state. However, if the home’s value does not increase, they will only be required to repay the original downpayment amount. Colorado teachers earned an average of $78,000 in district-run schools and $60,000 in charter schools last year, while the median home price in the state reached $550,000 in July.
