Helping Teachers With Home Loans
As part of an effort to recruit 4,000 teachers, the Los Angeles Unified School District announced the formation of a clearinghouse for information on home-loan programs designed to help traditionally low-paid educators.
The Los Angeles Teachers Mortgage Assistance Program will operate out of the district’s Heritage School House in Los Angeles. The two-year pilot program will be funded in part by Freddie Mac, Bank of America, Wells Fargo and U.S. Bank.
The center will provide information about loan programs for teachers, including Bank of America’s Teacher Flex program, Freddie Mac’s Teacher Next Door program and programs offered by the California State Teachers’ Retirement System.
Center employees will conduct pre-qualification interviews with teachers and refer them to programs that fit their needs, said Ed Pardo, a district spokesman. The center will also conduct home-buyer workshops at various district campuses and will hold fairs featuring home-loan information for teachers.
The district hopes the program will help attract new teachers and provide an incentive for the some 9,000 teachers teaching with emergency credentials to obtain credentials and stay with the district.
For more information on the program, call (888) 946-8333 or visit https://www.latmap.org.
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