Housing program benefits teachers

Public school teachers who work and live in the city of Las Vegas and meet specific income guidelines may find a helping hand when it comes to housing thanks to a joint partnership through the city of Las Vegas and the Clark County School District.

The city of Las Vegas has allocated $500,000 of federal funds for its Homeownership for Educators Program, which was launched in 2005. Through this program, public-school teachers whose annual gross income is within guidelines established by the Department of Housing and Urban Development may be eligible to receive up to $30,000 in mortgage assistance to purchase a home or $6,000 per year in rental assistance.

"We want to give incentives to Clark County School District teachers. This program gives entry-level teachers an additional incentive for them to come here and teach in the Las Vegas area," Mary Ann Price, public information specialist for the city, said.

In addition to living and working within the city limits, a teacher's income must not exceed 80 percent of the area median income, which ranges from up to $33,650 for an individual to $63,500 for a family of eight.

Due to incentives offered to first-year teachers during the 2007-08 school year, CCSD placed first-year teachers with no experience and a bachelor's degree on the third year of the pay scale earning $33,734, making a single teacher with no dependents ineligible for this program. However, single teachers with a bachelor's degree and in their second year of teaching or those with dependents may meet income requirements.

"As of today, 25 teachers have participated in the program and they have only used $84,000 (of the available funds). We have plenty of money left over," Price said. "We definitely want to encourage teachers to participate in this program, especially teachers who are on the fence in moving to Las Vegas or in changing careers."

Mortgage buydown specifics

The mortgage buydown program entails a 10-year deferred loan for up to $30,000 for the new purchase of a single-family, attached or manufactured home.

The teacher must live in the home for 10 years and remain employed by CCSD at a school located within the city of Las Vegas. If employment changes or if the home is sold after a five-year period, the teacher must pay back the loan at a pro-rated amount. If changes occur prior to five years, the teacher is responsible for paying back the entire loan.

In addition to residency and income requirements, teachers must meet several other guidelines in order to qualify:

The teacher must be a first-time home buyer or not have owned a home within the previous three years;

The home must be used as the teacher's principal residence;

The teacher may not have assets exceeding $10,000 (excluding two vehicles, the property, furniture and fixtures);

The teacher must secure a first mortgage for the property.

The teacher must attend a HUD-certified, home-buyer counseling program.

Rental assistance details

In the rental assistance program, the participant receives $500 per month for up to a year.

To apply, a teacher must submit a six- or 12-month rental agreement with a 2007 start date and at least six months remaining on the lease, as well as an application packet and a copy of their last tax return. If selected, teachers must submit forms monthly verifying that they are still residing in the rental and making payments. If a teacher is interested in participating in the program for a second year, he or she must reapply and requalify.

For specific program information, call Rodney Lister with the city at 233-2330 or visit lasvegasnevada.gov/Find/programs.asp?id=12640#12640.