Program Gives Teachers Break On Homes Hud Gives Local Educators Discount On Homes In Low-To-Middle Income Areas

Spokane school teachers looking to buy houses can now find some of the best deals around.

A new federal program unveiled Monday will give local K-12 teachers a 50 percent discount on selected homes in low- to moderate-income Spokane neighborhoods.

The Teacher Next Door initiative, launched by the U.S. Department of Housing and Urban Development, aims to revitalize neighborhoods and make it more attractive for teachers to live and work where they are needed most.

Spokane is one of 671 “revitalization areas” in 33 states selected to participate in the program. Educators from Spokane School District 81 are eligible because the revitalization zone falls within District 81’s boundaries. Other state-certified K-12 teachers working full time for private schools or educational agencies in the area also qualify.

The program becomes the companion to HUD’s Officer Next Door program, which started in Spokane in 1998 and first offered the deal to law enforcement officers.

The same group of homes will now be available to teachers and officers. They are homes that HUD has acquired through foreclosure on defaulted mortgages insured by the Federal Housing Administration, which is part of HUD.

Teachers and officers can buy the homes at 50 percent off the price listed by FHA, so long as they commit to living in the home for at least three years.

By moving officers into at-risk neighborhoods, the hope was that criminals would move out. Moving teachers into those same areas, it is hoped, also will have a positive effect on neighborhoods.

“A good teacher can make a great neighbor - as a mentor, an inspiring role model and as a living link between the classroom and the community,” HUD Secretary Andrew Cuomo said in a news release announcing the program.

This week, there are 37 HUD homes listed for the Spokane revitalization area, with appraised values ranging from $40,000 to $107,000.

Bob Travis, the listing agent for the Spokane HUD office, praises the program.

“It’s a great opportunity,” said Travis, of Windemere Real Estate/Manito LLC. “They’re good deals. Most (houses) need cosmetic things, like landscaping, paint and sprucing up.”

FHA also can insure mortgages that cover costs of rehabilitating homes in need of repair.

Greg Baker, District 81’s student services coordinator, learned about the program Monday and was quick to check out the listings, which he found on the Internet.

“The concept obviously is beautiful,” said Baker, who got married recently and has begun house hunting. “The down payment is the hardest part, and this really takes away the barrier. … We are both in school as well as working, so it’s been hard to save a lot.”

HUD also reduces the down payment requirement to just $100 if the home is purchased with an FHA-insured mortgage.

Teachers may buy homes directly from HUD or may use real estate brokers. HUD defines a teacher as any state-certified K-12 teacher or administrator who is employed full time by a public school, private school or a government educational agency.

This sidebar appeared with the story: INFORMATION

More information is available at HUD’s Web site at www.hud.gov/tnd/tnd.html

For a listing of properties, visit www.goldenfeather.com.