Intel Corp. will partner with a Bay Area school district to offer mortgage assistance to teachers in the most expensive housing market in the U.S., the New York Times reports.
“We have an attractive package for recruiting new teachers, but once they have two or three years of experience and are ready to drop anchor in the community and buy a house, there is nothing they can afford,” Paul Perotti,
Santa Clara Unified School District superintendent, told the Times. Santa Clara County’s median home price is $550,000, while the average salary for local teachers is only $40,000.
Santa Clara-based Intel, the world’s largest microchip maker, has created a $1.25 million housing fund for the district. The district will use the fund to pay $500 a month towards each eligible teacher’s mortgage for up to five years, and will share in each home’s appreciation or depreciation as an equity investor.
At the end of five years, or sooner if the teacher leaves, the homeowner will repay the district and the funds will be reused.
Intel’s effort is one of many to financially assist teachers in the region. San Francisco school officials and federal housing officials recently announced a plan to eventually offer 1,000 affordable housing units to that city’s teachers.
For full text, go to the New York Times.