California Debt Limit Allocation Committee

 

Program Description

Quality education continues to be a high priority for Californians. A key component to meeting that goal is well-trained school staff. In 2000, the Extra Credit Teacher Home Purchase Program ("Extra Credit Teacher Program") was established to address the need for fully qualified teachers and administrators in California's High Priority Schools.

Eligible program participants who commit to serve in designated high priority schools for three years will qualify for reduced interest rate loans or tax credits to purchase a home.

Through each jurisdiction administering the program, program participants will also be guaranteed at least $7,500 or 3% of the purchase price of the home in down payment assistance. Higher levels of homeownership assistance are available in high cost areas through the California Housing Finance Agency (CalHFA) and other program administrators.

The purpose of the Extra Credit Teacher Program is to help attract and retain qualified teachers and other program participants to serve in high priority schools. The program targets a scarce public resource to those schools that struggle the most, and to those teachers and principals who are fully qualified to help those schools achieve success.

"High Priority School" means a California K-12 public school 1) ranked in the bottom 50% of all schools based on the most recent Academic Performance Index ("API"), i.e. schools receiving an API statewide ranking of 1, 2, 3, 4 or 5; or 2) that does not have an API ranking but 70% or more of the school's pupil enrollment is eligible for free or reduced price meals.

NOTE: Priority is to be given to eligible teachers and eligible administrators working in High Priority Schools with API rankings 1, 2 and 3.