“The high cost of living in California made me doubt that I could take part in the American dream of owning my own home. I had almost given up, but the City of San José helped me believe in that dream and become a homeowner.” — New teacher-homeowner Jason Black, reading and driver's education, James Lick High School.

An example of San José’s energetic approach to creating desirable live/work opportunities is the Teacher Homebuyer Program; an innovative housing program designed to support quality education in the public schools. The 19 school districts in San José employ approximately 8,000 teachers and San José is committed to being the most teacher-friendly city in California. The Teacher Homebuyer Program is a deferred repayment loan program that helps city schools attract and retain quality teachers by helping teachers purchase affordable homes in San José. Since 1999, more than 428 teachers have become homeowners through the Teacher Homebuyer Program.

Working in partnership with numerous other agencies, the City helps maximize each teacher’s purchasing power. Outside lenders and other public or nonprofit groups finance most of the home purchase cost. The City lends each teacher up to $40,000 toward required down payment and closing costs with 0% interest for a 30-year term or repayable at the time of resale. School districts help market the program and provide valuable feedback on the program’s design and efficacy. Neighborhood Housing Services Silicon Valley provides special homebuyer education classes for teacher homebuyers. It also offers its own innovative Home Venture Fund down payment loan program, which enhances a teacher’s purchasing power by another $40,000. Housing Trust of Santa Clara County operates housing programs designed to attract and keep workers in Silicon Valley. And the California Housing Finance Agency offers below-market-rate first mortgage loan and several types of down-payment assistance loans in conjunction with the Teacher Homebuyer Program. This creative partnership can enhance a teacher’s home purchasing power by up to $100,000.