In an effort to address Nevada’s growing teacher shortage, Governor Jim Gibbons unveiled the details of his Teachers’ First Home Loan Program.  Additionally, it gives a high priority to a significant amount of first time homebuyer mortgage funds to help with the needs of qualified teachers. 

Specifically, this pilot program targets new teachers and existing qualified teachers who specialize in science, math, and special education. The program provides down payment assistance and first mortgage money generated by tax exempt mortgage revenue bonds.  Neither the funding of the first mortgages nor the funding for down payments will require the use of tax payer dollars. Teachers selected by the school districts may apply for this funding.  Eligibility will be based on their income.  Once approved, the borrowers will receive home buyer education, down payment assistance, and below market interest rates on the first mortgage funds to help reduce homeownership qualification obstacles. 

“This program will provide a critical incentive for teachers who graduated from one of Nevada’s higher education institutions to stay here and teach in our state.  This program will also attract new teachers from out of state. Additionally, it will help the school district retain those teachers in the critical need areas.  Research also shows that those teachers who maintain employment in a school district for over 3 years are more likely to stay in that community and continue to teach there. Retaining teachers has been a an ongoing challenge for our state and it is my hope that this program will give teachers much needed financial support that allows them to achieve the dream of homeownership,” said Governor Jim Gibbons.

Recycled loan proceeds from a special 1992 loan program will create a special down payment assistance fund.   The Governor will aggressively work with private sector lenders to provide future funding and to ensure that teachers will be able to utilize this program for years to come.  Funding will be distributed based on current population estimates.

 “We are delighted that Governor Gibbons is continuing the mortgage assistance program under the Nevada Housing Division.  We are working closely with the Division to provide the required counseling for first-time home buyers and to identify properties that are within the $225,000 qualifying limit.  These types of programs are absolutely necessary in our ongoing efforts to recruit and retain highly qualified teachers,” said Dr. George Ann Rice, Associate Superintendent, Human Resources Division, Clark County School District.