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TAMPA, Fl.—A new program is helping teachers and first responders sure up enough money for a downpayment on a home.
The Empire State Mortgage Group launched the Teacher’s Home Buying Grant which is different from many down payment assistance programs available. Those who qualify for the assistance will not have to pay it back, according to Broker Moises Cohen. There is also no minimum in terms of years that a new homeowner is required to stay at the residence.
Cohen is the son of an educator and says he wants teachers to be aware help is available.
"I know what the struggle is for a teacher to get a house for a family," said Cohen. "It was not easy back then the interest rates were 18%. Interest rates are no where near that now, but it’s still a struggle. Teachers are underpaid that’s not a secret, but teachers are the most valuable occupation."
"Teachers are the most valuable (in terms of) occupation that is out there next to first responders, military," said Broker Moises Cohen. The Empire State Mortgage Group launched the Teacher’s Home Buying grant to help with down payments @BN9. pic.twitter.com/PjhyJVKI2L
Local Educator finds second calling as realtor
Bettina Geel is a teacher at Kids Community Charter School in Riverview.
A fulfilling career that she says she pursued to help impact the lives of young people.
"I saw there was a lot of issues with adults and I thought if we caught them earlier especially with reading that I could help," said Geel.
It’s been 10 years since the mother of two answered that calling.
To supplement her income she also works as realtor and has witnessed a number of educators are priced out and unable to get into affordable housing.
"Even for a one bedroom, your paying $1800 to $2100 dollars a month which is ridiculous," she said. "At this point your driving out people who don’t get paid a lot which is teachers from being able to afford a home."
Through her real estate circle, Geel met broker Moises Cohen. Both are on a mission to help as many educators qualify for and learn about the Teacher’s Home Buying grant.
It is a down payment assistance program with a maximum grant value of 3 1/2% of the home’s purchase price.
Those who qualify for the grant will owe nothing back.
A boost Geel says teachers need at the moment.
"We’re losing so many great teachers to other professions because we simply can’t pay," she said.
Geel says the grant will also help meet the needs of teachers who may not be able afford a single-family home.
The funds can also be applied to a condo, townhome or mobile home.
"Specifically I see what these people do day in and day out for all of our kids," said Geel. " I feel like somebody needs to advocate for them and their well-being "
Geel says that starts with helping teachers build wealth through homeownership.
The grant is not just for teachers. Those who work as school administrators and janitors can also qualify.
On September 22, Geel is hosting a forum about the Teachers home buying grant.
The event will be held at 4:45 pm at Kids Community Charter School in Riverview
This down payment assistance program is different than others available to #teachers. If you qualify, you pay nothing back, no minimum years in occupancy required, max grant value is 3 1/2% of purchase price and can be applied to townhome, condo and mobile home @BN9 pic.twitter.com/iOnB9CoMOI
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