Comments on: Not new, but improved: City program to help Oakland teachers buy homes

By: Christina A.

Christina A. — Fri, 20 Jan 2012 01:13:01 +0000

I just spoke to someone in the DAP offices who informed me that the Jerry Brown cuts have relinquished the funds from this program, hopefully temporarily, with the office staff given layoff notices. I was told to check back in Februrary–this is an excellent program and I would love to take advantage! If anyone has more information to share about this situation, please let me know.

By: CJohnson

CJohnson — Thu, 27 Jan 2011 05:27:29 +0000

Does anyone know if OUSD classified employees could also participate in this program?

By: Katy Murphy

Katy Murphy — Tue, 25 Jan 2011 19:41:01 +0000

I followed up with Jackie Campbell from CEDA with some more questions about the city’s Downpayment Assistance Program. In case you were wondering:

- There is no maximum home price, unlike other homebuyer assistance programs.
- The home may be located anywhere in the City of Oakland, not just certain neighborhoods. (Note: Some programs previously had such requirements.)
- The loan is due in full when the home is resold or refinanced, but no payments must be made before then.

By: HistoryMan

HistoryMan — Fri, 21 Jan 2011 04:28:54 +0000

It sounds too good to be true. What doesn’t “sound smart” about it Jesse James?

By: Jesse James

Jesse James — Fri, 21 Jan 2011 04:11:37 +0000

The maximum purchase price of the house is $430,000. For a single teacher that is awesome, for a family of four of five that is a not a reasonable purchase price. 11 years ago when I looked into this program, the house had to be in a low income, low occupancy area. While I understand the thinking, it doesn’t seem very smart.

By: Anonymous

Anonymous — Fri, 21 Jan 2011 02:25:17 +0000

No payments are due on the loan until the house is sold or rented or 30 years has passed? So, taxpayers are essentially giving Oakland teachers a gift of $50k to help them buy houses in Oakland? Oh! Well, I’m actually okay with that!