What is the City of New Orleans doing for educators when it comes to purchasing a home?
The City of New Orleans offers assistance for down payments to local educators.
New Orleans schools are losing educators so New Orleans has a new city program to help keep educators in New Orleans. Educators are now eligible to get up to $65,000 in down payment assistance. Mayor LaToya Cantrell says they are starting the program to keep and bring in educators to New Orleans. 
“We’re facing a crisis across the country in recruiting and retaining educators, particularly in urban areas like New Orleans,” said Alex Jarrell, chief innovation officer of New Schools for New Orleans, a nonprofit that works with NOLA Public Schools and charter management organizations.
“We’re losing up to 30% of our educators from the profession every year,” he said.
Teachers, paraprofessionals, early childhood educators, behavioral health professionals and others that work in education will be eligible. You have to work in the educational system for at least three years in order to receive the down payment assistance plus $5,000 towards closing costs. Educators will have to continue or work in New Orleans public school for three years or more and live at the property they purchased for at least 10 years.
One point five million has been dedicated to the program. The amount of the interest-free loan will be based on the household size and income. Most of the money for the program came from a Community Development Block Grant. Educators who apply must make less than 80% of the median income. In New Orleans, this ranges from $43,900 for a one-person household to $72,750 for a six-person household. The majority of New Orleans educators make close to $50,000 making them ineligible.
“This program is more than about homeownership,” said Tyra Brown, interim director of the city’s Office of Housing Policy & Community Development. “As we all know, homeownership builds generational wealth. This program is about investing in our educators, our educational system and our community.”
