California Extra Credit Teacher Program

The California Extra Credit Teacher Program provides teachers with mortgage assistance in the form of either a reduced interest rate mortgage loan (mortgage revenue bond) or an annual reduction of their federal income taxes with a tax credit (mortgage credit certificate program).

The Extra Credit Teacher Home Purchase Program helps California teachers, principals and other credentialed school staff buy homes. State and local government agencies issue-tax exempt mortgage revenue bonds or other securities to employees of low-performing schools, ranked in the bottom half of statewide. Participants commit to work at a low-performing school for at least three years. Program participants also must meet program income limits and must purchase a home that falls within purchase price limitations.

Benefits include:

• Reduced interest rate mortgage loan (mortgage revenue bond)
• Annual reduction of their federal income taxes with a tax credit (mortgage credit certificate program)