Greenville Housing Fund Launches Homes for Teachers Initiative

Greenville, S.C. (September 4, 2008) – Greenville Housing Fund (GHF) is pleased to announce the launch of its new Homes for Teachers Initiative. This innovative financing program, made possible by a generous $250,000 grant over two years from the Community Foundation of Greenville, is designed to provide local teachers with the much needed down payment and closing costs which enables them to become first-time homebuyers.

Homes for Teachers targets first-time homebuyers by providing forgivable loans up to $5,000. The loans may be used for all or a portion of closing costs, for all or a portion of a down payment or to reduce the principal amount of a first mortgage. The loan is forgiven if certain conditions are met and the homebuyer remains in their home for more than a five-year period. In addition to benefiting individual teachers, this program is a key element in an overall effort to promote economic stability and growth in Greenville.

The Greenville County Schools (GCS), which hires more than 750 teachers each year, is pleased to partner with GHF to enable new teachers to become homebuyers. This program, in turn, will assist in GCS’s overall recruitment and retention efforts by offering teachers financial assistance for establishing roots in Greenville.