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<br />7Æ3 <br /> <br />)õ> Would the program serve only teachers, or all school district employees? <br />~ Which school districts? Just the Redwood City School District (RCSD)? Sequoia Union <br />High School District? College District? County Office of Education? <br />~ Which schools? Both the elementary and high school districts had facilities outside the <br />city limits that serve Redwood City. In the case of Redwood Shores, there is an <br />elementary school run by the Belmont School District within Redwood City limits. <br /> <br />The Committee's recommendation to the Board on the target group issue is to: <br /> <br />a) Limit the program to just teachers. <br /> <br />b) Limit the program to just RCSD and Sequoia Union High School Districts. <br /> <br />c) Limit the program to just Woodside and Sequoia High Schools but all the RCSD <br />schools, in or out of the City limits~. The Committee's interest was in focusing the <br />limited resources on those schools and those teachers that serve predominantly <br />Redwood City students. <br /> <br />d) The Committee discussed recommending extending the program to Sandpiper School <br />but they were advised that Belmont had a first time homebuyer program of its own, in <br />which the Sandpiper teachers were eligible to participate. <br /> <br />e) Teachers often rotate between schools. If a teacher was eligible at the time of <br />application because of their school, and later they move to a non-eligible school, <br />they would not be required to repay the loan. <br /> <br />f) The Committee also considered the possibility that a teacher might apply for and <br />receive assistance because of their school, then move to another school district. The <br />equity share and principal forgiveness provisions were designed as a disincentive to <br />such a move. <br /> <br />Program Structure <br />These Program Objectives drive the following specific recommendations for the FTHB. <br />What follows is a discussion of the program characteristics. <br /> <br />1. Loan structure - This and all the other program models reviewed by the Committee <br />used what is termed a "silent second". This means a note and deed of trust that is <br />subordinate to the main loan on the house. It is 'silent' because no interest is charged <br />for a period of years. First lenders obviously control access to the housing market and <br />so the form of the loan used by the FTHB must be acceptable to the first lender. By <br /> <br />3 The Sequoia District administration indicates that a union objects to the distribution of the survey to just <br />a portion of their membership. At this point in time, therefore, the survey form has not been distributed to <br />any teachers within the Sequoia Union High School District. <br /> <br />3 <br /> <br />"~-'---'-"--.-"T---' . <br />