WASHINGTON - Sen. Harry Reid, D-Nev., says teachers willing to move into certain neighborhoods and teach can buy HUD homes for half-price with only $100 down payments under a new federal program.
The program was announced in conjunction with Housing and Urban Development Secretary Andrew Cuomo.
"This initiative is designed to attract qualified teachers who will have a real stake in their communities," said Reid.
The "Teacher Next Door" initiative allows K-12 teachers to buy HUD homes for 50 percent of their advertised price with down payments as low as $100. The home must be in a designated revitalization area served by the school district where the teacher is employed.
To get the deal, the teacher must agree to live in the home as their sole residence for three years.
"This announcement comes as educators are increasingly concerned about declining test scores among minority students," said Reid. "The Teacher Next Door initiative will give teachers the opportunity to address the rising achievement gap that exists in economically distressed neighborhoods."
Eligible homes in Nevada are all in the southern part of the state.