Education

By Mario Juarez

Teacher retention and support with a "Loan Buy-down Program"

One key to classroom success is the presence of committed, invested teachers. I'm proposing a program that can help to retain teachers over the long term.

My "Loan Buy-down Program" that would be available to teachers, works like this:

• Interest rates are set by lenders at the specific market rate - based on their underwriting criteria.
• For example, the monthly payment on a $500,000, 30 year loan with a fixed 6% interest would be around $2998.
• Many lenders allow borrowers to "buy-down" interest "points" in effect securing profit at the front end of a loan.
• Assuming a 1 point buy-down to discount 1/2 point in interest rate, it would take 10 points to buy-down a 6% interest to 1%.
• The seller could sell the property at the asking price and then apply concessions equal to the desired buy-down amount. Participating lenders would agree to the points buy-down.
• A 1% loan, fixed for 30 years will deliver a monthly payment of $1608; a savings of $1389.
• Participants would generally be required to maintain qualifying employment and unit residency to retain program advantages for at least 15 years.
• This teacher-focused program can also be expanded to include other lower income, Oakland-based public service employees.

District 5 has very little access to safe and positive after-school recreational venues. I will promote more effective partnerships with the city's Department of Parks and Recreation and schools to develop wholesome after school programs for our children.

Business and Community mobilization to beautify schools

Working in cooperation with school principals, I will lead efforts to enlist and coordinate volunteers from business and the community to help maintain and beautify our schools.

Supplemental funding

My Safety Plan describes a way to secure funds from a new user fee in partnership with the Port of Oakland. I would work with the OUSD Board to direct a portion of these proceeds for student retention activities. These activities would address the correlation between drop-outs and their relationship to crime and public safety.