Gov. Foster and Treasurer Kennedy Announce 84 Teachers to Purchase Homes Statewide

BATON ROUGE, LA In just three days, the Louisiana Teacher Home Buyers Program allocated $10 million in teacher home loans to 84 teachers statewide, according to Gov. M.J. Mike Foster, Jr. and State Treasurer John Kennedy.

We knew the program would take off, but I don’t think any of us realized the money would go this quickly, said Gov. Foster. I’m glad we were able to help the teachers who participated in the program, and were working to find additional money to help those who still need it. The Louisiana Teachers Home Buyer Program was announced on a Tuesday and all of the money was applied for by Friday, said Treasurer Kennedy. The overwhelming success of the program is proof positive that there is a huge demand for affordable housing for our state’s teachers. The State Treasury, Hibernia National Bank and Fannie Mae developed the Louisiana Teachers Home Buyer Program with a $10 million investment in mortgage-backed securities from the state’s Education Quality Trust Fund. Because this was a one-time investment, however, joint efforts are underway to explore additional funding sources to extend the teacher program. Gov. Foster and Treasurer Kennedy are working with the Teachers Retirement System, the Louisiana Association of Educators and the Louisiana Federation of Teachers to find ways to further fund the program. In addition, Hibernia National Bank is placing the names of qualified applicants on a waiting list.

The average price of a home purchased with the program was $136,720. For a list of cities where teachers bought homes, see the attached chart. For more information on the Louisiana Teachers Home Buyer Program, visit www.latreasury.com.

Louisiana Teachers Home Buyer Program 2002 Results

ABBEVILLE
1
ABITA SPRINGS
2
BATON ROUGE
9
BOGALUSA
1
BREAUX BRIDGE
2
CARENCRO
1
COLUMBIA
1
CROWLEY
1
DENHAM SPRINGS
1
DERIDDER
1
DOWNSVILLE
1
DUSON
1
EUNICE
1
FRANKLINTON
1
HAMMOND
1
HARRAHAN
1
HARVEY
1
HOUMA
3
JONESBORO
1
KEITHVILLE
1
LAFAYETTE
3
LAKE CHARLES
4
LAPLACE
4
LIVINGSTON
1
LOCKPORT
1
MADISONVILLE
2
MAMOU
1
MANDEVILLE
4
MARRERO
1
METAIRIE
4
MONTZ
1
MORGAN CITY
1
PEARL RIVER
1
PINEVILLE
1
PORT ALLEN
1
RACELAND
2
SHREVEPORT
5
SLIDELL
7
SULPHUR
2
THIBODAUX
2
WEST MONROE
1
WINNFIELD
1
YOUNGSVILLE
2
TOTAL
84

Contact:
Sarah Mulhearn
(225) 342-0012