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Zero Interest Loans, Gavin Style

The Mayor's Office announced a new plan for two new programs that will respectively assist teachers and policemen with home down payments. The one for teachers is called "Teacher Next Door"; the police version is "Police in the Community". Both offer $20k, interest-free loans that are forgiven completely with continued service. The one for teachers is forgiven on a 10-year plan; the one for cops on a 5-year schedule. Both can only be used for a first home.

This is potentially a great idea, particularly the one for police officers— a frequent complaint heard about SFPD is that not enough of them live in San Francisco, so an incentive like this could change those sentiments. Similarly, teachers being more invested in the communities they teach in could indeed "stabilize the workforce." Of course, if the demographics trends hold, and families with young kids keep splitting town (driven by housing/other living expenses), there may not be many kids left in town for those teachers to teach. Educators, get that 10 years going while you still can.
· NEWSOM ANNOUNCES NEW HOMEOWNERSHIP DOWNPAYMENT ASSISTANCE PROGRAM [sfgov.org]