The Cincinnati Public Schools system is the city's sixth-largest employer, but only half of its 5,553 workers live within city limits.

        A new home ownership program announced Wednesday could change that.

        The program is unique because it applies to all employees, not just teachers, as is done in other states and cities.

        Employees regardless of income can qualify for low-rate mortgages, reduced closing costs and the chance to buy a home in the city with 3 percent down (only $1,000 need come from the buyer; the rest can be from grants) and no need to pay mortgage insurance.

OWNERSHIP HELP

All Cincinnati Public Schools employees can take advantage of a new program to increase homeownership within the city school district's boundaries.

PROGRAM HIGHLIGHTS:

• Down payment of 3 percent required. Borrower required to provide at least $1,000 or 2 percent of purchase price. Remainder of down payment can come from grants or gifts.     • Fixed-rate, 15-year or 30-year mortgages with no points and no mortgage insurance required. Maximum price of $275,000.     • Homes must be owner-    occupied, one-, two-, three- or four-family units. Buyers can own no other property.     • No income requirements.     • Maximum closing costs of $1,000, with title insurance of $350.     • Home improvement financing of 1 percent to 5 percent interest for home repairs.     • Free home-buyer training and counseling.

        That means an employee who buys a $100,000 home would only have to put out $2,350 to move in.

        “It's important for us to have that connection between employees and the communities they work in,” said Rick Williams, Board of Education president. “We hope we can use this to retain teachers and staff and as a recruiting mechanism as we go into the hiring season.”

        The district hopes to hire 400 teachers — 12.9 percent of its 3,100 member staff - before August, the largest hiring blitz in the district's history, Superintendent Steven Adamowski said.

        Employees who already own a home in the city and have a high-rate mortgage can refinance or get a low-rate home repair loan.

        The district joined with Firstar Bank, the Home Ownership Center, the University of Cincinnati and other city funding agencies to create the program.

        The city's home-ownership rate is low: 38 percent compared with 65 percent nationally.

        An employer-based home ownership program was the idea of Rick Beck, Cincinnati Federation of Teachers president, and Mr. Williams.

        The savings are a benefit, an incentive and a thank you to district employees, Mr. Beck said.

        “We do think people should be encouraged to live close to where they work,” Mr. Beck said. “There is value for teachers to be invested in the communities they work in.”

        The Board of Education is expected to approve the home ownership program Monday. It would go into effect soon after.

        Firstar Bank made a three-year commitment to the Cincinnati schools program. Officials expect at least 50 people each year to take advantage.

        Such programs are becoming popular across the country as employers try to retain qualified workers and cities and states attempt to revitalize struggling neighborhoods.

        • In Portland, Ore., teachers can finance 100 percent of the cost of a home up to $200,000 with no mortgage insurance and the opportunity to use interest-free financing for closing costs.

        • In Maryland, a state program that offers 5 percent fixed-rate mortgages to teachers ran out of money in a few months. Started last summer with $40 million, the money was gone in September.

        • The University of Cincinnati's mortgage assistance program helps first-time home buyers with loans up to $2,500 at 6 percent interest.

Cosby the draw for UC ceremony
Cover-up by Cosco infuriates area moms
School welcomes immigrants' kids
Traffic-stop data scrutinized
Blank facade will remain on Freedom Center
Church to care for city playgrounds
Dispute growing over mold at Sharonville grade school
Zoning may stall hospital move
Butler Democrats fill vacancy
New Fairfield police station to provide extra benefits
St. Ursula unveils building
Blacks form majority of GOP slate
Campaign reform lawsuit plotted
City wants good watchdog to guard riverfront
Councilman wonders if city's getting cheated on storm water
GOP school package introduced
Grant Co. compromises on calendar
Kent State students appeal commemoration decision
Ky.'s prescription tracking system helps convict woman
Low-income tenants want church management ousted
Man accused of spending taxpayer money for porn
Man pleads not guilty in two slayings
Mount Healthy OKs new pool
Murder charge in crash raises questions
Murder charge in baby's death leaves Murray campus in 'shock'
Pair are taken off coal study panel
Proposed runway gets thumbs down on Ohio side
PULFER: McVeigh book
Rally at XU casts light on union's efforts at company
Relations award honors four
Schools offering home program
Showcase set to expand
Sloppy Joe's gives way to One Riverfront Row banquet complex
State spends thousands for worker 'humor' sessions
Student accused of firing gun in Columbus school restroom
Teacher jobs draw interest
9-year-old hit riding bicycle remains critical
Kentucky News Briefs
Tristate A.M. Report