Vote Smart's Synopsis:

Vote to pass a bill that would create a teacher home loan program to be administered by the State Board of Education.

Highlights:

- Provides a program loan of $15,000 to a selected loan recipient, to be used for the purchase of a primary residence [sec. 1 (2)(b)]. - Requires a loan recipient to make interest payments at a fixed interest rate equal to the state treasurer's Utah Public Treasurers Investment Fund interest rate from the January prior to loan issuance [sec. 1 (2)(c)]. - Requires loan recipients to be full-time teachers who have obtained their licenses for the first time within the past five years [sec. 1(2)(a)]. - Forgives $5,000 of the loan principal if the teacher teaches in a school district for five consecutive years after receiving the loan and the remaining amount of the loan principal if the teacher teaches in a school district for ten consecutive years [sec. 1 (2)(d)]. - $1.5 million appropriated from the Uniform School Fund to the State Board of Education to fund the Teacher Loan Program [sec. 2]. - Takes effect on July 1, 2008 [sec. 3].

Full Bill Text