Lockhart ISD is partnering with Red Oak Development Group to launch TEACH, a program that will give teachers credit toward home purchases and a $1.5 million pool for down-payments.
The TEACH Initiative
The new program, Teachers’ Economic Advancement through Community Homeownership, is designed to help local teachers become homeowners. According to Red Oak’s website, “In each community, Red Oak sets aside a select number of home sites and passes through 100% of our profits from the sale of that land as a credit for teachers to apply toward the purchase price of a new home. The TEACH credit is applied during the home closing process, reducing the financial burden and making homeownership attainable for teachers.”
Financial Details
Red Oak CEO Tom Staub explained the funding structure: “When you look at the $1.5 million we are providing for down payments and housing assistance, it is ultimately up to the ISD to decide what the right amount is,” he said. “Our belief is that it should be anywhere from $20,000 to $30,000 per teacher, so easy math tells you that’s anywhere from 40 to 60 teachers that could live in this community.”
Staub also noted that home prices will range from about $200,000 to $1,000,000. “In our agreement with TEACH, which is primarily for teachers, if there is leftover funds, we have the option to apply to the public safety workers, which I think is a great way to not only bring the teachers into the community, but other people, I truly believe make up the backbone,” he added.
Moxie Development
The project will take place in Moxie, a 589-acre community less than three miles from historic downtown Lockhart and 40 minutes from Austin. Currently under construction, the development will eventually include homes, schools, and more than 20 miles of trails-10 of which are sidewalks. Two school sites have already been dedicated to the ISD. The site will break ground on a new middle school in January, with space also reserved for a new elementary school.
Teacher Housing Context
Lockhart ISD Superintendent Mark Estrada highlighted the need for such a program: “In Lockhart ISD, the vast majority of our teachers commute to work each day; over 75% of them do not live in our district boundaries,” he said. Estrada said he hopes to retain and attract teachers through the new partnership. “We really wish we could just pay teachers enough to where they can afford to buy a house in Central Texas,” Estrada added. “The reality is the state funding does not provide enough funding so that teachers without some kind of creative thinking can afford home ownership.”
Future Plans
Staub said the developers are working on building about 400 home sites over the next three to four years and that the project will eventually offer 8 to 12 different home types.
Key Takeaways
- Lockhart ISD and Red Oak launch TEACH, offering $200k-$1M homes and $1.5M assistance for teachers.
- The program aims to bring 40-60 teachers into the community and may also support first responders.
- Moxie development will include homes, schools, and extensive trails, with a new middle school breaking ground in January.
The partnership represents a significant step toward keeping teachers in the Lockhart area by making homeownership more attainable.
