School district accused of mismanaging fund

July 7, 2010 12:40:18 PM PDT
A grand jury report is criticizing the Santa Clara Unified School District for mismanaging a fund that helps teachers buy houses in the area.

Our media partner, The Mercury News, reports that more than a third of loans for the teachers were delinquent at some point, and the director of the fund was actually granted a loan.

The grand jury investigation accuses the school district of poor planning and execution.

The school district says it has already fixed every concern the grand jury has raised in its report.

The district created the loan program 10 years ago to attract and keep qualified teachers.