Local school districts have the opportunity to restructure their construction bond programs using zero-interest loans from the federal government, a money-saving move expected to help both schools and homeowners.

The Qualified School Construction Bond (QSCB) program will save taxpayers millions of dollars in the long run, but homeowners will have to pay slightly higher taxes each year until the bonds are paid, officials said.

In 2006, voters in the Las Virgenes Unified School District passed Measure G, a $128-million bond measure, and agreed to pay $25 per $100,000 of the assessed value of their homes to retire the debt.

Under the current bond structure, if a home is assessed at $500,000, homeowners would pay $125 per year for 44 years. The QSCB bonds would raise the tax to about $32 per $100,000 of assessed value, bringing the tax on the same home to $160 per year. But the loan will be paid off in 15 to 17 years instead of 44.

The revision will save Las Virgenes district taxpayers $214 million over the life of the loan.

In a report to the Las Virgenes School Board, Superintendent Donald Zimring compares the restructuring to a homeowner who changes from a 30-year- to a 15- year mortgage.

“The actual monthly payments may rise slightly, but the lifetime cost of the loan drops dramatically,” Zimring said.

The Oak Park school district also qualified for the federal program. Measure R, a $29-million bond measure passed by voters in 2008, can only be used for construction projects. Voters agreed to a tax of $44.87 per $100,000 of assessed home values. Under the QSCB program, the rate will rise to $47 per $100,000 of the assessed home value.

Martin Klauss, assistant superintendent of business and administrative services for Oak Park Unified, said the bond issuance approved by the board was a combination of $4.4 million in QSCB bonds and a $9.4 million continuance in other bond money.

“The combination of bonds will increase the rate per $100,000 of assessed valuation by $3,” Klauss said. While the QSCB bonds will be repaid within 15 to 17 years, repayment of other bonds will remain the same and be paid off between 25 and 30 years, he said.

In Oak Park, the QSCB program will save taxpayers $8.5 million over the term of the loan. A homeowner with a property assessed at $500,000 will pay $15 extra in taxes per year.

Bond money pays for construction projects. In Las Virgenes, Measure R bonds funded the construction of Yerba Buena Elementary School, Lindero Canyon Middle School, the performing arts centers at Calabasas and Agoura high schools and other projects.

In the Oak Park district, bond money will pay for modernization projects starting this spring, including science classrooms at Oak Park High School, new fire alarm systems throughout the district and playfield drainage.

“Under the federal QSCB program, the taxpayers will repay the principal only, and the government repays the interest,” Klauss said.

QSCB can only be used for construction and repair of facilities, Klauss said. “It cannot be used