Landed, a startup financial site that provides tools and assistance to "essential" professionals such as teachers, has announced a $5 million investment from the Chan Zuckerberg Initiative to create a down-payment support fund that will enable educators in California’s Redwood City, Ravenswood City, and Sequoia Union High School districts to buy homes close to their jobs.
According to Landed, the three districts face some of the highest housing costs in the country. The company provides up to half the down payment required for a home, while the buyer does not have to make monthly payments to the company until he or she sells the home, at which point Landed shares 25 percent of the investment gain (or loss).
"This investment from CZI represents an important milestone for our company," Landed stated on its blog. "We hope that more philanthropic organizations and community investors across the country join in to test this approach in the communities they care about, wherever they may be."