Educators get help for home ownership with start-up
It's no secret buying a home in Multnomah County is out of reach for many people and that unaffordability keeps some teachers from looking for jobs in the area.
But, help is on the way.
Teachers and staff working in Multnomah County school districts can now get up to $120,000 to use as a down payment to buy a house. That's thanks to a San Francisco start up called Landed that has helped teachers in other cities.
Katrise Perera, superintendent of the Gresham-Barlow School District said in the announcement: "We believe the educator-focused program Landed will provide our staff members with a new option designed to make home ownership more accessible and improve our ability to recruit and retain the best and brightest educators."
The down payment aid is available to all faculty, administrators and staff who have worked in a Multnomah County school district for at least two years.
The Landed program provides half the down payment for a home, up to $120,000 per family. In exchange for the grant, Landed will take 25% of any appreciation in the home when it is sold.
Landed's announcement said the money reaped from its 25% share will be reinvested to help other educators with down payments.
The median home value in Multnomah County was $398,800 at the end of July, according to real estate firm Zillow. The median price of homes listed in July in Multnomah County was $435,000, while the median price of homes sold was $395,900.
Founded in 2015, Landed has helped more than 200 educators purchase homes in five areas where homes are expensive.
Applications are open and educators can learn more at landed.com/portland.
Landed will hold informational meetings for school district employees at local high schools later in September. See Landed's web page for details on those meetings.
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