A CA-based startup called Landed that helps teachers buy houses has raised $7.5m, TechCrunch reports.
Landed, whose mission is to help educators “build financial security near the communities they serve,” provides down-payment funding, financial coaching, and regional support to teachers and their families.
Sherlock homes to the rescue
The Landed program, which has no income qualification restrictions, offers up to $120k in assistance to the many educators who struggle with unsustainable living costs and absurd commutes — yet often don’t qualify for subsidized housing.
In return, Landing takes a 25% cut of the home’s value gain (or loss).
This year, Landed-subsidized down payments have saved over 100 educators in expensive areas of CA, CO, and WA from being left in the (chalk)dust. The company plans to use the recent funding to continue expanding its K-12 and college/university support to new cities.
Teachers have been walkin’ it out
The aid comes on the heels of a slew of teacher walkouts over stagnant salaries and ever-rising housing prices. Growing demands for increased federal funding and a few creative solutions like educator villages are promising signs, but progress has been slow.
The pressure is particularly on in places like the SF Bay Area, where the tech boom has led to an acute shortage of affordable homes.
But Landed co-founder Alex Lofton claims the company is ready to tackle the challenge. “[IPOs] will affect us, but it won’t end our mission,” he told TechCrunch.
