A San Francisco-based startup wants to help teachers in both Everett and Mukilteo buy their own homes.
RELATED: Cuts possible in 2019 for Everett schools
RELATED: Superintendent asks for patience as districts figure out funding
The Everett Herald reports the program called Learned would chip in up to $120,000 for half the down payment for teachers and employees in the two districts. In return, participants would then share in any future profit or losses.
“We are a true co-partner, we share on both sides — gains or loss,” said Ian Magruder, head of partnerships at Landed, told the Herald.
The program is also being viewed as a way to recruit and retain staff as housing costs drastically increase across the country. Landed started offering similar assistance to Bellevue School District employees last October (where Landed co-founder Alex Lofton attended school as a child).
The company has teamed up with upward of 80 schools across California and Denver.
Teachers and other employees who have been with the Everett or Mukilteo districts for at least two years are eligible for the down payment assistance. Participants are also asked to work in those districts for an additional two years after receiving the down payment.
Landed requires the purchased house to function as a primary home. The company offers financial advice for school district employees looking to buy a home sometime in the future.