Landed, a San Francisco, CA-based fintech startup for essential professioanls, raised $5m in funding.
The Chan Zuckerberg Initiative (CZI) made the investment.
The company will use the proceeds to create a down payment support fund that will allow educators in the Redwood City, Ravenswood City, and Sequoia Union High School districts in California, which face some of the highest housing costs in the country, to buy homes.
Any proceeds that are generated from this fund will be continually re-invested into helping more educators access homeownership as a housing option.
Led by Jonathan Asmis, CEO, Landed provides district or public school employees with support in order to improve access to expensive housing.
The detailed terms of the investment are as follows:
Eligibility: Any district or public school employee within the boundaries of Sequoia Union High School District, Redwood City School District and Ravenswood City School District.
Support: Up to half of a down payment (max $120,000), for the purchase of a primary residence.
Terms: Participants share up to 25% of the appreciation (or loss) in the price of the home upon sale, or after 30 years, whichever is sooner. There are no monthly payments.
Other: Participants can choose to end their relationship with Landed at any time. Financial coaching support will also be made available to participants.