First College in California to Launch Program; Already Helping K-12 School Employees in County Buy Homes
Cabrillo College announced it has become the first institution of higher education in California to launch with Landed, a down payment assistance and homebuyer education program aimed at helping educators and school employees afford to buy homes.
The program provides half of the down payment on a home, up to $120,000 per family, in exchange for a portion of the change in the value of the home when the home is sold. Any gains from this assistance are re-invested to support an ever-growing number of educators and essential professionals. Landed’s down payment support will be available to all faculty, staff, and administrators who have worked for Cabrillo College for at least two years.
“As the cost of housing in our region continues to rise, too many of our employees are finding it harder to afford homes and stay in the area,” said Cabrillo College President Matthew Wetstein. “We believe Landed will be a valuable solution to help improve our recruitment and retention by making home ownership more accessible, and we’re encouraged by the success that the program is already having for K-12 schools across Santa Cruz County.”
In November 2017, the Santa Cruz County Office of Education partnered with Landed to bring down payment assistance to all 10 K-12 school districts in the county. Since then, more than 500 Santa Cruz County K-12 educators have been engaged in receiving home buying or financial wellness resources, and 12 Santa Cruz County educators have already successfully closed on homes.
In 2018, the Community Foundation of Santa Cruz County became Landed’s first local investor and Bay Federal Credit Union joined as a partner mortgage lender for educators using Landed’s down payment support.
“Growing up in Santa Cruz, I’ve seen the dramatic change in affordability and the need for new solutions to help educators be able to afford to build financial security,” said Landed Director of Partnerships, Ian Magruder. Magruder attended Cabrillo College as a dual-enrolled student in high school and served as Cabrillo College student body Vice President in 2007. “It’s an honor to return to the campus that helped shape my early education and leaderships to be able to give back to the faculty and staff who serve this community,” Magruder added.
Since its founding in 2015, Landed has helped nearly 200 educators purchase homes in the San Francisco Bay Area, Los Angeles, Denver, and Seattle. The partnership with Cabrillo College is Landed’s first expansion into public colleges and universities in California.
•••
For more information: www.landed.com