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Teachers getting help with buying homes in expensive districts

Posted at 10:22 AM, May 13, 2019

CORRECTION: The attached video contains an error. Landed is not a nonprofit. It is a mission-driven company that is paid by referral fees from their partner real estate agents. We apologize for any confusion.

DENVER — Living and teaching in the same school district may not be feasible for some teachers working in an area with high-priced homes.

Fourth-grade teacher Julian Carcamo said it was culture shock moving from Midland, Texas to Denver, Colorado.

“We had a big lawn — and now we had to be in an apartment, and we couldn’t even get a dog … it was a culture shock,” Carcamo said.

When he came across Landed, it changed his dream of home ownership to reality.

The organization invests alongside teachers to make homes more affordable for them. Landed is a mission driven company, that is paid by referral fees from their partner real estate agents.

“We work together with school districts to let them know that this exists,” said Paula Davis, with Landed.

“We hope with that help they can build roots and stay committed to those communities and those professions.

Through Landed, educators find the home they want. Once they qualify for a mortgage, Landed partners with them to split the cost of the down payment — up to half.

Teachers do not have to pay Landed a monthly fee or interest.

“In exchange for that help, they pay us back or minus a chunk of the appreciation of depreciation when they sell the home down the line,” Davis said.

In San Francisco, California, the annual teacher turnover rate is around 12 percent, leaving 400 classrooms vacant every school year, according to a Standford University survey.

“I have been at schools where we lost 50 percent of teachers, and the relationships with the community goes down,” Carcamo said. “Kids look for stability, and sometimes school is the only place kids have stability.”

He says landing his new home is a big win.

“Down the road I can stay; having a place where my son can grow up is really, really important for me.”