MULTNOMAH COUNTY, OR (KPTV) - Teachers are tasked with shaping the lives of students, working long hours, for what some might consider a small paycheck. But soon, those working for Portland Public Schools and Gresham-Barlow School District will have a major job perk.
A new program launching across Multnomah County will help educators land their dream home by providing down payment assistance and other resources.
“Portland is one of these places where people want to be, want to live. The reality of that means that prices go up,” says, Alex Lofton, the co-founder of Landed, a company working to make homeownership easier for educators.
Lofton’s company is launching a program in partnership with PPS and GBSD, to help district employees buy their dream homes.
“My mom is a retired fourth grade teacher. My dad was a social worker,” Lofton said. “I had a lot of love and support, but money was always a challenge. And, it wasn’t until my grandmother passed along her home did we get to experience home ownership.”
The program, available in 100 school districts across the West Coast, provides half of the down payment on a home, up to $120,000 per family. It does so in exchange for a quarter of the change in the value when the home is sold, according to Lofton.
“Any money that is returned to the fund in the future goes back and is reinvested to help more educators,” Lofton said.
It will be available to all faculty, administrators, and staff members who have worked for a public school or district in Multnomah County for at least two years.
But, Lofton cautions, it’s not a grant. If the home’s value goes down, both the educator’s family and Landed will share in that loss.
He says the goal is to help educators build financial and generational security through homeownership while retaining talent in local school districts.
Several information sessions will be held later this month for those who wish to learn more. To RSVP for a session, visit https://www.eventbrite.com/o/landed-17162051264.
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