At Landed, our mission continues to be to help our essential professionals build financial security. As our first way of helping, we created a method for pension funds and foundations to co-invest with public educators to help them buy homes near the communities they serve. We’ve become quite good at it! Just this week we've helped four educators buy homes in the San Francisco Bay Area alone, and so far in 2018 we’ve helped educators buy homes collectively valued over $20M. And although we have a long way to go to get to every educator in the country, our confidence is building that we will in fact reach our goals.
We’ve become so good at running down payment assistance programs that other employers are starting to reach out to see if they can do the same for their employees. Today, we’re excited to be launching a new initiative, Landed Housing Solutions (LHS), to share that expertise with employers more broadly.
Is Landed Changing its Mission?
No. Landed remains solely committed to helping essential professionals build wealth. Essential professionals (like educators, first responders, healthcare workers, and others) are the bedrock of our cities, and we need to uphold those who uphold us. LHS is about taking advantage of the expertise that we have built, and using all profits to expand our reach and commitment to essential professionals.
Employers Helping Employees
Companies, nonprofits, and other institutions have a vested interest in helping their employees afford to live long-term in the places they work. These organizations also often have large sums of capital reserves invested in stocks, bonds, and other traditional investments. We believe that by allocating a small percentage of their capital reserves to invest in the homes of their employees through a shared equity model, these organizations can sustainably help their employees feel rooted near where they work. At its core, this helps solve the recruitment and retention challenge faced by employers of all types whose employees are struggling to live in cities where buying a home has become out of reach for many families.
As a starting point, LHS is offering a similar shared equity product as the Landed offering for public educators, but with greater flexibility to adjust the terms of a down payment program to meet the unique needs of each employer. As we grow, we plan to offer other forms of homebuyer education, financial assistance, and employees benefits that our partners request.
Who is LHS planning to partner with?
Independent K-12 schools, private universities, hospitals, telecommunications firms, tech companies, established nonprofits, government agencies, and many other types of employers all share the need to retain employees for the long-term. Currently, LHS already serves several independent schools in the Bay Area who have chosen to invest their own resources to establish down payment programs for their faculty and staff. We are also in the process of establishing programs for our first private university partner and private company. As we begin conversations with a wide range of employers across many industries, we are open to partnering with any organization that seeks to support its employees’ homeownership and financial goals.
We've asked Ian Magruder to lead our work with LHS, and we're excited about the possibilities ahead. If you are interested in bringing LHS to your company, you can learn more at lhs.landed.com or can contact us directly at [email protected].