On Feb. 17, the University of Colorado announced a partnership with Landed, a third-party vendor, aimed at helping CU employees purchase homes through a down payment program and connections to homebuying resources.
Landed’s down payment program invests alongside CU employees to help them reach a 20% down payment. Landed’s funds, up to $120,000 per household, come in the form of an equity investment in which homebuyers share in a portion of the gain (or loss, if any) of the home’s value once it’s sold or refinanced.
The program is available to full-time employees (at least 20 hours per week) who can contribute as little as a 5% down payment. It can be used to purchase a primary residence in the developed, urban and near-urban regions of the following counties: Denver, Arapahoe, Jefferson, Adams, Douglas, Boulder, Broomfield, Elbert, Park, Clear Creek, and Gilpin.
The San Francisco- and Denver-based company has successfully worked with K-12 and higher education clients across the country.
“Rising housing costs in Colorado make it challenging for some of our employees to afford homes. This program will help them live in the communities they serve,” said CU President Mark Kennedy. “Our partnership with Landed will also help improve staff recruitment and retention by helping them make home ownership more accessible.”
Landed’s down payment program is made possible by a combination of philanthropic impact investors and capital from other investors, such as those who manage retirement funds for teachers. Together, these sources of investment capital enable the down payment program to support more employees in education in a sustainable way.
All benefits-eligible administrators and staff who have worked in public education (either at CU or at another educational institution) for at least two years can use Landed’s down payment program. This third-party program offered through Landed will not replace CU’s Faculty Housing Assistance Program offered to tenured and tenure track faculty.
Landed’s work in Colorado began in 2018 with K-12 educators through partnerships with Denver Public Schools, Boulder Valley School District, Aurora Public Schools, and others. To date, more than 50 Denver and Boulder area educators have purchased a home with Landed’s down payment program. More than 1,000 have received homebuyer resources and educational materials, making Colorado Landed’s most successful region outside of California. Other Landed services include building an expert homebuying team to help navigate homebuying options, competitive offer reviews, and homebuying education and guidance to help employees in education prepare for homeownership.
“We are thrilled to expand Landed’s homebuying resources to the University of Colorado and look forward to connecting directly with employees and their families,” said Alex Lofton, Landed co-founder. “As the son of a school teacher and a social worker in the Seattle area, I know firsthand the struggles that many families go through to build financial security in expensive communities. Landed hopes to be a support system to help employees feel more secure in their financial future.”
Since its founding in 2015, Landed has helped more than 300 K-12 and higher education employees in the Denver, Hawaii, Los Angeles, San Diego, San Francisco, Seattle, Portland, and Washington, D.C. areas purchase homes.
A series of informational sessions for CU employees to learn more about the program will be held the week of March 2. Interested employees can RSVP for these sessions at: landed.com/events.