MPCSD has prioritized identifying innovative ways to help staff members manage one of the biggest challenges they face outside of work – finding sustainable housing in this expensive area. While nothing is a panacea, there is help available in the form of down payment assistance through a local company called Landed, which provides half of your down payment, up to $120,000. In exchange, you will share in the gain (or loss, if any) of your home when you sell or refinance. There are no monthly payments on the support.
To learn more, a meeting with Landed for interested employees will be held:
Wednesday, January 31, 3:30-4:30p.m.
TERC, 181 Encinal Ave., Atherton
Refreshments will be provided. RSVP here to determine count for food. A video recording of the info session will be available for anyone who cannot make it in-person.
Some brief points about how Landed works:
- This program is open to all staff and available immediately. Participants must have at least two years’ experience in MPCSD and also agree to stay with MPCSD for the next two years.
- Employees can end the partnership at any time within 30 years by buying out the Landed investment directly or by refinancing. At that time, participants pay back Landed’s original investment plus or minus a share of the gain (or loss) in the home value.
- Participants can use up to $120,000 in down payment support.
- Home must be used as a primary residence.
- There are no explicit restrictions on home purchase location, however all homebuyers are encouraged to consider the cost of commuting when making their decision.
- Participants must qualify for a primary mortgage with one of Landed’s lending partners. To qualify, participants must have access to savings (or family gifts) to contribute their own 10% down payment. Participants do not have to be first-time homebuyers.