The Pacific Northwest is a desirable place to live, and with that comes a hot housing market. Over the last month, in Renton alone, the average home sold for $500,000.
In an effort to help its teachers afford homes in the area, Renton School District announced yesterday a partnership with Landed, a homebuying down payment assistance and education program that was founded in 2015 in the San Francisco area. The program has since expanded to major cities, including the Seattle area.
For Renton teachers and staff members who have been with the district for at least two years, this means they could apply for the program and receive up to $120,000 per family on a down payment for a home. Once the home is sold, a portion of the value of the home will go back to Landed, and any gains in this exchange will be re-invested to support educators.
Former Seattle Seahawk Doug Baldwin helped bring this opportunity to the Renton School District, by introducing the superintendent to the Landed team.
“Teachers play a crucial role in a child’s development, and some of those teachers are looking for solutions to the rising cost of housing in the Seattle area,” Baldwin said. “This program will offer Renton teachers and staff an opportunity to afford homes in the communities they serve.
Renton School District Superintendent Damien Pattenaude echoed his sentiment: “As the cost of housing in the Renton area continues to rise, too many of our educators are finding it harder to afford homes in the area. We believe Landed will be a valuable solution to help improve school recruitment and retention by providing educators with a new option to help make homeownership more accessible.”
An informational session is being held at 4 and 5:30 p.m. on June 4th at the Renton IKEA Performing Arts Center. Information about the two sessions can be found here.