Capitola, CA – October 17, 2018 – Bay Federal Credit Union has announced a new partnership with Landed, Inc. to provide down payment assistance to support Santa Cruz County public education employees in the purchase of a home. This is Landed’s first partnership with a local lender in Santa Cruz County.
The program contributes funds toward an eligible school employee’s down payment on a home: 10% down, up to $120,000. In exchange, homebuyers share a portion of the home’s future gain or loss. Any gains from the down payment assistance are reinvested in a fund to support an ever-growing number of educators. Landed’s down payment support is available to all teachers, administrators, and staff who have worked for a public school or district for at least two years and agree to stay with their district for at least two more years.
“As the cost of homes in Santa Cruz County continue to increase, we understand the impact to our educators in this county,” said Carrie Birkhofer, President and CEO of Bay Federal. “Since our founding as a teacher’s credit union in 1957, Bay Federal has a long-standing commitment to education. We also are committed to champion affordable housing locally. The partnership with Landed will help our talented and dedicated teachers, school personnel, and administrators be able to purchase a home. This benefits the community by being able to retain educators in our local area.”
Local investors are also increasing their commitment to the program. Community Foundation Santa Cruz County began with an investment of $350,000 but with the incredible demand from teachers, has increased its loan capital to $1 million to Landed’s fund for Santa Cruz County educators. “At times the housing crisis can appear overwhelming but partnerships like the one with Landed are proof we’re moving toward highly creative solutions that have real impact on people’s lives in our community,” said Foundation CEO Susan True.
Ian Magruder, Partnerships Lead at Landed, is a former Student Representative on the Santa Cruz City Schools Board of Trustees whose mother and sister are both local teachers.
“Santa Cruz County has been one of Landed's most successful regions,” said Magruder. “Since launching our partnership with all 10 public school districts through the Santa Cruz County Office of Education last November, Landed has already helped 9 teachers and school staff purchase homes in the community. Our partnership with Bay Federal Credit Union extends our ability to help more educators by giving them local lending options.”
Since its founding in 2015, Landed has already helped more than 100 educators purchase homes throughout the San Francisco Bay Area, Denver, Southern California, and Santa Cruz County. Landed also offers homebuyer education and financial wellness workshops for educators.
“We have been excited by Landed’s progress in helping many Santa Cruz educators achieve homeownership in the past year,” said Santa Cruz County Superintendent Michael Watkins. “We believe that the new partnership with Bay Federal will help make ownership even more accessible for educators in our community by providing local financing options.”
Interested educators can apply for Landed down payment assistance at landed.com. Landed will then connect prospective homebuyers to Bay Federal for a smooth financing process.
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit financial institution that serves more than 71,000 members and 1,200 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $995 million in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County, serving its members and the community since 1957. Since 2002, 100% of all employees have given their own money and volunteered for numerous local schools, nonprofit organizations, and community events.
About Community Foundation Santa Cruz County
Community Foundation Santa Cruz County makes Santa Cruz County a better place to live, now and in the future by inspiring people to invest in our community. The Foundation unites people through generosity and strengthens Santa Cruz County by helping donors and their advisors invest wisely in causes they care about, by making grants to local nonprofit organizations, and by providing leadership and impact on issues important to our community’s future. (www.cfscc.org)
About Santa Cruz County Office of Education
The Santa Cruz County Office of Education (SCCOE) leads educational excellence in Santa Cruz County by providing an extensive array of services to students and educators. SCCOE supports school leadership, provides research-based professional development, promotes community partnerships, and provides direct services to students such as Alternative Education Programs, Career Advancement Charter, Career Technical Education Partnership, and Special Education. (www.santacruzcoe.org)
Landed is on a mission to help essential professionals (starting with educators) build financial security near the communities they serve. The company invests alongside teachers and school staff when they are ready to buy a home in expensive cities like San Francisco, Denver, Los Angeles, and Seattle. Landed’s team is comprised of former educators, organizers, realtors, consultants, and investors, and the company has the backing of top banking executives, affordable housing policy experts, union organizers, philanthropists, Stanford economists, and prominent venture capital investors. (landed.com)
Amy Ivey, VP Marketing and Development
Bay Federal Credit Union
Susan True, CEO
Community Foundation Santa Cruz County
831.662.2010 - direct
Santa Cruz County Superintendent of Schools
Kat Clark, Engagement Lead
415.745.3733 - mobile
firstname.lastname@example.org - email preferred