Making A Difference – Mark Zuckerberg Creates $5 Million Fund To Help Silicon Valley Teachers Afford Down Payments
Facebook CEO Mark Zuckerberg’s Chan Zuckerberg Initiative is taking a small step to address this issue by announcing the creation of a $5 million fund at for-profit venture-backed startup, Landed. Founded in 2015, Landed pays up to half of a 20% down payment on a home for educators, in exchange for up to 25% of the investment gain (or loss) when the house is sold or after 30 years. The down payment assistance from Landed and Zuckerberg’s fund comes with some big strings attached: If a teacher doesn’t want to sell the home at the end of the investment term (which Landed’s site says is between 10 and 30 years), he or she has to repay Landed. That might be difficult on a teacher’s salary in high cost Silicon Valley.