Football helping Bay Area teachers afford homes

SANTA CLARA, Calif. (KGO) -- Although the College Football National Championship at Levi's Stadium doesn't take place until January of next year, the Bay Area Host Committee is already following through on its word to help support local educators as part of its philanthropic commitments leading up to the big event.

Officials with the BAHC and the College Football Playoff (CFP) Foundation Wednesday announced a joint partnership with San Francisco-based Landed, whose mission is to help essential professionals, such as teachers, build financial security near the communities they serve. The innovative company is working with public school districts to help make home ownership a reality through financial coaching and down-payment assistance.

RELATED: Analysis says Bay Area first-time homebuyers would need to save for 9 years, 7 months

"We believe in aiding the essential professionals who uphold our children and our society," said Landed co-founder Alex Lofton. "Partnerships like this one prove there's a collective will here in the Bay Area not only to discuss the housing challenges that have reached a crisis point for too many people - including our educators - but to address this problem through innovation and shared action."

As part of a year-long campaign by the BAHC and the CFP Foundation's Extra Yard for Teachers program to provide support to Bay Area educators, officials have made a $150,000 contribution to Landed, which will award direct grants to help educators with the cost of purchasing a home locally.

"Teachers are the most valuable resource we have in this country and the lack of affordable housing for educators has a direct effect on the quality of education for young people nationwide, including the Bay Area," said CFP Foundation Executive Director Britton Banowsky.

RELATED: Buying a home may be unattainable for majority of Bay Area residents, study finds

Three teachers and/or staff members will receive grants of $25,000, which they can then pair with an existing down payment support program. Those winners will be announced in January. Smaller grants will be awarded to dozens of other educators who apply and qualify in the months leading up to the championship.

"Improving the lives of teachers is the core focus of the CFP Foundation's efforts, and the Bay Area Host Committee is thrilled to join them ahead of the 2019 College Football Playoff National Championship at Levi's Stadium in this unique partnership with Landed that will directly benefit educators in this community," said Patricia Ernstrom, executive director of the Bay Area Host Committee.

Landed's model is unique in that it helps provide up to half of a 20 percent down payment (up to $120,000). The educator pays the costs of ownership, but doesn't make any monthly payments to the company. Landed makes its return on investment when the educator sells or buys out the investment. Once a home is sold, the educator shares 25 percent of the investment gain or loss with Landed.