Finance Industry News JLS in the News News

Bellevue School District announces partnership to help teachers with down payments

Photo by NeONBRAND on Unsplash

John L. Scott broker Frank Ceteznik was quoted in this Seattle Times article about a partnership between the Bellevue School District and Landed. The aim of the partnership is to help Bellevue teachers live where they teach through down payment assistance. 

Neal Morton | Seattle Times

Bellevue teachers — who banked on double-digit pay hikes starting this school year — still might not find it easy to live on the Eastside.

Median home prices in and around Bellevue are nearing $1 million, meaning new teachers in the Bellevue School District, even if they saved a full tenth of their salary each year, should expect to wait roughly 34 years before they would be able to afford a 20 percent down payment on an Eastside house. Even teachers earning the max salary in Bellevue — just under $111,100 — would have to save until 2032.

The school district has started talks with Eastside developers to see if they can make room in mixed-use buildings for affordable units for educators. But on Thursday, district officials announced another potential solution: A startup company, founded by a former Bellevue student, would split the cost of a down payment for teachers and other school staff — provided they agree to share a quarter of any profits made on the sale of the property in the future.

To read the full article, click here: San Francisco startup wants to help Bellevue teachers buy their homes

Related posts

How to manage your online reputation

jlspr

How to navigate the challenges of 2022

jlspr

How to unveil property stigmas for your clients

jlspr