Housing prices in Denver are especially challenging for low- and mid-level earners. New teachers in the metro area spend 30 percent or more of their salaries, which average about $38,000, on housing, making saving enough for a down payment on a home nearly impossible.
To lighten the load for at least some of its staff, Denver Public Schools announced on Thursday, April 12, that it has partnered with Landed, a startup based in California, and the Zoma Foundation to launch a down-payment assistance program that will provide up to half of a 20 percent down payment on a home, or up to $70,000 per household, to about 100 teachers the first year. Teachers and school staff members who have worked for DPS at least two years and can contribute half of a 20 percent down payment would qualify for the program.
"Given that state funding in Colorado has fallen so far behind our rapid increase in the cost of living, it is essential that we do everything to help our educators meet their housing needs, while continuing to advocate for greater state funding for education,” says DPS Superintendent Tom Boasberg.