Landed to Expand Homeownership Assistance Program to Sutter Health’s Essential Professionals in Healthcare
Pilot marks first expansion of Landed’s down payment program and homebuyer education services into healthcare sector
SACRAMENTO, Calif. – Today, Landed and Sutter Health announced a pilot program to expand Landed’s homeownership assistance program to the healthcare sector. Landed, a personal finance company aimed at helping essential employees afford to buy homes, will bring new homeownership options to staff and physicians of the Palo Alto Medical Foundation and Palo Alto Foundation Medical Group, respectively, as well as employees of Mills-Peninsula Medical Center.
The pilot program with Sutter Health is Landed’s first expansion into the healthcare sector, which comes on the heels of the company’s recent milestone of helping 500 educators nationwide access homeownership over the last five years through down payment assistance and other homebuying services.
“Now more than ever, we need to uphold essential healthcare workers as they uphold us on the front lines of the COVID-19 pandemic by making it easier to buy a home in the communities they serve,” said Alex Lofton, co-founder of Landed. “We’re thrilled to work with Sutter Health as our first healthcare partner, who like us, knows firsthand how challenging the expensive Bay Area market can be to retain good talent in these critical, essential professional jobs.”
Landed’s down payment program invests alongside employees working in healthcare and education to help them reach a 20% down payment. Landed’s funds, up to $120,000 per household, come in the form of an equity investment, meaning that homebuyers share in a portion of the gain – or loss, if any – of the value of the home once the partnership is ended — typically by sale or refinance. Landed also offers access to a network of agents and lenders, free homebuyer guidance and resources to help make informed buying decisions.
As part of its 2019 “Live Well, Work Well” project, Sutter Health explored options that might help staff purchase homes near their workplace—thereby decreasing commute time and helping employees live in the communities they serve. Landed’s decision to offer its program to healthcare workers at Sutter has potential to positively impact Bay Area communities now and in the future. For example, hours saved on the road gives more time for clinicians and staff to rest, recuperate and recharge. Additionally, Landed’s assistance could help a pediatrician live in the community he or she serves and increase the possibility that families have the same provider for their children for their entire youth.
“I’m really excited about the potential of this down payment assistance program. I chose family medicine because I want to care for my patients from cradle to college. A program like this could help me achieve my goal of putting down roots in this community,” said Catherine A. Martin, D.O., MPH, from Palo Alto Foundation Medical Group who cares for patients in Watsonville. Read Dr. Martin’s story.
“Our teams are living our values every day, supporting numerous patients and families,” said Jill Ragsdale, Sutter Health’s senior vice president and chief people and culture officer. “We understand the importance of caring for our employees so that they may care for others. Sutter Health is responding in creative and compassionate ways to help employees feel supported—especially in a time with many unknowns. We believe helping alleviate some of the stress associated with aspects outside of work can ease team members’ peace of mind and enhance their well-being. We are very pleased Landed has agreed to offer its innovative support program to our valued staff.” Read an employee story that demonstrates why it’s important that our staff can put down roots in the communities they serve.
Sutter Health, like other healthcare systems in Northern California, faces recruitment and retention challenges in markets with a high cost of living and lack of affordable housing. Facilitating access to programs like Landed that enable employees to live where they work further enhances the health of the diverse communities Sutter serves. According to the U.S. Bureau of Labor Statistics, in 2017-2018 housing was by far the largest expenditure category for households in the San Francisco-Oakland-Hayward, Calif. area, accounting for 39.4% of the household budget, as compared to the 33% U.S. average.
Since its founding in 2015, Landed has helped hundreds of educators purchase homes in the San Francisco, Los Angeles, San Diego, Denver, Honolulu, Seattle, Portland (Ore.), Washington DC, and Boston metro areas. Hospitals and care centers across Sutter Health’s not-for-profit, integrated health network support the delivery of safe, high-quality, affordable care to more than 3 million Northern Californians each year.