OGDEN, Utah (ABC4) – The housing market is competitive and Ogden city leaders know that too well. That’s why it teamed up with the Ogden school district and a company, ‘Landed’ to help essential workers afford a down payment on a house.
Today Governor Spencer Cox, Ogden Mayor Mike Caldwell and Ogden School District Superintendent, Dr. Rich Nye spoke on assisting essential workers during the housing shortage.
“What this does for us is be able to recruit educators to want to come to Ogden, to come to Utah and to stay,” says Nye.
‘Landed’ is a personal finance company that will invest alongside people working in education, government and healthcare to help them reach a 20% down payment in Ogden.
Officials say this will make Ogden the first city in Utah to offer a shared equity home financing program.
“We want our employees to experience financial stability in their careers and this down payment assistance program is a giant step in the right direction to benefit those able to take advantage of this really unique and innovative program,” says Mayor Mike Caldwell, of Ogden.
According to city leaders, each household could get up to 120,000 dollars in the form of an equity investment, meaning homebuyers share in a portion of the gain or loss of the value of the home once the home is sold or refinanced.
For more information on Landed, click here.