Entertainment moguls JAY-Z and Will Smith have joined forces to make homeownership more accessible for people with low incomes.
JAY-Z’s Roc Nation and Will’s Dreamers VC are part of a group who’ve helped fund $165 million towards a startup called Landis Technologies, which aims to guide renters on the path to owning a home.
“We are proud to have invested in Landis,” Will Smith says.
“Landis is an innovative company that also has a social mission we are aligned with. We are excited to be part of a journey that helps Americans achieve homeownership through financial education.”
So how does this all work exactly?
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Founded by Cyril Berdugo and Tom Petit, the company purchases a property and rents it out to a client who can’t get a mortgage due to poor credit or debt.
That client is then assigned a special coach who works with them so they eventually can qualify for a mortgage. And as soon as they can, the client is given the opportunity to buy the house from Landis and transition from renter to homeowner.
As Tom Petit puts it, “we understand that people can fall on tough times, but no one should be locked out of homeownership forever.”
Others financially contributing to the company include the founders of CashApp, Instacart and Flatiron Health.
(Feature Image Credits: Tinseltown/Shutterstock; s-bukley/Shutterstock)