Facebook CEO Mark Zuckerberg and his wife Priscilla Chan are donating millions to help schoolteachers.
Zuckerberg and Chan are pledging $5 million through their Chan Zuckerberg Initiative to pay up to half of a 20 percent down payment on a home for teachers in the Silicon Valley area.
The initiative has paired with Landed, an organization that helps provide down payment assistance to educators buying homes in or near the communities where they serve. The two will help at least 60 educators who work in Redwood City, Ravenswood City, and Sequoia Union High School — districts with some of the highest housing costs in the US — buy homes near where they work.
The donation is aimed at giving educators a chance to buy a house in the nine-county Bay Area region, which has a median home price of $800,000.