Jay Z and Will Smith are partnering to invest in Landis Technologies, a startup company. The company’s goal is to assist thousands of renters in becoming homeowners.
The group raised over $165 million with the assistance of Jay Z’s Roc Nation and Smith’s Dreamers VC as a part of the investment.
The proceeds will be used to buy around 1,000 residences. Afterwards, the group will rent the homes to low-income households until they are eligible for a mortgage. Their aim is to turn 80 percent if their renters into homeowners within 2 years.
Additionally, they will mentor individuals on how to manage their money effectively and increase their credit score. They also want to show them how to conserve their money.
Landis is established in New York and also in 11 other states, including Alabama, Kentucky, and South Carolina.