You already know the bad news: The housing crunch is brutal. But there are some creative solutions in the works. The latest effort is a down payment assistance program for Monterey Peninsula Unified, Pacific Grove Unified and North Monterey County Unified school districtemployees for at least two years, launched Nov. 13 by San Francisco-based Landed. The company provides up to 50 percent toward a down payment (up to $120,000), and in exchange gets a portion of the land value when the home is eventually sold. “It’s a shared equity investment,” says Ian Magruder, director of parnterships for Landed. “We let them essentially buy whatever kind of home they want, anyone from janitors to principals.” The company started a partnership with all 10 school districts in Santa Cruz County about a year ago, and 10 families have purchased homes.