What is Employer Assisted Housing?
Employer Assisted Housing (EAH) is a program offered by employers in concert with a local housing agency that provides incentives for employees to become homeowners. Each EAH program is different and can offer one or many types of incentives to employees including homeownership education, mortgage guarantees, discounted legal advice, down payment and closing cost assistance or other financial support.
Why do it?
EAH programs benefit the family, the employer and the city by shortening commute times, increasing the supply of dedicated labor and enabling a better quality of life for employees. EAH's programs cut costs for the employer by generating higher employee retention rates and boosting employee loyalty, morale, drive and productivity. In an Employer Assisted Housing study, Fannie Mae found that fewer resources are spent on finding, hiring and orienting new workers while more revenue is generated through the increased productivity of the current and long-lasting employees. Shorter commute times help alleviate rush hour traffic, smog, and pollution in the city. Employees completing certified homebuyer education learn credit repair and budgeting skills and have access to one-on-one counseling, increasing positive financial management and decreasing stressors related to money. Homeownership also benefits our neighborhoods by increasing housing values and reducing crime rates and juvenile delinquency. By working with Home HeadQuarters and the Syracuse Neighborhood Initiative, local employers can connect with matching fund programs, nationally certified Homebuyer Education and technical assistance.
How does it work?
An EAH is as unique as your own company and can include any or all components that your organization finds useful. Two of the most popular types of EAH programs offered in Syracuse include a grant program and a guaranteed mortgage program. Syracuse University (Link to http://sunews.syr.edu/story_details.cfm?id=2641) offers both a grant and a guaranteed mortgage program. SU offers a $1,000 grant which is matched dollar for dollar by the Syracuse Neighborhood Initiative and Home HeadQuarters for SU employees to put towards down payment costs, closing costs, home inspection fees, title insurance, and/or attorney's fees (for both the homebuyer and the bank) in conjunction with the purchase of an eligible home.
Through a Guaranteed Mortgage Program, like the one offered by St. Joseph's Hospital Health Center the employer guarantees the employee's loan at no risk to the lender which saves the employee from paying private mortgage insurance and allows him or her to make little or no down payment. The employee pays lower closing costs and could enjoy a lower interest rate on loans. In addition to SU and St. Joseph's, LeMoyne College and Unity Mutual Life Insurance Company also offer Employer Assisted Housing Programs in the City of Syracuse.
If you are a local employer, call Home HeadQuarters today to discuss setting up a housing assistance program for your employees.
(315)474-1939 ext. 249, info@homehq.org
If you are an employee of one of these organizations, please visit the appropriate website listed below or contact your organization's Human Resources Department to learn more about the opportunities provided by your employer's EAH program. If your employer is not listed, contact your Human Resources Department about setting up an EAH program today.
Contact Info:
Syracuse University:
http://bfasweb.syr.edu/real_estate/
Claudia Bement in SU's Real Estate Office at 443-2104
LeMoyne:
http://www.lemoyne.edu/human_resources/guaranteed_mortgage.htm
Human Resources (315)445-4155
St Joseph's Hospital:
MortgageProgram@sjhsyr.org
Mike Fifield, Benefits Manager, (315) 448-5511
Unity Mutual:
Chris Dalpan, Human Resources, (315)448-7282
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