Employer Assisted Housing
An employer can provide financial assistance to help an employee obtain housing in the marketplace, or an employer may develop affordable housing for employees. In providing an EAH program, employers can experience improved recruitment, a decrease in turnover and associated costs, improved employee morale, reduced loss of productivity and need for overtime due to employees covering vacancies and positive PR for the employer.
Financial assistance can come in the form of a down payment, interest rate buydowns, loan guarantees, matched savings plans and homebuyer education.
In an effort to provide affordable housing options for its San Diego area employees, Paradise Valley Hospital recently sold several acres to a developer who plans to build 96 town homes on the property. The City Council of National City unanimously approved the plan, making it possible for employees to purchase homes at approximately $50,000 below market value. Occupancy of the initial phase of the “Paradise Walk” community, located adjacent to the hospital’s main campus, is planned for summer 2006. As we looked at the need to build the replacement hospital we also wanted to study how best to develop our 54 acres,” says Rochelle Wisdom, director of facilities. “Our objectives were to create a healing campus that encompass the whole continuum of care — from birth to death. Part of our community includes our employees and their need for affordable housing. So we have partnered with The Olson Co. to develop 96 town homes to be sold to employees on 4.5 acres.”
National Housing Institute
http://www.nhi.org/online/issues/141/EAH.html
Northwest Colorado Council of Governments
http://www.nwc.cog.co.us/documents/EmployerAssistedHousing.PDF
Greater Minnesota Housing Fund
http://www.gmhf.com/programs/eah/program_profile/EAH.htm |
