FAQ
Employer assisted housing is any housing program or employer benefit that includes — rental assistance , home ownership assistance . education , financial coaching , and foreclosure prevention assistance . An employer may choose to help finance , provide matching funds, or assist in some way. The employer choses a customized program that fits the companies needs in todays market place. The employer may choose to assist only with education , and / or time off to go to inspections or to the close of escrow. The program is flexible and designed to accomadate the needs of any size of company . Today, communities across Las Vegas face increasing pressure to provide more affordable workforce housing. There are deteriorating neighborhoods and in order to keep business in the hardest hit areas , business owners are challenged to keep families and employees in homes in the areas they serve . Housing and transportation are traditionally consume 57 percent of a working families income. It makes sense to help keep those costs down by keeping employeees closer to work .
Employers working in partnership with their communities can help to address the affordable housing shortage, resulting in a stable workforce and a healthy local economy.
Frequently Asked Questions about Employer Assisted Housing
What is Employer Assisted Housing?
What are the most common forms of employer assistance?
How do I determine my community’s housing needs?
What resources are available to help fund a housing initiative?
Which employers are most likely to participate?
Frequently Asked Questions about Employer Assisted Housing
What is Employer Assisted Housing?
Employer Assisted Housing (EAH) is any housing program – rental or homeownership – that an employer finances or assists in some way. Examples of EAH include an employee down payment assistance program, new rental housing assisted by a grant from a local employer, housing built by the employer and sold or rented to employees, or an employer pool of funds used for local affordable housing initiatives.
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What are the most common forms of employer assistance?
There are many forms of EAH that can be quite extensive including building affordable communities . However , the Hope Home Foundation is concentrating on three of the most commonly used forms. They are : Home Buyer / Renter workshops , One -on -one counseling and Financial assistance through federal , state and local grants and matching savings programs.
Common types of employer assistance include?
■ Downpayment assistance in the form of a grant or forgivable loan that will help employees buy homes in the community. To promote affordability, loans that are not forgiven typically have 0-percent interest and repayment is deferred until the owner sells the home.
■ Donation of land to new single-family or rental project.
■ Cash contribution to an affordable housing project directly or to a nonprofit organization committed to creating affordable housing in the community.
■ Deferred loan to a new housing development that provides capital to a project resulting in lower loan payment and reduced rents.
How do I determine my community’s housing needs?
Employers should evaluate the needs of their own employees, as well as the needs of the community, before committing to a housing strategy. Local businesses can survey their employees on their housing needs, talk to local officials about housing supply and housing needs, and read any recent market studies or needs assessments. Responding to the real needs of your employees and to the community as a whole will ensure a successful housing initiative.
What resources are available to help fund a housing initiative?
Funding may be available from federal, state and local government agencies. Securing the appropriate mix of project financing typically involves a lot of time and research. An employer may be best served by working with the HOPE Home Foundation to assist in putting a project together.
top The Hope Home Foundation acts as an administrater of the program so no staff hours are used to implement the program.
Which employers are most likely to participate?
Locally-owned employers are more likely to participate financially in local affordable housing initiatives. Local owners are generally more accessible, have decision-making authority, and are more vested in the long-term vitality of the community. However, some companies with non-local ownership, particularly banks, have taken leadership roles in employer assisted housing initiatives. In those cases, a strong local manager has usually taken the lead and advocated for the program with non-local ownership.
