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Employer Assisted Housing Program

Employer Assisted Housing Program

 

INTRODUCTION

The National Association of REALTORS® (NAR) is partnering with the Eastern Connecticut Association of REALTORS® on a campaign for employers and REALTORS® to increase homeownership opportunities for workforce families throughout eastern Connecticut.

The campaign focuses on assisting employers in developing an employer-assisted housing (EAH) benefit to help their employees purchase a home. The campaign strategy promotes homeownership opportunities for workforce families by providing access to housing information, comprehensive counseling, and financial incentives.

Under the Employer Assisted Housing program, employers can select from three EAH benefits that may help their employees achieve the dream of homeownership:

#1 - Home Buying Workshops: Employers can provide access to free home-buying workshops (or brown-bag lunches) provided by REALTORS® and lenders. This component can help employees learn how to find and afford suitable housing.

#2 - One-on-One Housing Counseling: Employers can sponsor in-depth housing counseling and education benefits in partnership with participating nonprofit counseling agencies. This component offers a more personalized and comprehensive housing program to help employees overcome barriers to homeownership.

#3 - Financial Benefit: Employers can provide financial benefits such as forgivable loans, grants or matched savings to help their employees purchase a home. This component helps employers address employee recruitment, retention, and recognition issues.

Employers can chose to offer all or any combination of these three benefits to their employees.  NAR will provide technical assistance, at no cost, to employers that want to develop a customized EAH plan that helps them achieve their business goals.

Through the Employer Assisted Housing program, REALTORS® will have an opportunity to participate in outreach and education efforts with local employers, develop relationships with lenders that offer low-cost financing options, reach out to underserved markets, and create strong links in the community.

Providing an EAH benefit can help employers reduce turnover, leading to lower training and hiring costs. In addition, EAH can increase loyalty and morale, support bottom-line business goals, and strengthen links with the local community. Participating lenders will have an opportunity to expand homeownership opportunities and offer low-cost mortgage options to more potential home buyers. 

Local governments can benefit by gaining greater neighborhood stability, community involvement, and economic development opportunities.  Affordable, decent housing attracts employees and supports growth.

WHAT ECAR IS DOING

The following ECAR Affiliate members have agreed to offer discounted or free services to Employer Assisted Housing program buyers. Restrictions, if any, are noted. They are: 

 
Affiliate Member 
Discount service(s) provided 
Mortgage Lenders 
Keith Wilcox 
1st American Home Loans 
Phone: 860-774-7000
$500 closing cost credit (excluding CHFA loans) 
 
Antonio E. Gooding
Liberty Bank 
Phone: 860-344-7314 
$325 processing fee waived 
 
Rich Dinges 
NorthPoint Mortgage, Inc. 
Phone: 860-428-4052
$650 closing cost credit 
 
Hope Toelken 
Webster Bank
Email: htoelken@websterbank.com 
Phone: 860-886-3059
Offering $250 discounts off closing costs (excludes Govt loans), free initial credit report, one-on-one budgeting and counseling, free home buyer pre-qualification.
Home Inspectors 
Ellery Kington 
Coastal Home Inspections 
Phone: 860-572-0022
$25 credit toward a home inspection for buyers receiving financial assistance from the employer. 
 
Kip Davis 
Tiger Home & Building Inspection 
Phone: (203) 245-3020
$25 inspection discount (cannot be combined with other incentives)

WHAT EMPLOYERS CAN DO

Employers interested in learning more the program should contact an ECAR REALTORS® who has been trained to explain and implement the Employer Assisted Housing program. Obtain the current list here.