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.
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 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.
- NeighborWorks New Horizons offers one on one counseling and is located at 235 Grand Avenue, New Haven, CT 06513 and has a branch office on 239 Williams Street, Suite 2-2, in New London, CT 06320. Contact Julie Savin at (860) 442-4900 for details.
- Catholic Charities offers courses and counseling in Norwich and New London. Contact Jay Gelfond at 860-889-8346 x270 for details.
#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 choose to offer all or any combination of these three benefits to their employees.
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 also benefit by gaining greater neighborhood stability, community involvement, and economic development opportunities.
WHAT YOU CAN DO
If you are interested in learning more about the program, contact an ECAR REALTOR® who has been trained to explain and implement the Employer Assisted Housing program. Obtain the current list here.