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EMPLOYER ASSISTED HOMEOWNERSHIP PROGRAMS EMPLOYER ASSISTED HOMEOWNERSHIP PROGRAMS

Employer Assisted Homeownership Programs • What are EAH Programs • Advantages to employers, employees, Employer Assisted Homeownership Programs • What are EAH Programs • Advantages to employers, employees, communities, banks • Developing an EAH program

WHAT ARE EAH PROGRAMS? AN EMPLOYER-PROVIDED BENEFIT THAT HELPS AN EMPLOYER ACHIEVE BUSINESS GOALS WHAT ARE EAH PROGRAMS? AN EMPLOYER-PROVIDED BENEFIT THAT HELPS AN EMPLOYER ACHIEVE BUSINESS GOALS WHILE HELPING EMPLOYEES BECOME HOMEOWNERS

ADVANTAGES OF EMPLOYER ASSISTED HOMEOWNERSHIP PROGRAMS Employer Employee Community Banks ADVANTAGES OF EMPLOYER ASSISTED HOMEOWNERSHIP PROGRAMS Employer Employee Community Banks

EMPLOYER ü ü Attractive recruitment tool Increased reputation as innovative leader in developing new EMPLOYER ü ü Attractive recruitment tool Increased reputation as innovative leader in developing new employee benefits Improved employee loyalty, dependability, morale Increase employee retention, which could result in lower hiring and training costs

WHY EAH? FOR EMPLOYERS, THE “R”S Recruitment Retention Return Recognition Relationships Revitalization Right Thing WHY EAH? FOR EMPLOYERS, THE “R”S Recruitment Retention Return Recognition Relationships Revitalization Right Thing to Do

EMPLOYEE ü Realization of the dream of homeownership ü Increased job satisfaction ü ü EMPLOYEE ü Realization of the dream of homeownership ü Increased job satisfaction ü ü ü Increased awareness of home buying process, including avoiding predatory lenders Increased knowledge of down payment assistance programs and other services available in the community Possibility of reduced commuting time

COMMUNITY ü ü Greater involvement by employees in their community Possibility of less traffic, COMMUNITY ü ü Greater involvement by employees in their community Possibility of less traffic, pressure on transportation systems ü Increase to tax base due to rise in homeownership ü Increase in business for local businesses ü Increased stability in neighborhoods

BANKS Increase: ü Loan volume ü Cross-selling ü Future banking services to employer BANKS Increase: ü Loan volume ü Cross-selling ü Future banking services to employer

ACTIVE LOCAL PROGRAMS • University of Washington • Emmanuel Hospital • Bellevue School District ACTIVE LOCAL PROGRAMS • University of Washington • Emmanuel Hospital • Bellevue School District • Cities of Seattle, Portland • Fred Hutchinson Cancer Research Center • Anthony’s Homeport Restaurant

MINIMAL COST BENEFITS (EMPLOYERS) Maintain a listing of homes or apartments available for sale MINIMAL COST BENEFITS (EMPLOYERS) Maintain a listing of homes or apartments available for sale and for lease in the local area. Provide information to employees on first-time homebuyer classes and programs offered by various organizations. Provide links to homebuyer assistance information and organizations on the company’s website. Allow a lender or nonprofit organization to present information on the home buying process on-site. Allow a lender or nonprofit organization to hold a firsttime homebuyer class on-site

OTHER EXAMPLES OF EAH BENEFITS (EMPLOYERS) Provide a special homebuyer savings program Provide the OTHER EXAMPLES OF EAH BENEFITS (EMPLOYERS) Provide a special homebuyer savings program Provide the employee an interest rate buy-down on their loan Provide the employee a low-interest loan, forgivable loan, or grant to help fund down payment and/or closing costs Provide second mortgage financing Provide a mortgage guarantee, full or partial, to assist in securing financing Engage in a master lease of properties and rent them to employees

EAH Programs Employer Bank Nonprofit Organization EAH Programs Employer Bank Nonprofit Organization

DEVELOPING YOUR EMPLOYER’S EAH PROGRAM Partners to consider: • Secondary Market: Fannie Mae, Freddie DEVELOPING YOUR EMPLOYER’S EAH PROGRAM Partners to consider: • Secondary Market: Fannie Mae, Freddie Mac • Local non-profit organizations • Trade associations • Unions • Municipalities

Your Bank’s EAH Program DISCOUNTS OFFERED BY EXTERNAL PARTNERS TO EMPLOYEES (TITLE COMPANY, APPRAISER, Your Bank’s EAH Program DISCOUNTS OFFERED BY EXTERNAL PARTNERS TO EMPLOYEES (TITLE COMPANY, APPRAISER, INSPECTOR, OTHER) HOME BUYING CLASSES ACCESS TO DOWN PAYMENT ASSISTANCE PROGRAMS EMPLOYER INCENTIVES (FORGIVABLE LOANS, ETC)

DEVELOPING YOUR BANK’S EAH PROGRAM 1. Commitment 2. Strategy Ø Coordinator Ø Your bank’s DEVELOPING YOUR BANK’S EAH PROGRAM 1. Commitment 2. Strategy Ø Coordinator Ø Your bank’s program offerings Ø Target employers Ø Partners – nonprofits/business assns. Ø Brochure, marketing plan

IMPLEMENTING YOUR BANK’S EAH PROGRAM Coordinator • Distributes brochure • Seeks targeted advertising opportunities IMPLEMENTING YOUR BANK’S EAH PROGRAM Coordinator • Distributes brochure • Seeks targeted advertising opportunities -trade magazines, conferences, newsletters • Contacts employers, arranges initial meetings • Coordinates homebuyer training • Follows up with employer, employees, bank

Questions? Craig Nolte Regional Manager, Community Development Federal Reserve Bank of San Francisco PH Questions? Craig Nolte Regional Manager, Community Development Federal Reserve Bank of San Francisco PH (206) 396 -2192 craig. [email protected] frb. org