Engaging employers in workforce housing through employee homeownership assistance programs
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Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs. National Association of Realtors Regional Workforce Housing Summit April 24, 2006. Agenda. Benefits of Employee Homeownership Programs to Employers Keys to Achieving Employer Buy-in

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Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs

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Engaging employers in workforce housing through employee homeownership assistance programs

Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs

National Association of Realtors Regional Workforce Housing Summit

April 24, 2006


Agenda

Agenda

  • Benefits of Employee Homeownership Programs to Employers

  • Keys to Achieving Employer Buy-in

  • Freddie Mac’s Workforce Home Benefit

  • Workforce Home Benefit Options

  • Workforce Home Benefit Toolkit

  • Other Freddie Mac Resources

  • Examples of Workforce Home Benefit Initiatives

  • Questions


Benefits to employers

Benefits to Employers

  • Increased recruiting abilities

  • Higher retention

  • Increased employee loyalty and morale

  • Improved employee dependability

  • Improved stability of surrounding community

  • Enhanced community commitment

  • Improved “Employer of Choice” reputation


Keys to achieving employer buy in

Keys to Achieving Employer Buy-in

  • Provide a range of options

  • Make it easy – provide tools for a “turn-key” program

  • Demonstrate that benefits outweigh costs

  • Leverage expertise and capacity through partnerships


Freddie mac s workforce home benefit

Freddie Mac’s Workforce Home Benefit

Goal:

  • Help employers stabilize their workforces through homeownership

    Key drivers:

  • Customize program to fit the situation

  • Flexible range of options

  • Tools for a “turn-key” program


Workforce home benefit options

Workforce Home Benefit Options

  • Home Buyer Education

  • Repayable Loan

  • Deferred Loan

  • Forgivable Loan

  • Matched Savings Account

  • Grant


Considerations in selecting options

Considerations in Selecting Options

  • Relative cost

  • Housing challenges of particular community

  • Recruitment and retention challenges of particular industry or company

  • Extent of administrative effort

  • Ease of understanding by employees


Workforce home benefit toolkit

Workforce Home Benefit Toolkit

  • Toolkit Components

    • Overview brochure

    • Plan Option Matrix

    • Implementation Flowchart

    • Functional design development tools

    • Mortgage products information

    • Administration tools

    • Template employee marketing materials in English and Spanish

      • Employee brochure

      • Intranet template

      • Poster/flyer

    • HR training presentation template


Freddie mac resources

Freddie Mac Resources

  • Workforce Home Benefit toolkit

  • Cost estimator

  • Identify homeownership education and counseling resources and other partners

  • Identify affordable mortgage loan products – Home Possible and Neighborhood Solutions

  • Identify multiple lender options

  • Identify local and state resources

  • Assist with program design – WorkforceHome Benefit consultant


Some workforce home benefit initiatives

Some Workforce Home Benefit Initiatives

  • CVS Pharmacy

  • Arlington County, VA

  • Allegheny General Hospital

  • Freddie Mac


Questions

Questions?


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