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Employer-Assisted Housing Initiative Guide For State & Local REALTOR® Associations

This document provides guidance for state and local REALTOR® associations on planning an employer-assisted housing (EAH) initiative. It recommends determining local housing needs through research on housing affordability, costs, wages, and neighborhoods in need. The first step is to document any workforce housing problems by providing data, examples, or anecdotes to show the importance of the issue. Conducting a local market analysis and comparing wages to housing costs can reveal affordability gaps. Universities and local governments may have existing relevant research that can inform the needs assessment.

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employer-assisted housing initiative guide For State & Local REALTOR® Associations A primer on Implementing EAH in your Community to Address Local Workforce Housing Needs
The Employer-Assisted Housing Initiative Guide is a project of the National Association of REALTORS ®’ Housing Opportunity Program. © National Association of REALTORS ®, 2012
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations Table of Contents Overview Addressing Local Workforce Housing Challenges with Employer-Assisted Housing 5 Part One Planning an EAH Initiative 9 1 Determine Local Housing Needs 10 2 Develop a Plan to Implement 13 3 Identify Partners and Build a Coalition 14 4 Identify Housing Programs, Funding, and Resources 17 5 Develop a Media Campaign 19 Part Two employer-assisted housing initiatives 23 1 Implement a Comprehensive EAH Strategic Initiative 24 2 Offer an EAH Class and Follow-up Sessions 27 3 Develop a Task Force, Committee, or Partnership 32 4 Plan and Coordinate an Event, Forum or Panel Presentation 35 5 Create EAH Resources 38 6 Contact and Engage Employers 40 7 Implement an EAH Benefit 42 8 Advocate for EAH Legislation and Programs 43
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations Table of Contents Part Three Tools and Resources 45 General 1 NAR Funding and Technical Assistance 46 2 State and Local Government EAH Programs 48 3 How to Do a Paycheck to Paycheck Analysis for Your Community 53 EAH Event Planning 4 EAH Initiative Invitation 56 5 EAH Initiative Outreach Event Agenda 58 6 EAH Initiative Launch Event Agenda 59 7 EAH Initiative Launch Press Release 60 8 Suggested Talking Points for Speakers 62 9 Employer/Partner Sign-On Letter 66 10 EAH Overview PowerPoint Presentation 67 EAH Fact Sheets for Event Attendees and Partners 11 Non-Profit Organizations 70 12 Lenders 72 13 State and Local Governments 74 14 Businesses 76 For Employers 15 Employer Survey 78 16 Employee Homeownership Questionnaire 82 17 Customizable Employer Brochure 87 additional Resources 89
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations Addressing Local Workforce Housing Challenges with Employer-Assisted Housing Housing opportunities for low-and moderate-income working households— often referred to as “workforce housing”—continue to be elusive in many parts of the country. Much of our workforce, including those who provide vital services to a community such as firefighters, police officers, teachers, health workers, cannot afford to live in the communities where they work or serve. Home prices and rents in many communities are still beyond the reach of many working families. Tight credit, the difficulty of saving for a down payment, and market uncertainty all add to the challenges of homeownership. These factors create a ripple effect that compels working families to move farther away from jobs in search of affordable housing. Longer commutes contribute to traffic congestion, more money spent on transportation, increased stress, and less time for workers to spend time with family and friends. And, in some parts of the country, shortages of workforce housing have taken a toll on local employers’ bottom lines as employers are unable to recruit and retain workers in high-cost areas. These challenges are compounded by an unstable housing market and neighborhoods devastated by foreclosures. The foreclosure crisis not only jeopardizes the American dream of homeownership, but it also increases the number of vacant properties and makes neighborhoods unsafe and undesirable for working families. Communities across the country increasingly are recognizing the importance of affordable and workforce housing to their economic and social well-being and are looking for ways to address the housing challenges in their communities. The NATIONAL ASSOCIATION OF REALTORS® is committed to helping address the workforce housing challenges facing many communities. We are encouraging state and local REALTOR® associations to do the same. Some REALTOR® associations and REALTORS®, along with employers, non-profit organizations, and government entities, have already started to implement creative initiatives to expand workforce housing opportunities for families working in their communities. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 5
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations As a REALTOR® association, you are in a unique position to work in partnership with others in your community on workforce housing solutions. You and your members have the clout to bring about needed changes in local, state, and federal housing policies. With over 1,400 local and state boards and associations, you are a grassroots powerhouse. In addition, REALTORS® are ideally situated to improve housing opportunities where they live. REALTORS® are the first stop for the prospective homebuyer or renter and are in direct contact with homebuyers facing the challenges of housing affordability. Your members see firsthand the frustration and discouragement of working families unable to realize their dream of homeownership. As members of the business community, REALTORS® understand how the lack of affordable housing—both rental and owner-occupied—threatens the vitality of their communities. Employer-Assisted Housing Offers a Solution One approach that addresses workforce housing challenges in communities is employer- assisted housing (EAH). EAH is an employer-provided benefit that not only helps employees meet their housing needs but also helps employers achieve business goals. EAH programs can help employees move beyond the most common hurdles to homeownership and purchase or rent a home in the community where they work. EAH programs can also benefit employers by building employee loyalty and workforce stability. And communities benefit, too, as EAH can help to enhance revitalization efforts and stabilize a community. There are many EAH benefit options an employer can offer: n Homebuyer and homeownership workshops conducted by a REALTOR® and/or a non-profit housing organization or lender. Topics could include the homebuying process, obtaining mortgage financing, sources of financial assistance, home maintenance tips, and foreclosure prevention. The workshops could be conducted at the workplace, at little or no cost to the employer. n Homeownership counseling offered by a non-profit housing organization. Counseling would help employees better understand the homebuying process or how to improve their credit score. Employers could give their employees time off to attend counseling and/or help pay for the counseling services. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 6
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations n Financial assistance provided by the employer in the form of grants or loans that can be used for a down payment or closing costs on a home purchase. This benefit can include requirements to meet business objectives. n Reductions in the cost of homeownership through subsidized second mortgages, matched savings programs, below-market interest rate mortgages, or mortgage guarantees. n Subsidized rent and utility payments for employees who choose to remain renters. An EAH benefit can be customized by targeting it to specific employee groups or limiting it to homes in a specific neighborhood. An EAH program can be a “win-win-win.” “ y benefit coordinator helped M Employees win because they receive financial assistance me to apply for other funds and/or education that help them buy or rent a home and walked me through the closer to work. They enjoy extra time—formerly spent whole process. Advance Food in traffic—for family or community life. Employees Company is very generous to who purchase homes also have the opportunity for offer this benefit. Without it, equity appreciation as their home’s value increases. I would not have been able to EAH is also a win for the employer. It helps purchase my home.” employers build value within their organizations and —  dvance Food Company ( Enid. Okla.) A enhance their reputations. Employers can benefit Employee from a more stable workforce; reduced turnover, recruitment, and training costs; and increased productivity and loyalty. All these benefits may help to enhance a company’s bottom line. Employer-assisted housing benefits can also generate positive publicity for the employer and create goodwill in a community. An employer-assisted housing program can help set a company apart in the community and in the minds of customers. And, finally, EAH is a win for the community. People who live and work in the same location tend to be invested in the community and become more active in civic and N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 7
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations volunteer activities. Employer-assisted housing benefits can “ e provide each employee with W allow critical workers and emergency responders, such as a $2,500 loan that is forgiven police, fire, and medical personnel, to purchase homes in after three years of continuous the communities where they work. This proximity can cut service. What better way to build response times in an emergency. Additionally, employees loyalty and pride than to create an living nearby work can lead to less traffic congestion and avenue for home ownership?” less air pollution. As communities are revitalized through — Advance Food Company, Enid, Okla. the new homeowners and the businesses created to serve them, the community will be stabilized. Population and the community’s tax base will increase. Employees will spend more of their money in the local community, supporting local merchants and further adding to the economic vitality of the area. Community Revitalization at the University of Pennsylvania The Greater Philadelphia Urban Affairs Coalition reports in an issue brief that the University of Pennsylvania’s comprehensive revitalization strategy, which included an EAH benefit, brought 25 new retail stores, an 86% increase in foot traffic, a 40% reduction in crime, and 200 new jobs for local residents. See: Connecting Working Families to Economic Opportunities in the Philadelphia Region: The Role of Employers.1 NAR’s four-hour EAH Class 2 explains employer-assisted housing and its benefits in more details. links 1 http://www.policylink.org/atf/cf/%7B97c6d565-bb43-406d-a6d5-eca3bbf35af0%7D/ CONNECTINGWORKINGFAMILIES-PHILA.PDF 2 http://www.realtor.org/eahclass N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 8
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations PART ONE Planning an EAH Initiative This guide provides a roadmap for your association to plan and implement an EAH initiative to help increase affordable housing opportunities for working families in your community. The guide is a service of NAR’s My REALTOR® Party 1 initiative, which provides state and local REALTOR® associations with a personalized gateway to custom build their own advocacy and community outreach programs. An EAH initiative can be one of those programs. If you decide to pursue an EAH initiative, your association has two options. It may want to plan and implement a comprehensive EAH strategic plan or simply undertake one or two EAH projects. You will also want to decide whether to develop your own initiative or undertake one that would include other community and political stakeholders. The decision is up to you. The guide includes examples of EAH initiatives state and local REALTOR® associations have already implemented and that you can replicate in your community. As one housing expert put it, “Plagiarism may have been bad in college, but when it comes to helping communities solve the housing problems of working families, it makes perfect sense!” If your association decides to launch an EAH initiative, here are some of the steps that can help ensure your program’s success. The order of these activities may change, depending on whether you choose to work with other groups in your community on EAH initiative. 1. Determine Local Housing Needs 2. Develop a Plan to Implement 3. Identify Housing Programs, Funding, and Resources 4. Identify Partners and Build a Coalition 5. Develop a Media Campaign links 1 http://www.myrealtorparty.com N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 9
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 1 Determine Local Housing Needs Before you begin to plan an EAH n etermine how workers in various metropolitan D initiative, or any housing initiative, you should area are affected by the housing market conduct research to analyze the local housing n nalyze the affordability of housing for A market and evaluate the extent to which affordable, working families in various occupations across workforce housing is a local concern. the country Begin by documenting any current workforce housing problems in your community. Providing n se these analyses to evaluate wages and U quantification, anecdotal evidence, or examples housing costs in your community. of specific groups with special housing challenges will demonstrate the importance of the issue and In addition to conducting your own research help you decide what to focus on. into workforce housing affordability, investigate Your research should include conducting whether similar research already exists. If you a local market analysis to find out about local live close to a university, you may want to check housing and rental costs, local income levels, there to see if it has a school or center that wages of typical occupations in your community, works on local housing issues. Planning, urban and neighborhoods in need of stabilization. studies, public policy, or public administration Simple analysis of prevailing wages often departments are often good places to start. Many reveals gaps between local housing costs and schools also have specialized research centers incomes. These gaps command attention from that may focus on housing or related issues at the local policymakers, businesses, and the media. local, regional, or state level. Universities will Wage data are available by occupation for the often welcome the opportunity to help with local nation, regions, states, and many metropolitan areas initiatives in order to be recognized as an asset on the U.S. Bureau of Labor Statistics website.1 to their community. They may also be willing to The Paycheck to Paycheck database developed by share their data to help your research efforts. the National Housing Conference and the Center Local governments are also an excellent for Housing Policy helps communities evaluate source of data and research. Depending on how the affordability of workforce housing and makes your local government is organized, you may the case for taking action. The online, interactive wish to contact the local planning agency, the database 2 presents wage information for more community development department, or the than 70 occupations and home prices and rents local housing and redevelopment department for more than 200 metropolitan areas. Paycheck or authority. These organizations usually have to Paycheck utilizes consistent measures of wages ready access to the most relevant data and and housing costs so you can: analysis for planning purposes and to qualify for federal programs. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 10
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations local residents up to date on real estate trends, “ oncern is apparent within the business C and indicates real estate’s impacts on the overall local economy. The reports helps everyone in community—particularly among larger real estate better serve clients and customers and employers—about the lack of affordable aids decisions by public agencies, officials, and economic development groups. housing for employees, with companies reporting the shortage as being problematic The data you gather will also help the business in hiring and retaining entry- and community assess how housing affordability problems affect their businesses and point out mid-level workers, according to a new possible strategies for addressing those problems. survey released by the Urban Land You may want to work with your local chamber of commerce or economic development agency Institute (ULI). The same survey showed to plan and conduct a survey for local employers. interest by moderate-income workers This survey could help companies determine whether housing issues, including foreclosures, in moving closer to work if affordable are concerns for their employees. Survey results housing were available.” will also help businesses evaluate how much the lack of affordable housing is costing them in employee turnover, recruitment, and training. Some business organizations have National or local non-profits involved in commissioned studies geared to the concerns housing and community development may of area businesses, such as employee recruitment also be a good source of information as well as and retention problems. The business a potential partner in your efforts. For example, community has rallied around the cause of a study 3 by the Urban Land Institute (ULI) affordable housing in many areas throughout explored the impact of a lack of affordable the country. Adapt what they’ve done for workforce housing on commuting. It found your community. that a lack of affordable housing near jobs was a problem for both employers and employees. Regional Housing Needs Assessment: Ouray and San Miguel Counties, Colo.5 Missoula Annual Housing Report 4 “Most employers in both counties feel that The Missoula (Mont.) Organization of affordable/employee housing for local residents REALTORS® develops an annual housing is a problem, although employers in San Miguel report to provide a comprehensive, credible, and perceive it to be a more critical problem. In neutral picture of the Missoula housing market. Ouray County, 84% of employers indicated Community members and policy makers use housing is a problem among others that need the report as they seek to serve Missoula’s attention or one of the more serious problems needs. The housing report consolidates data in the area. In San Miguel County, 90% of that aren’t readily available to everyone in a employers indicated affordable/employee single publication; provides a reliable gauge of housing is a problem.” the overall health of Missoula real estate; keeps N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 11
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Silicon Valley Leadership Group CEO Once you have completed your research, 6 Business Climate Survey you should be prepared to get the word out Every year the Silicon Valley (Calif.) Leadership on your findings. Use brochures, speaking Group surveys its members to highlight the engagements, press releases, and social media to good and bad elements of doing business in increase community awareness of the need for Silicon Valley. Each year, housing is cited as a workforce housing. Provide information to the top impediment. Housing affordability, along business community and inform the press of your with cost-of-living issues, serve as choke points community’s workforce housing issues and how for recruiting and retaining top talent to Silicon your initiative will help address these issues. Valley. Despite the downturn in the economy, housing persists as a key issue for people who struggle to work and live in the Valley. Demand Resources continues to lag behind supply, creating a tight How to Do a Paycheck to Paycheck Analysis, housing market. Funding and Technical Assistance, Employee Homeownership Questionnaire, Employer Cost-of-Living Challenges in Silicon Valley Questionnaire in this guide’s Tools and in 2011: Resources section. n ousing Costs - 84% H links n igh Taxes - 59% H 1 http://www.bls.gov/bls/blswage.htm n raffic Congestion - 36% T 2 http://www.nhc.org/chp/p2p n Health Care - 36% 3 http://www.uli.org/News/PressReleases/ n K-12 Education Care - 31% Archives/2007/2007PressRelease/Lack%20 of%20Affordable%20Housing%20Near%20 n Child Care - 19% Jobs%20A%20Problem%20for%20 n Energy Costs - 10% Employers%20and%20EmployeesNew%20 Survey%20from%20ULI%20Looks%20at%20 n Higher Education - 5% Impact%20of%20Commuting.aspx 4 http://missoularealestate.com/index.php/ You can also work directly with employers to fuseaction/market.cms/ID/7eb4277e16a74b844a help them survey their employees to determine 24377e79833380 the housing needs and to see whether an EAH benefit would be of value to their employees. 5 http://www.smrha.org/NeedsAsessment2011.pdf The information you gather will help you 6 http://svlg.org/wp-content/uploads/2011/04/ define your objectives and support your goals 2011BusinessClimate_digital.pdf and objectives with basic information on why they are important. This information will also help you when you start to sign on partners. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 12
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2 Develop a Plan to Implement Once you have conducted your research n rogram Description: A program description P and determined your community’s workforce provides a comprehensive explanation of the housing needs, you will be ready to decide initiatives and activities in the program. It can what initiatives you and your members want to be used as a basis for a written brochure, press undertake to help meet these needs. You’ll also releases, or an oral presentation. A detailed need to decide whether you want to develop a program description of at least two or three comprehensive strategic plan or implement one pages will also strengthen your efforts to or more standalone EAH programs. communicate the fundamental aspects of the Your plan should include a mission statement issue or program to staff and volunteers who describing what you want to accomplish. It should need to know the “official” facts and figures. also include the goals, objectives, and outcomes you will work toward. There are many resources Develop a budget available on the details of program planning, but Create a detailed budget based on your work here are some of the basic steps to follow. plan. Be realistic about financial expectations and anticipated expenses, and aim for transparency in Create goals and a work plan all aspects of your planning. The goals you set will define your project’s scope, and ultimately help you determine its Evaluate your program success. Set measurable goals and then create To learn and grow from the experience, you a work plan that lists and schedules the tasks need to know what worked, what didn’t, and necessary to achieve these goals. what you could do differently next time. Here’s where setting measurable goals during the n imeline: A timeline estimates the target dates T planning phase really pays off. Evaluate your for completing certain activities or phases of program by collecting data about each of its goals activity, such as “Finalize the forum agenda” and determining how well those goals were met. or “Offer an EAH Class.” A written timeline is Project evaluation tools include surveys, case important to avoid unrealistic deadlines and to studies, and data analysis. keep work on track. n ction Plan: An action plan identifies and A prioritizes the work that need to be done Resources to run a program, assigns specific people to Funding and Technical Assistance in this guide’s carry out each task, and sets a due date for Tools and Resources section. completion. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 13
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 3 Identify Partners and Build a Coalition Whatever EAH initiatives you choose Greater Boston Chamber of Commerce for your organization, finding partners who EAH Initiative share your goals can have significant benefits. Source: “Employer-Assisted Housing Programs: Behind most successful housing initiatives A Guide for Chambers of Commerce.” stand coalitions and partnerships of business After a survey conducted by the Archdiocese and community interests coupled with public of Boston documented a severe lack of affordable officials. A chorus of voices is more powerful housing in the region and called upon both than a single brave voice. government and business to help solve the If you decide to organize a coalition or a problem, the Greater Boston Chamber of working group, be inclusive. You will probably Commerce (GBCC) and its Housing Task want to involve a broad range of organizations Force determined it was time to take action. and interest groups. Seek out chambers of The GBCC contracted with Housing Partners, commerce, Rotary clubs, industry associations, Inc., a full-service national affordable housing non-profit or quasi-public housing groups, consulting firm, for assistance in designing finance and development organizations, faith- and marketing an EAH initiative. The Citizens based organizations, economic development Housing and Planning Association (CHAPA), groups, community college or university a non-profit organization, was hired to provide representatives, and civic groups. information and referral services to participating Adding organizational partners can also companies’ employees. The chamber committed help build local awareness and interest in your a lump sum amount, which was contributed by EAH initiative. Partners can provide venues for its members, to cover CHAPA’s administrative businesses to discuss their workforce housing overhead for the first year. CHAPA then offered needs. They can also help target and promote its services to employees. Services were paid for EAH programs to their business members by participating employers. and clients. As was noted previously, business coalitions and chambers of commerce can help Non-profit organizations are usually critical assess how housing affordability problems partners in planning an EAH or housing affect businesses and determine strategies for program. Select a group that is experienced in addressing those problems. It could also be providing counseling, including foreclosure extremely effective for the chamber’s CEO intervention and homeownership, homebuyer, to contact member companies personally and and financial literacy education. Your non- encourage their participation. profit partners may also be able to administer and manage an EAH benefit on behalf of the employer and handle reporting and program measurement activities. Non-profits are often N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 14
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations knowledgeable in federal, state, and local housing finance organizations. They also should assistance programs, which can help employees be able to identify mortgage financing that works in EAH programs. In addition, many non- with EAH financial assistance. Lenders might profit affordable housing groups have years even be willing to develop mortgage products of lobbying and advocacy experience and can suitable for EAH programs. promote policy solutions that advocate for Local lenders may also want to participate employer-assisted housing programs. They also in an EAH program as a way to meet their can offer valuable experience in how to raise Community Reinvestment Act (CRA) goals. awareness, promote programs, and change The Community Reinvestment Act is designed policy for affordable housing. to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including REACH Illinois: A Successful EAH Initiative 1 low- and moderate-income neighborhoods. The Metropolitan Planning Council (MPC), Such neighborhoods are typically defined as a Chicago-based non-profit, non-partisan at or below 80 percent of area median income. group of business and civic leaders, created a “Understanding Employer-Assisted Mortgage program called Regional Employer-Assisted Programs: A Primer for National Banks” 2 Collaboration for Housing (REACH) to promote discusses this and other benefits for a bank to EAH in the region. MPC provides technical work with borrowers from employer-assisted assistance to localities and their employers housing benefit programs. It also looks at how that are working to develop and launch EAH banks can offer loan products to complement programs. Starting in 2000 with a pilot project employer-assisted home purchase program and at a manufacturing plant in St. Charles, the discusses how these programs can be offered in program quickly blossomed to 16 employers the conventional secondary mortgage market. by 2003. By 2011, more than 70 employers had signed on, including Allstate Corporation, Bank of America, Robinson Engineering, and HomeStreet Bank’s EAH Program 3 Medela Corporation. Other participants include Affinity Lending, a special department at the Chicago Public Schools, Rush University HomeStreet Bank, a lender active in Hawaii Medical Center, and the University of Chicago. and the Northwest, offers an employer-assisted To date, more than 2,500 employees have housing program called the Hometown Home become homeowners under the program. An Loan Program. Select employers and membership additional 1,000 employees have completed organizations include the Hometown Home Loan homebuyer education and counseling. program in their benefits packages, saving their employees and members thousands of dollars In addition to your own REALTOR® members, on their home loans. Benefits include reduced you may want to involve key community closing costs, homeownership education, and stakeholders and individuals connected to the down payment assistance programs. Through housing industry among your partners. These the Affinity Lending Center’s relationship with partners might include architects, developers, a select group of experienced RE/MAX agents, real estate professionals, homebuilders, lenders, employees are now eligible to receive additional bankers, and consultants. Lenders will know savings when they purchase or sell a home what low-cost financing alternatives are currently with a Home Advantage REALTOR®. available from their organizations and from state N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 15
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations You should also consider involving the public Resources sector including mayors, local officials, and Fact Sheets for Event Attendees and Partners government agencies as partners in your EAH in this guide’s Tools and Resources section. initiative. Government representatives will NAR’s EAH Class 4 includes more details on almost certainly support expanded housing forming a team to discuss the planning and opportunities for a local workforce unable to implementation of an EAH benefit with afford to live in the communities they serve. local employers. Communities with limited funds could still be valuable by encouraging the private sector to links help increase housing opportunities for the local workforce. 1 http://www.reachillinois.org 2 http://www.occ.gov/topics/community-affairs/ publications/insights/insights-employer- assisted-mortgage-programs.pdf 3 http://www.homestreet.com/programs/ employers/index.aspx 4 http://www.realtors.org/eahclass N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 16
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 4 Identify Housing Programs, Funding, and Resources Federal, state, and local governments the next three years. Through this pilot program, have programs, funding, and resources available up to 10 eligible Northwestern employees can to help local residents become homeowners. receive $3,000 in down payment/closing cost These programs may include down payment assistance toward the purchase of LiveEvanston assistance, special homebuying programs, or homes. Participants also qualify for free below-market interest rates on mortgages. You homebuyer education provided through city should identify these programs to see how your funding by the nonprofit Housing Opportunity initiative can complement existing activities that Development Corporation. Some employees increase housing affordability. also may be eligible to tap LiveEvanston grants There are also federal programs, such as worth $7,000 to $50,000. those administered by HUD or by state and local organizations. Examples include FHA, VA, One of the best places to find out about and USDA Rural lending programs. You should state finance programs is to contact your state find out how your community’s Neighborhood housing finance agency (HFA). State housing Stabilization Program (NSP) funds are being finance agencies have provided affordable allocated. Employer-assisted housing programs mortgages to 2.6 million families to buy their can be used in combination with NSP funding first homes through the Mortgage Revenue to help revitalize and stabilize neighborhoods. Bond program. Using housing bonds, the Several communities are now tying EAH Housing Credit, HOME, and other federal and programs to their NSP funds. state resources, HFAs have crafted hundreds of housing programs, including homeownership, rental, and all types of special-needs housing. LiveEvanston 1 If you don’t know the name of your local state Evanston (Ill.)-based Northwestern University housing finance agency, you can find it through has recently announced a pilot EAH program the National Council of State Housing Finance to help employees buy foreclosed homes being Authorities.2 redeveloped and put back on the market through the City of Evanston’s LiveEvanston program. In 2010, the U.S. Department of Housing Note and Urban Development awarded $18 million You should invite a representative from your state to Evanston through the Neighborhood HFA to speak at your annual conference so that Stabilization Program to redevelop vacant and he or she can let your members know of financial abandoned properties. The funding allowed assistance programs available in your state. Many Evanston to purchase and, in partnership with REALTORS® are unaware of these programs and Brinshore Development, rehabilitate some thus many of their clients are also unaware of them. 100 homes for rental or sale to homeowners over N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 17
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations In researching financial resources and Philadelphia “Home Buy Now” Program 4 housing programs in your community, your The Philadelphia “Home Buy Now” program local government officials, such as the mayor, provides government matching funds that boost city council, county commission, community the purchasing power for workers who buy or and economic development agencies, and renovate a home in Philadelphia. An employer’s housing agencies, can also be sources of contribution to an employee (at a minimum of information. $500 per employee) is matched dollar-for-dollar State and local governments can maximize by the city up to $5,000. The funds can be used to the likelihood of local employers offering an defray homebuying costs, such as closing costs. EAH benefit by providing financial incentives to Another key source of information on existing leverage an employer contribution and create a financial assistance programs is your local non- greater benefit for the employee. These initiatives profit housing organization. As mentioned earlier, could include providing matching funds for these are the same organizations that you may down payments, giving tax credits to employers want to partner with on your initiative. that provide housing assistance financing, and administering programs targeted to municipal employees. You should check to see if your city Resources has some form of housing finance program. State and Local Government EAH Programs in this guide’s Tools and Resources section. Maryland House Keys 4 Employees Program 3 The Maryland Department of Housing and links Community Development, the state’s housing 1 http://liveevanston.net/description.html finance agency, will match contributions dollar-for-dollar, up to $2,500, toward down 2 http://www.ncsha.org payment and closing costs from participating 3 http://www.mmprogram.org/hk4Employees.aspx employers. The employee must be using the 4 http://www.phila.gov/commerce/Content/ Maryland mortgage program to purchase the HBNBrochureCombined.pdf home in order to receive the benefit of House Keys 4 Employees assistance. The employer’s contribution may also be combined with assistance from local jurisdictions, unions, and/or non-profit agencies. However, the House Keys 4 Employees match to the combined contributions will not exceed $2,500. The match is in the form of a 0% deferred loan that is repayable at the time of payoff or refinance or upon the sale or transfer of the house. This assistance is over and above what is available through the standard down payment and closing cost assistance program and makes it possible for borrowers to have more choices in buying a home. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 18
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 5 Develop a Media Campaign A successful media campaign can NIMBY (Not-in-My-Backyard) attitudes and educate the public and policymakers alike concerns blocking progress because of poorly about the value of an employer-assisted designed housing projects in the past? Do housing initiative. Many communities have people understand what workforce housing is? used campaigns to present facts about why Acknowledge these real concerns, and address workforce housing is needed and to address them in your press materials and presentations. the fears of citizens concerned about new workforce housing being developed in their Massachusetts Chapter 40B neighborhoods. Public support engendered Outreach Media Campaign through media campaigns has influenced The Massachusetts Association of REALTORS® local politicians and administrators to approve created an advocacy, public outreach, and workforce housing programs. Media campaigns educational campaign to sustain the state’s also have been used to educate local businesses current Affordable/Workforce Housing Statute about the importance of workforce housing to (referred to as 40B). This law enables local their bottom line. Well-crafted campaigns have zoning boards of appeals to approve affordable brought new players and resources to bear on housing developments under flexible rules. The affordable housing solutions. association learned early on that there were Before you start a media campaign, you major misconceptions about affordable housing. will need to get your facts in order and your Another lesson was that a campaign of this goals clearly defined. Use the information you nature requires consistent and concise messages gathered from your research in determining that fit neatly into a sound bite, bumper sticker, local housing needs to develop an EAH fact or brochure title. The group also learned that sheet. This information will help you create and public opinion polling was critical so that the target your message. You should also determine campaign messages could address concerns and whether appealing to facts (the median price misperceptions directly and provide information of a home and median household income) or in a way that appeals to the voters. Not all appealing to emotion (the police and firefighters audiences respond to the same information who serve our community cannot afford to live the same way, so where funds are available, a in our community) is the most effective angle to campaign should craft different messages for present to the media. different audiences. It’s also important to have You should also identify the obstacles and good data available in order to back up claims resistance that your initiative may face. Is made to the media and the public. your biggest challenge a lack of awareness of the need for more workforce housing? Are N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 19
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Don’t forget to think about all the resources Personal Testimonies Get Results you will need to launch your marketing and media When the Homebuilders Association of relations efforts. Can your partners commit to Maryland organized a Workforce Housing specific levels of volunteer staffing and funding? Summit, the Maryland Center for Community Can you get in-kind contributions of expertise Development (MCCD) made sure to turn out a (for example, advertising, media time, printing, strong showing of local people whose lives were public speakers) to support the campaign? Or will personally affected by the affordable housing you need to pay for professional services? Try to shortage. Speakers included an elementary obtain upfront financial commitments from your school teacher who left her job because of the association’s leadership and your partners able to high cost of housing, as well as Maryland police provide direct funding. and firefighters forced to look for housing up You may need to use a variety of methods to to 100 miles away from the communities they market your initiative, including print ads, public protect. These personal testimonies helped service announcements, press releases, websites, communicate the magnitude of the housing e-newsletters, social media, and brochures. crisis and generated headlines. The positive Don’t reinvent the wheel. Other REALTOR® publicity led the governor to convene a task associations or non-profit partners may be able force to make land use and zoning changes more to provide sample advertisements, press releases, friendly to affordable housing development. and other documents. You can benefit from public opinion research that other campaigns While media events and promotional already have done to help craft your message and brochures are important tools, one of the most to choose words and images to elicit the most effective means of marketing your initiative will positive response. be face-to-face meetings and presentations. Work Sponsoring a media event to educate with your members and your initiative partners businesses and residents about the benefits of to identify groups and individuals to contact. workforce housing is a great way to inform Next, determine which partners would be best general and targeted audiences. If an elected to give the presentation or attend a meeting. official gets on board with your initiative, he Also work with your partners to collect and or she may be willing to participate in events share media contacts. The local press can help to announce and promote your initiative. If educate the public, highlight the human interest there is a local employer that is implementing side, gather information, and publicize your an EAH benefit, it may also want to participate events and accomplishments. and discuss the value of its EAH program. And remember, public attitudes don’t You may want to maintain a speaker’s bureau change overnight. Housing legislation and local for presentations to elected officials, planning policy decisions can be a long time in coming. commissions, and community groups at events Determine in advance how you will decide if likely to get media coverage. your media campaign is effective. Keep your sights on your goals, but don’t expect to reach them immediately. Be in it for the long haul and savor the victories along the way. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 20
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Resources A Media Training Guide for Affordable Housing Advocates 1 can help you to simplify the process of launching a media effort by providing some essential guidelines and information you need to create a campaign that will get results for your association. The guide provides step-by-step directions, advice, and examples that will enable you to plan a campaign tailored to your needs and resources. links http://www.tcah.org/pdf/Media_Training_ 1 Guide.pdf N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 21
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations PART TWO Employer-Assisted Housing Initiatives Whether you want to develop a comprehensive employer-assisted housing strategy or start out by implementing one or two activities for your employer-assisted housing initiative, here are some ideas and examples to get you started. Most initiatives also include examples of what state and local REALTOR® associations have done to introduce employer- assisted housing in their communities. 1. Implement a Comprehensive EAH Strategic Initiative 2. Offer an EAH Class and Follow-up Sessions 3. Develop a Task Force, Committee, or Partnership 4. Plan and Coordinate an Event, Forum or Panel Presentation 5. Create EAH Resources 6. Contact and Engage Employers 7. Implement an EAH Benefit 8. Advocate for EAH Legislation and Programs Notes Some examples refer to the Home From Work™ Class. This class was updated recently and the name was changed to the EAH (employer-assisted housing) Class. If your association has planned or implemented an EAH initiative, please let NAR staff know by contacting Holly Moskerintz at 202-383-1157 or hmoskerintz@realtors.org. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 23
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 1 Implement a Comprehensive EAH Strategic Initiative Mississippi Association of REALTORS® MAR plans to target at least one major The Mississippi Association of REALTORS ® employer in each local community and also (MAR) helped push through groundbreaking, hold at least three regional town hall meetings. statewide employer-assisted housing legislation Meeting invitees will include key employers in 2008. Now, the organization has moved on to from each community, along with a range of the next phase: outreach and education through community leaders and stakeholders. MAR an EAH strategic initiative. MAR wants to make will identify employers through local chambers sure its members and Mississippi community of commerce and the efforts of REALTORS® leaders have the information they need regarding who have a strong working knowledge of their the advantages of the new state law and other communities’ most influential employers. MAR’s EAH incentives so that the state’s growth EAH team has been received enthusiastically by potential can be fully realized. the school boards of Jones County and the City To accomplish this goal, MAR is offering of Laurel, both of which will sponsor homebuyer NAR’s EAH Class to REALTORS® in each of workshops for their teachers. MAR believes that Mississippi’s 21 REALTOR® board areas. These if some of the most notable community-engaged classes will give agents the skills and resources employers start offering employer-assisted housing, to call on local employers and work with them others may follow. MAR will also participate to develop EAH benefits for their employees. in the annual conferences of some of the state’s In addition, a statewide EAH committee major trade associations, such as the Mississippi made up of trained members from each of Manufacturers Association, where a large number the local boards will administer an employer of employers can be reached at once. outreach and education plan. MAR and this Individual REALTORS® play a critical role new committee will also develop marketing in this initiative because their strong working collaterals on the benefits of EAH for its partners knowledge of their communities helps them and membership. This plan is part of an ongoing identify the most influential employers and process to educate and engage employers and promote the benefits of EAH to them. Over community leaders on the topic of EAH issues the long term, EAH programs throughout and opportunities. Mississippi should strengthen the workforce; The next step in MAR’s strategic initiative attract further economic growth; and expand the is to sponsor town hall meetings, where pool of qualified, responsible future homeowners. community stakeholders will be asked to join MAR for EAH information sessions. MAR believes that there is potential to set shared goals that the leadership teams of each respective group will embrace. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 24
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Wisconsin REALTORS® Association With the expansion of the work on workforce The Wisconsin REALTORS® Association housing that WRA and WHEDA have been (WRA) and the Wisconsin Housing and doing, WRA expects to be able to educate Economic Development Authority (WHEDA), more real estate professionals, lender partners, have been partners on a number of statewide employers, and, ultimately, employees on the workforce housing initiatives over the years. value of homeownership and the importance of Until now, however, EAH materials have been good preparation for homeownership by potential provided in hard copy format or via email. first-time buyers. This expansion will allow both Now all these materials reside in one organizations to reach out to the entire state in a easily accessible location — a new website. more efficient and timely manner. The program REALTORS®, employers, lender partners, will serve REALTORS®, lenders, counseling counseling agencies, and consumers will agencies, and employers by increasing their all be able to use the site. The site’s wealth access to a comprehensive list of available EAH of information should build interest in and programs and EAH training materials. demand for the program. The site not only provides information on current EAH program Alabama REALTORS® Association offerings in the state, but also describes how to More Alabamians are taking on longer create an EAH program. It also offers training commutes simply because they cannot afford materials from the EAH class. Employers and to live in the cities in which manufacturers municipalities that have viewed information on have located. The Alabama Association of the website are calling and asking for additional REALTORS® (AAR) is working to address information. These new contacts will result in this situation through the Alabama Workforce more employers creating programs that will Housing Initiative. expand the knowledge of homeownership within This initiative will assist four Alabama their staffs and ultimately impact the rate of REALTORS® in becoming authorized instructors homeownership in their communities. for NAR’s EAH Class. The instructors will WRA and WHEDA are also working to offer be pivotal in meeting the Initiative’s second the EAH Class to additional REALTORS®, goal — enrolling Alabama REALTORS® in the lenders, and counselors within the state. Since EAH Class within the first two years of the the website was launched in May 2010, there have program. The REALTORS® who complete the been many requests for program information, EAH Class will be equipped with the necessary training, and implementation across the state. tools and resources to reach out to employers in WRA and WHEDA have presented several EAH their communities and assist them in developing Classes to REALTORS®, lenders, and housing EAH benefits program for their employees. Each counselors, and additional classes are scheduled. class will discuss the definitions of workforce Another goal is to educate and engage new housing and EAH, workforce housing trends employers. WRA has already enrolled several and challenges, finance options for lower income employers in an EAH program, with more workers, and use of the resources available on employers pending. As new employers enroll, the new AAR website. The Alabama Real Estate their workers will have additional access Commission has accredited the EAH Class for to homeownership preparation education four hours of continuing education credit. classes, increasing their opportunities to become homeowners. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 25
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations A new EAH website will offer a “one- and that had broad networks for outreach. The stop shop” for consumers and REALTORS® Alabama Housing Finance Authority agreed alike, as well as AAR’s housing partners. The to provide affordable housing information for website will provide consumers with general AAR’s new website and to promote EAH at its housing information, an overview of EAH, housing fairs throughout the state. The Alabama and information on how a REALTOR® can Homebuilders Association and the Alabama assist them. REALTORS® will be able to see Retail Association agreed to promote EAH to information about EAH education opportunities their members at their meetings. and a calendar of events throughout the state AAR is continuing to engage other that may be of interest. The site will also post community partners in its efforts to get the the names and contact information of AAR word out about the need for viable solutions members who have completed the EAH Class. like EAH to address the housing needs of Additional outreach strategies include emails, working families. The long-term goal is to Facebook, Twitter, and collateral materials and have a REALTOR®-led coalition of Alabama gifts for those who attend various housing fairs organizations dedicated to the goals of and workshops across the state. AAR brochures workforce housing. will also be available at the Alabama Department The initiative will build REALTORS’® of Economic and Community Affairs’ 48 local awareness of workforce housing opportunities career centers. and empower them to help their clients meet AAR realized early on that to be effective in the challenges of locating affordable housing its outreach and promotion efforts, it would need near their employment. AAR is excited about to involve other community partners. Only then the prospect of educating REALTORS® with could it ensure that the message of the benefits firsthand knowledge of the benefits of EAH. The of EAH was widely received. As AAR pulled vision is for those REALTORS® to reach out to together its rollout strategy, it looked for partners their local communities and local employers. that were interested in helping workforce families N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 26
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2 Offer an EAH Class and Follow-up Sessions Presenting an EAH Class can be your Mississippi Association of REALTORS® first EAH initiative. A class is a good place to The Mississippi Association of REALTORS® start because it will introduce your members to (MAR) co-sponsored a Home From Work™ employer-assisted housing and will prepare them Class with NAR and invited members from all to discuss EAH with local employers. As your of the 21 local REALTOR® boards in Mississippi members become more knowledgeable about to attend the class as a way to introduce them EAH, they will also be able to help you promote to EAH. After this class, MAR’s director other initiatives. The EAH Class could be of education and another member became followed by an optional follow-up session where authorized to teach the EAH Class. They then you and your members can work on an action taught classes throughout the state to MAR plan together. members, giving them the skills and resources to call on local employers. Ten classes were Hold an EAH Class offered in 2010. The EAH Class is a four-hour session that focuses on how to work with local employers Co-Sponsor a Class with Other to discuss employer-assisted housing, the benefits Associations of implementing an EAH program, and three A smaller association or board may want to plan options (homebuyer and homeownership and organize an EAH Class with one or more workshops, one-on-one counseling, and financial other associations in the area. Pooling resources assistance) employers can implement to help their will let you market your class to a greater employees purchase a home close to work. number of people. Organize a Class for Local Boards Northeastern Colorado REALTOR® Boards State associations may want to take the lead and The Loveland-Berthoud Association of offer an EAH Class to their local associations/ REALTORS® looked into offering a Home boards. This is a great way to introduce EAH From Work™ Class to its members. The to local REALTOR® associations’ and boards’ board decided that it would make more sense staff. Local associations and boards can then to hold the EAH Class in conjunction with determine whether to offer the EAH Class to neighboring boards to share costs and train their members. more REALTORS®. Three local boards joined together to co-sponsor a class. The course was announced by all boards around the state and was attended by REALTORS® and affiliates from various areas of Colorado. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 27
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Coordinate Statewide Classes member questions about EAH. It will also help State associations may also want to take the lead them promote the benefits REALTORS® will and introduce EAH throughout their state by gain from taking the class. offering the EAH Class to members statewide and at the state’s annual conference and other New Jersey Association of REALTORS® events. This approach will ensure that all The New Jersey Association of REALTORS® REALTORS® have access to an EAH Class. plans to offer the EAH Class throughout the state and educate approximately 300 Alabama Association of REALTORS® REALTORS®. NAR helped to initiate this effort The Alabama Association of REALTORS® by co-sponsoring a pilot EAH Class in Edison, (AAR) created the Alabama Workforce Housing N.J., in January 2010. The EAH Class is part Initiative. Part of this initiative is to assist four of the association’s Helping Hands Towards Alabama REALTORS® in becoming authorized Homeownership program, which educates instructors for NAR’s EAH Class. Once the new both REALTORS® and consumers about the instructors are in place, AAR will provide them resources available to those seeking to own with the resources they need in order to teach their own homes. the EAH Class and will offer the course on a regular basis across the state. Wisconsin REALTORS® Association The Wisconsin REALTORS® Association (WRA) Mississippi Association of REALTORS ® partnered with the Wisconsin Housing Economic The Mississippi Association of REALTORS® Development Authority (WHEDA) to offer (MAR) co-sponsored a Home From Work™ the EAH Class to REALTORS®, lenders, and Class with NAR and invited members from all counselors within the state. One EAH instructor of the 21 local REALTOR® boards in Mississippi will conduct the training throughout the state. to attend the class as a way to introduce them WRA believes that by training professionals in to EAH. After this course, MAR’s director EAH, it can expand the number of employers of education and another member became offering EAH benefit programs in the state. WRA authorized to teach the EAH Class. They then and WHEDA are working to train additional taught classes throughout the state to MAR REALTORS®, lenders, and counselors within the members, giving them the skills and resources state to be EAH certified. Several EAH Classes to call on local employers. Ten classes were have been held and more are scheduled. offered in 2010. Wyoming Association of REALTORS® Vermont Association of REALTORS® The Wyoming Association of REALTORS® As part of the Vermont Association of (WAR) sponsored five Home From Work™ REALTORS’® workforce housing initiative, Classes in March 2009. The classes were taught the association plans to educate the state’s by one instructor, who traveled throughout REALTORS® on employer-assisted housing. the state. About 90 students were trained, At least three of VAR’s five employees will including WAR’s president-elect. He used his take the EAH Class. This will allow staff to new knowledge to reach out to several employers be knowledgeable and capable of answering after taking the class. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 28
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Coordinate an EAH Class 4. roup Presentation. Have students determine G Follow-up Session what groups, such as the chamber of commerce, After completing the EAH Class, many students local economic development agency, or local non- will express an interest in contacting local profit organization, they may want to contact to employers. You may want to hold a follow- offer a presentation on employer-assisted housing. up session that focuses on the practical skills Add information to customize the presentation addressed in the EAH Class. In a one-to-three- for these groups, as well as information on local hour session, students can decide if they need programs. Brand the PowerPoint. more practice before talking with employers 5. oreclosure Prevention Resources or F and what they would like to do as a team. Other Workshop. Have students either create possible topics for follow-up sessions include: content for a foreclosure resources package to distribute to employers or a foreclosure 1. on-profit Organization Speaker. Identify N prevention workshop to present to employees. a local non-profit organization that may be Invite a local non-profit organization partner interested in being represented on an EAH to this session as it may already have the initiative team. Have a representative from information needed to put together a package the organization come to a follow-up session of resources or a foreclosure prevention to discuss local, state, and federal financial presentation. Work with the non-profit assistance programs, as well as the education organization to distribute the resources and counseling services the organization package or to conduct the workshop. The provides. The organization’s representative non-profit may also work with employers to may also want to discuss how the organization provide additional counseling to employees. administers and manages EAH benefit plans for employers (if that is a service it provides). Northeast Florida Association 2. ction Plan. Have students work on an action A of REALTORS® plan as a team. They can begin by conducting The Northeast Florida Association of the local research including a market analysis, REALTORS® (NEFAR) presented the Home identifying local financial assistance and From Work™ Class in two parts. In addition to housing programs, finding out whether any presenting the NAR class curriculum to students, local employers offer EAH benefits, identifying NEFAR scheduled a second follow-up class that local non-profit organizations and lenders that focused on developing and polishing presentation could be come team partners, and identifying skills. The participants were required to present potential employers that might be interested in a 15-minute homebuyer workshop before an implementing an EAH benefit. evaluation panel in order to become a credentialed HOME representative. The accreditation was 3. omebuyer/Homeownership H required before students could contact employers. Workshop. Have students incorporate Lenders were encouraged to take the EAH Class the information they collected from their and to work with REALTORS® in discussing EAH research to customize a homebuyer and/or with employers. The class was part of NEFAR’s homeownership workshop using PowerPoint. HOME (Homeownership Made Easy) program, They could brand the PowerPoint as well as in which it partnered with the City of Jacksonville add additional topics depending on the local to promote EAH benefits to local employers. employees and programs available. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 29
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Sponsor an Instructor several REALTORS®. This coordination could Associations may want to consider sponsoring be as simple as having members contact you someone from staff or volunteer leadership to with the name of the employer(s) they would become an instructor for the EAH Class. Once like to contact and then keeping note of that this person meets all the requirements and information in a MS Word document or completes NAR’s EAH Class “Train the Trainer” Excel spreadsheet. session, he or she will become authorized to After a member has contacted an employer, teach the EAH Class. The association can then he or she should also let you know what offer the EAH Class to its members more easily. the outcome was and whether the employer You may also want to negotiate the instructor‘s implemented an EAH benefit. Again, this fee to teach the class so that you can recover could simply be noted next to the name of the the costs related to sponsoring the instructor’s member and the employer contacted. Tracking training, such as travel. member progress is a great way for you and NAR to see how our members are becoming leaders in their communities. Fort Smith Board of REALTORS® The Fort Smith Board of REALTORS® funded Note travel and lodging expenses for one of its members, a former board member, to participate NAR has created a survey, which it emails in the EAH Class “Train the Trainer” session to students several months after they take an and become an EAH instructor. The association EAH Class. The survey asks students whether planned to have this person conduct EAH they have contacted an employer and if the Classes for its members. The member taught employer(s) they contacted implemented an his first class a little more than a month after EAH benefit. However, the response rate has becoming an instructor. been low. That’s why we ask associations that sponsor EAH Classes to let us know if anyone who took the class contacted an employer. Mississippi Association of REALTORS® The Mississippi Association of REALTORS® Northeast Florida Association made plans to offer the EAH Class to of REALTORS® REALTOR® boards throughout the state as part of its EAH initiatives strategy. One of their first The Northeast Florida Association of steps was to pay for its education director to take REALTORS® (NEFAR) managed and tracked the EAH Class “Train the Trainer” session and credentialed HOME representatives (members become an instructor. MAR’s education director who completed the Home From Work™ Class took the instructor training and, along with a and the HOME follow-up presentation) and MAR member, taught 10 classes in 2010. their employer contacts. In addition to members contacting employers directly, NEFAR also made the initial contact with some employers and Coordinate and Track Employer Contacts then coordinated with HOME representatives After you hold an EAH Class, you should to follow up with the employer. NEFAR was find a way to determine which members are able to see which employers were contacted and going to contact which employers so that to coordinate when more than one member one employer isn’t inundated with calls from contacted the same employer. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 30
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Include the EAH Class as an Elective Specialist on various websites and in collateral If you currently have an affordable or workforce materials that are used in public education housing certificate program, or are planning efforts. The association has certified one, you may want to consider making the 250 members as North Carolina Workforce EAH Class an elective. The EAH Class Housing Specialists. gives students a concrete way to increase the workforce opportunities for homebuyers in Offer Homebuyer/Homeownership their community. Workshops Partner with local employers to offer workshops Note and disseminate information at the workplace. If you have a certificate program and include the The workshops and educational offerings EAH Class as an elective, please let us know by are an EAH benefit that enables employers emailing eah@realtors.org. to give their employees the opportunity to receive information that will help them buy or keep their home. Materials should also Charlotte Regional REALTOR® Association include information on foreclosure prevention. The Charlotte (N.C) Regional REALTOR® REALTORS® who have taken the EAH Class Association’s philanthropic arm, the Housing can conduct the workshops with their team Opportunity Foundation, created a Workforce members. Many associations, including state Housing Certificate program designed to educate associations that have received an Ira Gribin REALTORS® to work with the community’s Grant, have initiated efforts to offer workshops workforce. The program put particular emphasis about buying a home. on first-time buyers and clients purchasing in the affordable price range (80 percent of the median income). The EAH Class is one of five Resources workshops that a REALTOR® must complete NAR’s EAH Class.1 NAR provides marketing to graduate and earn the Workforce Housing materials to sponsors to promote the EAH Specialist certification. The other workshops Class, including marketing brochures for are Creative Lending Programs for Workforce sponsors and REALTORS® and a customizable Housing, Foreclosure Prevention, a Workforce ad and flyer. The NAR Housing Opportunity Housing Fair, and Working with Housing Grant 2 is a possible source of funding for Non-Profits. presenting classes related to affordable housing. North Carolina Association of REALTORS® links The North Carolina Association of REALTORS® 1 http://www.realtor.org/eahclass plans to educate 500 REALTORS® annually through its Workforce Housing Certificate 2 http://www.realtoractioncenter.com/for- program. The core modules will be supplemented associations/housing-opportunity/housing- with elective modules including the EAH Class. opportunity-grant.html Graduates will be listed as a Workforce Housing N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 31
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 3 Develop a Task Force, Committee, or Partnership Most REALTORS ® do not have the time, them on a committee or partnering with them resources or relationships to discuss EAH may be able to jumpstart your housing initiative. beyond the local employers in their community. Other key groups to bring into the process As a REALTOR® association or board, you may are local chambers of commerce and economic want to expand upon what your members are development agencies. These groups are not doing in the community. Your initiatives could only aware of local businesses, but also of their include creating a committee or task force and/or needs and concerns in areas such as retention developing partnerships with other community and recruitment. You may want to contact these groups and organizations to discuss how employer- groups to arrange a discussion on EAH and assisted housing can help to address affordable how EAH can be of value to employers and housing for working families in your community. to the community. In turn, these groups can After you hold an EAH Class, you may find get the word out to local businesses and make that there is a core group of students interested arrangements for your members who have in becoming more involved and working taken the EAH Class to contact local employers. together on an EAH initiative. Your association Chambers and economic development agencies may be interested in organizing this group into can also help with employer surveys. a committee or task force to plan what to do next. You may want to offer to have meetings at North Metro Denver REALTOR® Association your office and appoint a staff person to work The North Metro Denver REALTOR® on this task force. Association (NMDRA) established a core group The committee could also be expanded to of REALTORS® and affiliate members to serve include partners and others in your community on a committee developing an EAH program for involved in affordable housing and employment the Greater Brighton area community. Committee issues. You may want to invite chamber members, members signed an “Employer-Assisted Housing employers, lenders, non-profit organizations, faith- Program Agreement,” which standardized their based organizations, or government agency staff to approach and ensured that not more than one attend. These individuals can be a sounding board member would contact an employer. The group also for any local workforce housing and employer- created an interactive website.1 Committee members assisted housing initiatives. They can also help to use the site to communicate with each other about gather information on the local housing market the status of their employer contacts and upload and programs and create a strategic plan. documents that can be used by other members. The Reaching out to a local non-profit website also provides information for employers organization is of particular importance and and employees interested in EAH. The association value. Most non-profit groups are aware of the has plans to expand the website to accommodate housing challenges in a community, as well as of additional chapters/committees that form in any state or local housing programs. Including N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 32
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Colorado and want to participate in an employer- that all REACH partners must use a REALTOR® assisted housing program. in each EAH transaction. This requirement creates a continuing relationship between the REACH partner and the REALTORS® in their area. The Eastern Connecticut Association EAH/NAR/MPC program will ultimately work of REALTORS® 2 with 36 local REALTOR® associations, which The Eastern Connecticut Association of will provide venues for training and outreach for REALTORS® (ECAR) has initiated partnerships employer-assisted housing and education statewide. with local non-profits to be part of the teams REALTORS® form after each EAH Class. ECAR has also added some of its affiliate members Northeast Florida Association of REALTORS® (i.e., mortgage lenders and home inspectors) The Northeast Florida Association of REALTORS to the team and negotiated with them to offer (NEFAR) developed HOME (Homeownership discounted or free services to employees who Made Easy) in 2007 in partnership with the City participate in an EAH benefit program. of Jacksonville and the Jacksonville Regional Chamber of Commerce to promote EAH benefits to employers in the Jacksonville region. Joined by Arizona Association of REALTORS® then Jacksonville Mayor John Peyton, NEFAR The Arizona Association of REALTORS® (AAR) launched the program with an EAH Summit partnered with lenders, local businesses, and Fannie breakfast. The HOME program was designated Mae to create the Housing Arizona’s Workforce as an “Ambassadors for Cities” winner in 2007. (HAW) initiative. This statewide effort worked REALTORS® were able to become a credentialed to increase homeownership among workforce HOME representative by completing the Home families by encouraging area employers to offer From Work™ Class and the NEFAR HOME homeownership education and financial assistance Part 2 Class and evaluation. Credentialed HOME to their employees. It also assisted potential representatives conducted homebuyer workshops for homeowners by finding low-cost financing options the staff at several Jacksonville city departments and from participating lenders. As part of the HAW talked to city employees at the NEFAR booth at the initiative, AAR trained REALTORS® to work with Jacksonville City Health Fairs. Representatives from employers, lenders, and Fannie Mae to conduct the city’s Housing and Neighborhoods division homebuying workshops for employees. also participated in the workshops and highlighted the first-time homebuyer assistance programs that Illinois Association of REALTORS® the city offers. HOME brochures were distributed While working on its EAH Toolkit, the Partnership to local employers through the regional chamber for Home Ownership (PFHO), the association’s of commerce. HOME representatives also talked foundation, was approached by the Metropolitan with local employers at the NEFAR booth at the Planning Council (MPC) to partner in an EAH Chamber Business Expo and Trade Show. program. PFHO became a Regional Employer- Assisted Collaboration for Housing (REACH) Vermont Association of REALTORS® partner. Working with MPC, IAR is creating As part of the Vermont Association of the relationship between the REACH partners REALTORS® workforce housing initiative, and REALTORS®. The REACH partners’ VAR plans to establish an EAH committee memorandum of understanding with MPC states made up of board members. The committee N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 33
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations will focus on reaching out to potential employers partners that were interested in helping workforce and encouraging them to offer EAH benefits. families and that had broad networks for outreach. Prior to this effort, no Vermont employers were The Alabama Housing Finance Authority agreed known to have sponsored an EAH program. to provide affordable housing information for AAR’s new website and to promote EAH at its housing fairs throughout the state. The Alabama Mississippi Association of REALTORS® Homebuilders Association and the Alabama As part of its EAH strategic initiative, the Retail Association agreed to promote EAH to Mississippi Association of REALTORS® has their members at their meetings. The Alabama formed a committee comprised of members Department of Economic and Community from each of its 21 boards who have taken the Affairs offered to provide information about EAH EAH Class. The committee will administer an at its job fairs and distribute collateral AAR was employer outreach and education plan and develop developing for this program at its 48 career centers marketing materials on the benefits of EAH for across the state. AAR is continuing to engage other its partners and members. Under the guidance of community partners in its efforts to get the word the committee, REALTORS® who have taken the out about the need for viable solutions like EAH to EAH Class will reach out to employers, community address the housing needs of working families and leaders, MAR partners, and other REALTORS® to their employers. The long-term goal is to have a discuss the benefits of EAH and the positive impact REALTOR®-led coalition of Alabama organizations it can have on communities and businesses. dedicated to the goals of workforce housing. Wisconsin REALTORS® Association The Wisconsin REALTORS® Association (WRA) Resources partnered with the Wisconsin Housing Economic “Power of Partnership” 3 describes how chambers Development Authority (WHEDA) on a number of commerce and REALTOR® groups join of EAH initiatives. They also expect to partner together at the regional level to promote with a variety of counseling agencies, Rotary workforce housing solutions. NAR’s Housing International organizations, local chambers of Opportunity Grant.4 commerce, the University of Wisconsin extension offices, and others to develop EAH initiatives. Some links of these partners will assist with “lunch-n-learns” or 1 http://www.coloradoeah.com homeownership classes with WRA and WHEDA. 2 http://www.easternctrealtors.com/ employerassistedhousing.html Alabama Association of REALTORS® 3 http://www.realtor.org/wps/wcm/connect/03 The Alabama Association of REALTORS® (AAR) 87a9004989108986af973104247953/housing_ is working on developing the Alabama Workforce workforce_case_studies.pdf?MOD=AJPE Housing Initiative. AAR realized early on that to RESCACHEID=0387a9004989108986a be effective in its outreach and promotion efforts f973104247953 for this initiative, it would need to involve other community partners to ensure that the message of 4 http://www.realtoractioncenter.com/for- the benefits of EAH was widely received. As AAR associations/housing-opportunity/housing- pulled together its rollout strategy, it looked for opportunity-grant.html N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 34
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 4 Plan and Coordinate an Event, Forum or Panel Presentation Many stakeholders in a community, Mississippi Association of REALTORS® including government officials and housing As part of its employer-assisted housing initiative, organizations, may not be aware of employer- the Mississippi Association of REALTORS® assisted housing. One efficient way to reach out is establishing a process to educate and engage these groups is to hold an event that provides employers and community leaders on employer- an overview of employer-assisted housing and assisted housing issues. The association’s plans how it can address local workforce housing include conducting at least one key employer challenges. You can invite local non-profits, meeting in each of Mississippi’s local board government agencies, lenders, and employers, areas, holding a minimum of three regional as well as the media. Your event could focus town hall meetings with key employers and either on planning an employer-assisted housing community leaders, and participating at the initiative for your community or be used to annual conferences of each of the state’s major announce your own initiative. You can also use trade associations, including the Mississippi the event to garner support for an EAH initiative Manufacturers Association. in your community and to sign on partners and employers. Sussex County Association of REALTORS® Good speaker choices at your event might include an authorized EAH instructor, a local The Sussex County (Del.) Association of employer that has implemented an EAH program, REALTORS® (SCAOR) held an outreach event to and/or a non-profit housing organization that introduce employer-assisted housing to employers has knowledge of employer-assisted housing. and to let them know how REALTORS® who NAR may also be able to provide a staff person took the Home From Work™ Class could work to give an overview of EAH and to discuss how with them to implement an EAH benefit for their NAR and REALTORS® are involved in EAH employees. Local employers, elected officials, initiatives. You should also try to invite a local and the media were invited to the event. SCAOR VIP (mayor, council member, etc.) to give the members who completed the Home From Work™ welcoming remarks. Class were present to network and provide follow- You can let attendees know that your up to the employers. In preparation for the event, members have taken NAR’s EAH Class and are a Home From Work™ update Class was held to available to discuss EAH with them in more serve as a refresher course for REALTORS®. The detail. Or you can offer an EAH Class following association also held a second employer event to the event so your members and attendees can review the EAH program and to feature a local learn more about EAH. employer that had recently implemented an EAH benefit as an outcome of the first event. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 35
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations North Metro Denver REALTOR® Association covered the forum. Follow-up will now continue The North Metro Denver REALTOR® Association with the mayors and employers who attended the has plans to host several events for members, forum to discuss implementing EAH programs. community leaders, and local businesses to encourage participation in an employer-assisted Maryland Association of REALTORS® housing program. It has also formed an EAH The Maryland Association of REALTORS® Program Committee to plan and coordinate (MAR) invited a representative from NAR’s the events. Events will include luncheons and Housing Opportunity Program to a meeting receptions for community leaders, city officials, comprised of their Affordable Housing Committee and local businesses to introduce EAH and garner members and local EAH Class instructors. NAR their support for EAH, as well as an EAH Class. staff gave a presentation on an EAH Initiative The association will also work with local employers Strategy, which included examples of other to implement “learn at lunches” outlining EAH associations that have already implemented an benefits for their employees. The committee has EAH program. MAR also invited a representative created brochures to distribute to employers and from the Maryland Department of Housing and their employees describing their program and EAH. Community Development to discuss Maryland’s House Keys 4 Employers program (HK4E). The Nevada Association of REALTORS® Maryland program is an employer partnership The Nevada Association of REALTORS® program that matches contributions dollar-for- partnered with the HOPE Home Foundation,1 dollar, up to $2,500, toward down payment and a non-profit organization created by REALTOR® closing costs from participating employers. and EAH instructor Dawn Lane, to plan and organize an EAH Forum. NAR gave NVAR In addition to organizing your own EAH a Housing Opportunity Grant for the forum. event, you may want to plan and organize a The forum focused on the current housing panel on EAH during a housing conference, challenges in Las Vegas and how EAH can be convention, or other event sponsored by your used to address these challenges by encouraging association of others groups. local employers to offer an EAH benefit. Real estate professionals, including REALTORS® and National Association of REALTORS® staff from NVAR and the Las Vegas Association Regional Workforce Housing Forums 3 of REALTORS®, non-profits, employers, and NAR sponsored a series of Regional Workforce government leaders attended the forum. Patty Housing Forums, which were designed to outline Kelley, NVAR’s president-elect, welcomed the nature of the workforce housing challenge in attendees, followed by opening remarks from each region and to highlight regional best practices North Las Vegas Mayor Shari Buck. Other in addressing that challenge. The forums were speakers included Henderson Mayor Andy Hafen also designed to attract a wide range of attendees, and Las Vegas Mayor pro tem and City Council including employers and HR professionals, member Stavros Anthony. Representatives from REALTORS®, city planners, housing and HUD’s field office, NeighborWorks, the Nevada community development leaders, local elected and Housing Division (the state HFA), and NAR also appointed officials, state HFA representatives, and made presentations. Local print and television others. Several of the presentations and keynotes media, including the Las Vegas Review Journal,2 were on employer-assisted housing programs. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 36
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Wyoming Association of REALTORS® Triple Play REALTOR® Convention The Wyoming Association of REALTORS® Trade Expo (WAR) worked with the Wyoming Workforce Real estate professionals from New Jersey, Council to organize two panels on employer- New York, Pennsylvania, and surrounding assisted housing at the 2009 Governor’s Summit states attend the annual Triple Play REALTOR® on Workforce Solutions. Officials addressed Convention Trade Expo. The New Jersey local housing issues and a representative from Association of REALTORS® coordinated a Community Frameworks discussed workforce panel on employer-assisted housing during the housing solutions. NAR staff gave an overview of conference. Panelists included an NAR staff EAH and WAR’s then president-elect reviewed member, who gave an overview of EAH and WAR’s EAH initiatives. Those in attendance were how REALTORS® and REALTOR® associations also given resources and contact information in case were involved in EAH; a representative from they wanted to meet with a REALTOR® who had the Urban Affairs Coalition, who described taken the Home From Work™ Class to discuss the Philadelphia’s Home Buy Now EAH program; implementation of an EAH benefit. and a representative from the New Jersey Housing and Mortgage Finance Agency, who explained HMFA’s Live Where You Missoula (Mont.) Organization of REALTORS® Work program. The Missoula Organization of REALTORS® (MOR), in partnership with the City of Missoula, organized and sponsored the Missoula Housing Resources Summit, called “A Search for Solutions.” In Event Talking Points, Fact Sheets for Event addition to presentations on the problems facing Attendees and Partners, Customizable Employer Missoula’s workforce, the Mayor’s Affordable Brochure, Funding and Technical Assistance, Housing video, the 2010 Missoula Housing and EAH Overview PowerPoint Presentation Report, and the Missoula Housing Needs Survey, in this guide’s Tools and Resources section. the summit offered several breakout sessions NAR’s Regional Workforce Housing Forum including a panel on employer-assisted housing. presentations.4 NAR’s Workforce Housing The EAH presentation, given by an NAR staff Forum Guide (to be released in 2012). member, offered an overview of employer- assisted housing and how partners, including REALTORS®, can work together to implement links an EAH initiative in a city. Among those in the 1 http://hopehomefoundation.org audience was Missoula’s mayor. As a follow-up to 2 http://www.lvrj.com/real_estate/nvar-forum- the summit, MOR is working with the city on a on-employer-assisted-housing-attracts-full- new economic development project, which will house-wednesday-138252249.html include employer-assisted housing as one solution to support the city’s economic recovery. 3 http://www.realtor.org/government_affairs/ NAR also co-sponsored an EAH Class housing_opportunity/wfh_forums?wt.mc_ the next day at the Missoula Organization of id=rd0077 REALTORS® office to prepare local REALTORS® 4 http://www.realtor.org/government_affairs/ to meet with local employers and discuss the housing_opportunity/wfh_forums?wt.mc_ implementation of an EAH benefit. id=rd0077 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 37
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 5 Create EAH Resources Many people, especially government officials, Wisconsin Housing Works website is designed local stakeholders, and employers, are unaware of to inform and educate real estate professionals, employer-assisted housing and how it can address lender partners, employers, and employees on affordable housing issues in a community. An the value of homeownership and EAH. The EAH initiative may be as simple as providing and site not only provides information on current disseminating information. As a way to educate EAH program offerings in the state, but also members and stakeholders in your community describes how to create an EAH program. It also about EAH, you may want to create resources on offers training materials from the EAH Class. employer-assisted housing. These resources may The site also makes it easier and faster to add then be distributed online, at meetings, during new information and updates. Both WHEDA an EAH class, at outreach events, and at local and WRA are committed to the EAH program housing conferences and forums. and will continue to maintain the website and keep it and the training materials up to date. The program meshes very well with both Eastern Connecticut Association organizations’ missions. of REALTORS® 1 The Eastern Connecticut Association of REALTORS® (ECAR) lists REALTORS® who Illinois Association of REALTORS® have attended an EAH Class on its website. The Illinois Association of REALTORS® Employers interested in learning more about (IAR), along with Partners for Home ECAR’s EAH program can contact the ECAR Ownership (PFHO), is developing a toolkit REALTORS® who has been trained to explain based on the award-winning Quincy/Blessing and implement an EAH benefit. Hospital employer-assisted housing model. The toolkit will be marketed to interested cities, municipalities, or employers that wish Wisconsin REALTORS® Association to improve or establish an EAH initiative. The Wisconsin REALTORS® Association The toolkit will include guidelines, policies, (WRA) and the Wisconsin Housing and and forms to implement an EAH benefit and Economic Development Authority (WHEDA), enhance workforce housing assistance. IAR have been partners on a number of statewide will coordinate with 36 local REALTOR® workforce housing initiatives over the years, so it associations to disseminate the toolkit. was natural for them to team up to create a new website 2 devoted exclusively to EAH issues. The N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 38
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Resources Funding and Technical Assistance in this guide’s Tools and Resources section. NAR has a variety of EAH resources on REALTOR.org 3 to help initiate an EAH project, including articles and reports on employer-assisted housing. links http://www.easternctrealtors.com/ 1 employerassistedhousing.html http://wisconsinhousingworks.com 2 http://www.realtor.org/government_ 3 affairs/housing_opportunity/ workforcehousingresources N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 39
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 6 Contact and Engage Employers EAH Class evaluations show that As a result of the meeting, Allen Foods will be many REALTORS® are reluctant to approach implementing an EAH education and counseling employers. Because your association may have benefit to the employees working in their large developed relationships with local stakeholders and poultry processing plant in Delaware. The employers, it is usually in a better position than program will be tailored to meet the needs of the your members to contact the larger employers company and its employees. The association has such as city/county government, school districts, scheduled a follow-up meeting with Allen Foods hospitals, and universities in your community to to work out the details and logistics of the EAH discuss implementing an EAH benefit. You may benefit plan. The association will also continue want to make the initial contact with the CEO to work with Allen Foods to encourage it to or Human Resources director and set the stage offer a financial assistance benefit as well. The for your members. Once the door is opened, group also contacted a local hospital that wants your members and their partners can follow up to attract staff. with the employers to conduct homebuyer or homeownership workshops and/or counseling. Ada County Association of REALTORS® The Ada County (Idaho) Association of Wisconsin REALTORS® Association REALTORS® (ACAR) has offered the EAH One of several goals for the Wisconsin Class to its members so they can contact REALTORS® Association is to educate and local employers. The association has also engage at new employers on a regular basis, contacted and met with local employers to even though WRA has already enrolled several discuss implementing an EAH benefit for their employers in an EAH program and has more employees. ACAR developed a homebuyer employers pending. WRA believes that by video, which is used as part of its presentation working to enroll new employers, consumers to employers. The video is also available to will be given additional access to homeownership ACAR members to use when they meet with preparation education classes and increase their employees. ACAR has contacted about a opportunities to become homeowners. dozen employers, including the City of Boise and Idaho Power. The association is not only working with the City of Boise to implement Sussex County Association of REALTORS® an EAH benefits program for its employees, The Sussex County (Del.) Association of but also to create a workforce housing program REALTORS® contacted several employers to within the city through Boise’s Urban Renewal discuss the implementation of an EAH benefit. District. Boise has made the issue of workforce Staff met with the president and HR director housing a priority for the city. of Allen Foods, Inc., a major employer with multiple locations in Delaware and Maryland. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 40
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Greater Baltimore Board of REALTORS® Resources The Greater Baltimore Board of REALTORS® EAH Overview PowerPoint Presentation (GBBR) met with the University of Maryland and Customizable Employer Brochure in Medical Center in downtown Baltimore to the Tools and Resources section of this guide. discuss the implementation of an EAH benefit EAH resources on REALTOR.org,1 including for the university’s employees. The discussion Understanding Employer-Assisted Housing: described the Maryland Department of Housing A Guidebook for Employers and Developing an and Community Development’s House Keys 4 Employer-Assisted Housing Benefit Plan: Employees program, an employer partnership Step-by-Step Guide. NAR’s EAH Class 2 program that matches contributions dollar-for- gives details on to find, contact, and work dollar, up to $2,500, toward down payment and with employers. closing costs from participating employers. The presentation also outlined the Baltimore City links Live Near Your Work program, which provides 1 http://www.realtor.org/government_ direct financial assistance for eligible employees’ affairs/housing_opportunity/ first home purchase in Baltimore and encourages workforcehousingresources homeownership near the place of employment. GBAR suggested that the university offer a 2 http://www.realtor.org/eahclass financial incentive to employees to help recruit and retain employees and to meet the housing needs of employees. The university is now a participating employer in both the House Keys 4 Employees and the Live Near Your Work programs. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 41
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 7 Implement an EAH Benefit There is no better way to sell new home. AAR has made nine forgivable loan something than to “buy” the product yourself. contributions since the program’s inception. Of Accordingly, your association or board may want the nine loans, seven were to AAR employees to implement an EAH benefit for your staff. and two were to employees of local associations. The EAH Class focuses on three EAH benefits: AAR used $50,000 from its Ira Gribin Workforce homebuyer and homeownership education, Housing Grant to replenish the fund from which one-on-one counseling, and financial assistance. these loans are drawn, anticipating that this Depending on the needs of your staff, you can amount will enable AAR to continue offering the plan to implement one or more of these benefits. benefit for at least three additional years. AAR also created a video that features employees of the association who have been given loans through The Arizona Association of REALTORS® the association’s EAH program to purchase a home. Since 2005, the Arizona Association of REALTORS® (AAR) has assisted a very special group of workers in becoming homeowners— Resources its own employees. AAR’s Employer-Assisted EAH resources on REALTOR.org,1 Housing (EAH) Benefit Plan offers employees including Developing an Employer-Assisted of AAR—and employees of local REALTOR® Housing Benefit Plan: Step-by-Step Guide. associations in Arizona—up to $5,000 toward the purchase of a new home, provided they have worked for the association a minimum of links 180 days, have an annual salary that does not http://www.realtor.org/government_ 1 exceed 115 percent of the county median, do affairs/housing_opportunity/ not already own residential property, and work workforcehousingresources with a REALTOR® to find and purchase their N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 42
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 8 Advocate for EAH Legislation and Programs From land use and property and transfer total costs of the program, which include down taxes to affordable housing issues, REALTORS® payment assistance, rental assistance, counseling, appreciate how much local politics matter. and administrative costs, the state provides Legislative and political representation is one a 50-cent tax credit for each dollar invested of the most valued services a REALTOR® by the employer in its employer-assisted association can provide. As part of your EAH housing program. initiative, your association may want to consider advocating for more affordable housing Philadelphia “Home Buy Now” Program 1 opportunities for working families in your The Philadelphia “Home Buy Now” program own community. provides government matching funds that boost Your association and your REALTOR® the purchasing power for workers who buy or members, along with chambers of commerce, renovate a home in Philadelphia. An employer’s homebuilders, and other groups, can advocate contribution to an employee (at a minimum of for state and local policies to create a regulatory $500 per employee) is matched dollar-for-dollar climate conducive to creating EAH programs. by the city up to $5,000. The funds can be used The private sector can add a powerful voice in to defray homebuying costs, such as closing costs. support of EAH. For example, business groups A listing of other public EAH programs can help you to lobby for EAH state tax credits can be found in “State and Local Government or local EAH matching programs. That support EAH Programs” in this guide’s Tools and could even “go national,” when the time is right, Resources section. to advocate for federal legislation to expand EAH programs and provide tax credits for employers Your advocacy efforts will carry more participating in them. weight and credibility if you include your partners and the business community. REACH Illinois Advocacy initiatives include: REACH Illinois is a two-part incentive package for Illinois employers that implement their n eeting with local officials both at their M own employer-assisted housing programs. The offices and at planning board hearings to program includes state matching funds and state educate them about EAH and how it will help tax credits. Matching funds from the Illinois residents, businesses, and the community. Affordable Housing Trust Fund provide additional n articipating in media campaigns and other P leverage for the employer’s investment. The state efforts to generate public support for EAH. matches direct financial assistance from employer to employee dollar for dollar, up to $5,000, n riting letters, faxes, and emails to key policy W for income-qualified employees. To offset the makers in support of an EAH initiative. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 43
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations n ttending hearings and providing testimony A Vermont Association of REALTORS® at planning board hearings and other public As part of its EAH initiative, the Vermont meetings. Association of REALTORS’® Government n rranging and attending regular meetings A Affairs director, who attends Vermont’s with elected officials in which members of daily legislative sessions, has begun speaking the business community discuss housing and with representatives about developing EAH community development priorities. programs in the state. He has reported that the representatives have responded positively to this You should advocate simultaneously initiative and would like to be kept informed on a number of fronts. Undertake several about what VAR does in this area. While nothing different advocacy initiatives drawing on the explicit has been discussed, this development resources and commitment of members of your holds promise for future state support of EAH. business coalition. For example, area industry executives can contact state or local legislators Mississippi Association of REALTORS® to push for specific bills that address housing The Mississippi Association of REALTORS® policies. Businesses in the housing industry — worked to pass House Bill 1482 during the 2008 REALTORS®, homebuilders, and lenders— can Legislative Session. The bill included language to attend hearings or visit local officials in person allow an employer to give workers up to $10,000 to discuss affordable housing challenges and towards the purchase of a home and to allow how employer-assisted housing can help address employers to give workers a one-time gift of up them. Chambers of commerce or other business to $2,000 for rental assistance or security deposits. coalitions can underwrite media campaigns. The bill exempts an employee from state income You need a combination of actions to make tax on those funds. In order to take advantage an impact. of this opportunity, an employer must have You will also want to find common ground developed an employer-assisted housing program. among your partners and coalitions. Businesses in different sectors may have correspondingly different ideas about how housing, or the lack of Resources affordable housing for their employees, affects Funding and Technical Assistance in this guide’s them. But as experienced advocates point out, Tools and Resources section. Getting Involved: differences on individual policies usually can A REALTOR®’s Action Guide, NAR’s Smart be overcome by emphasizing agreement on Growth Toolkit, page 137–143.2 Government basic principles and on the need to press for Affairs Directors online community.3 the political will to expand the availability of affordable workforce housing. As you initiate your advocacy efforts, remember links that public attitudes don’t change overnight. http://www.phila.gov/commerce/Content/ 1 Housing legislation and local policy decisions can HBNBrochureCombined.pdf be a long time in coming. Plan for the long haul, http://www.realtor.org/government_affairs/ 2 and savor the victories along the way. smart_growth/smart_growth_toolkit http://reaction.communityzero.com/gads 3 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 44
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations PART THREE Tools and Resources The Tools and Resources are also available at the REALTOR® Action Center 1 as individual documents. You can download and customize most of the documents by copying and pasting the text into a new document, using your own branding, and making changes to the document. Other documents can be printed and distributed in their current format. General 1 NAR Funding and Technical Assistance 46 2 State and Local Government EAH Programs 48 3 How to Do a Paycheck to Paycheck Analysis for Your Community 53 EAH Event Planning 4 EAH Initiative Invitation 56 5 EAH Initiative Outreach Event Agenda 58 6 EAH Initiative Launch Event Agenda 59 7 EAH Initiative Launch Press Release 60 8 Suggested Talking Points for Speakers 62 9 Employer/Partner Sign-On Letter 66 10 EAH Overview PowerPoint Presentation 67 EAH Fact Sheets for Event Attendees and Partners 11 Non-profit Organizations 70 12 Lenders 72 13 State and Local Governments 74 14 Businesses 76 For Employers 15 Employer Survey 78 16 Employee Homeownership Questionnaire 82 17 Customizable Employer Brochure 87 additional Resources 89 links 1 http://www.realtoractioncenter.org/eahguide N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 45
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | NAR Funding and Technical Assistance Housing Opportunity Program 1 EAH Breakfast Forum. If you are interested in Staff is available to discuss your employer- holding the EAH Class, you may also qualify assisted housing initiative and provide additional for up to $1,000 to support that effort. For resources. One of these resources is the Housing information on the grant requirements and Opportunity Toolkit,2 which is designed as application, visit the REALTOR® Action Center.8 a reference on affordable housing in local communities. The toolkit includes guidance on Issues Mobilization Program 9 running housing fairs, symposiums, and forums, The Issues Mobilization Program, in as well as how to develop EAH partnerships. coordination with NAR’s Campaign Services, You should also take a look at the workforce provides financial, technical, and educational housing programs that state associations developed support to state and local REALTOR® with their Ira Gribin Workforce Housing associations. The Issues Mobilization Grant Grants. Several are focused on EAH initiatives.3 provides funds to organize and manage effective For example, the Wisconsin Association of campaigns to promote positions on public REALTORS®, in partnership with the Wisconsin policies (government laws, regulations, courses Housing and Economic Development Agency, of action, and funding priorities) that affect created Wisconsin Housing Works,4 a website to REALTOR® interests. provide information and resources on EAH. Before submitting a request for Issues NAR staff is also available to make Mobilization funding, you should contact Joe presentations on EAH at state REALTOR® Molinaro at jmolinaro@realtors.org to discuss association conferences or at housing your issues campaign and grant application. conferences or forums you organize or sponsor. Staff has helped to organize EAH panels and presented at Triple Play,5 the Missoula Campaign Services 10 Organization of REALTORS®,6 and the The Campaign Services Program gives state Maryland Association of REALTORS®. and local REALTOR® associations the resources you need to run successful issues and candidate campaigns. NAR’s Campaign Services can Housing Opportunity Program Grants 7 assist your association with the planning and State and local REALTOR® associations can implementation of campaigns by providing apply for a Housing Opportunity Program technical, educational or financial assistance. Grant of up to $5,000 to support their employer- NAR provides cost effective data and tools to assisted housing initiative. Funding is available conduct campaigns to achieve policy objectives. for activities such as housing symposiums, NAR offers consultant support to assist homebuyer resource websites and guides, down REALTOR® associations in utilizing the data payment assistance programs, financial literacy for polling, campaign development, and message efforts, workshops, and other housing-related delivery and outreach. Using these services programs. For example, the Nevada Association can help your association achieve REALTOR® of REALTORS® was awarded a grant for an advocacy goals. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 46
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | NAR Funding and Technical Assistance For example, the Campaign Services Program local or state official or state representative to can help you to conduct a public opinion poll on support an EAH or workforce housing-related a housing issue in your community, such as a local issue. The system includes information about EAH matching fund program or a state EAH tax each NAR member’s voting history, party credit, or to target public communications and affiliation, and voter-registration status. messaging to help pass a measure supported by REALTORS®. You can also use these services to help elect a candidate who supports workforce links housing issues. 1 http://www.realtor.org/government_affairs/ NAR’s Campaign Services Program offers: housing_opportunity n Polling and Research 2 http://www.realtor.org/government_affairs/ housing_opportunity/hoptoolkit_home n Direct Mail Services Phone Calls 3 http://www.realtor.org/wps/wcm/connect/ n Websites Social Media c64d838046ce8277968d9e0e6e9f088e/cpa_ gribin_final_report.pdf?MOD=AJPERESC n Consultant Campaign Management ACHEID=c64d838046ce8277968d9e0e6e9f0 n Voter Lists, Count Tool Activation Network 88e n Voter Registration Initiative 4 http://wisconsinhousingworks.com n REALTOR® Candidate Training Academy 5 http://www.realtorstripleplay.com 6 http://www.missoularealestate.com/docs/ For more information, contact NAR’s missoulahousingsummitasearchforsolutions Campaign Services at (202) 383-1191 or agenda.pdf campaignservices@realtors.org. After a quick 7 http://www.realtor.org/government_affairs/ conversation, NAR staff will be able to help housing_opportunity clarify your goals and direct you to the tools and services your association will find most useful. 8 http://www.realtoractioncenter.com/for- Many of these tools and services are free, and associations/housing-opportunity/housing- others are offered for a nominal fee. opportunity-grant.html 9 http://www.realtoractioncenter.com/for- The REALTOR® Party Hub 11 associations/issues-mob The “Hub” is a comprehensive, web-based, 10 http://www.realtoractioncenter.com/for- grassroots communication system for associations/electoralservices online member outreach, engagement, and 11 http://www.realtoractioncenter.com/for- mobilization. State and local REALTOR® associations/hub associations can use it to send local “Calls for Action” intended to get members to contact a N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 47
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs Note Housing Finance Agency (PHFA) can receive States are also using NSP, HOME, and up to an additional $2,000 in funds. With CDBG dollars as matching funds to leverage a $5,000 employer contribution, eligible private funds from employers. employees may receive up to $12,000 towards their home purchase. City Programs n ashington, DC Live Near Your Work: 4 W n altimore Live Near Your Work: 1 B In partnership with selected DC employers, the A partnership between employers and the Live Near Your Work (LNYW) pilot program City of Baltimore to provide direct financial will provide grants for down payment and assistance for eligible employees’ first home closing cost assistance to individual employees. purchase within Baltimore’s city limits and to The Office of Planning will match employer encourage homeownership near the place of contributions (up to $6,000 per participating employment. Employees receive a minimum employee) to attract and retain DC residents, $2,000 grant or conditional grant for settlement with the primary purpose of encouraging and closing costs when they purchase homes in employees to live close to their place of targeted neighborhoods near their employers. employment and/or transit. Baltimore will contribute up to $1,000 per n etroit Live Midtown: 5 The Detroit D employee, which will be matched by the Medical Center, Henry Ford Health System, participating employer. and Wayne State University invested funding, n t. Louis Park (MN) Live Where You S which is matched by the Hudson-Webber Work Program: 2 Live Where You Work Foundation and the Michigan State Housing is an assisted homeownership program Development Authority, to entice people to providing employees of St. Louis Park-based move to Midtown and keep those already businesses with a grant toward the purchase living there in place. Incentives include a of a home near their workplace. The employer $2,500 allowance for new renters toward the and the city provide a grant up to $2,500 for cost of their apartment, $1,000 allowance each eligible employee. Employers are invited for existing renters, $20,000 forgivable loan to contribute a matching or lesser amount to toward the purchase of a primary residence, the city’s contribution. and $5,000 exterior home improvement matching funds. The incentives are available n hiladelphia Home Buy Now: 3 The City P only to employees of the three anchor of Philadelphia will match on a dollar-for- institutions. To qualify for the incentives, dollar basis up to $5,000 of an employer’s housing units must be located within the financial contribution to employees buying a boundaries, which include the New Center, home. In addition, income-eligible employees Midtown, Virginia Park, and Woodbridge who obtain financing through the Philadelphia neighborhoods. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 48
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs n etroit Live Downtown: 6 Modeled after D and finance homes near work. Tax credits the success of the Live Midtown program, are also available to defray costs related to this initiative provides incentives for eligible homebuyer counseling and outsourced EAH employees to live and invest in their homes program administration. in the greater downtown area. Assistance is n llinois Employer-Assisted Housing I available to those looking to purchase a new Matching Funds: 9 An employer can or existing home, those interested in renting, leverage a dollar-for-dollar match from the or those interested in exterior improvements Illinois Housing Development Authority on an already owned property. Participating (IHDA), which will match an employer’s employers include BCBSM, Compuware, down payment assistance up to $5,000 for DTE, Quicken Loans, and Strategic Staffing households earning less than 50 percent of the Solutions. region’s area median income (AMI) or up to n acoma (WA) Live Downtown Program: 7 T $3,000 for households earning between 50 and A pilot program for downtown Tacoma 80 percent of AMI. In addition to leveraging employers that want to retain and recruit high- private-sector support for down payment quality employees while promoting a vibrant assistance and homeownership counseling, and safe downtown. Employers will partner these funds help employees live closer to with Downtown On the Go to give employees work, decreasing their commute times and access to significant financial incentives improving their quality of life. ($1,000 to $7,000+) from participating lenders, n aryland House Keys 4 Employees: 10 M developers, and others to live downtown. The Maryland Department of Housing Partnering is free and requires only an and Community Development will match initial meeting, a designated staff liaison, contributions dollar-for-dollar, up to $2,500, and the ability to distribute educational and toward down payment and closing costs from promotional program materials. participating employers. The employee must be using the Maryland mortgage program to State Programs purchase the home in order to receive the benefit n llinois Affordable Housing Tax Credit I of House Keys 4 Employees assistance. The Program: 8 This program offered by the employer’s contribution may also be combined Illinois Housing Development Authority with assistance from local jurisdictions, unions, (IHDA) provides a 50-cent tax credit on state and/or non-profit agencies. The House Keys 4 income tax liability for every $1 companies Employees match to the combined contributions invest in an employer-assisted housing will not exceed $2,500. The match is in the form program. Eligible EAH programs include of a 0% deferred loan that is repayable at the time down payment assistance, reduced interest of payoff or refinance or upon the sale or transfer mortgages, individual development accounts, of the house. This assistance is over and above and rental subsidies to help employees find what is available through the standard down N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 49
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs payment and closing cost assistance program, n innesota Employer-Assisted Housing M allowing some borrowers to have more choices Program: 13 The Greater Minnesota Housing in buying a home. Fund allocates significant financial resources to fund EAH initiatives each year. These funds are n ew Jersey Live Where You Work: 11 N used to encourage and complement employer The Live Where You Work (LWYW) program, participation in affordable housing across Greater created by the New Jersey Housing and Minnesota. GMHF’s combination of education, Mortgage Finance Agency, is a home technical assistance, and funding has enabled mortgage incentive program that provides it to work with corporate CEOs and family- low-interest mortgage loans to homebuyers owned companies to structure community purchasing homes in towns where they partnerships that have yielded over $20 million are employed. The goal of LW Y W is to of new money invested by employers. build stronger communities by promoting homeownership and encouraging people to n elaware Live Near Your Work: 14 The D live closer to their jobs. This, in turn, will Live Near Your Work (LNY W) program, reduce the need for cars and increase the use created by the Delaware State Housing of alternative transportation such as walking, Authority, provides employees of participating biking, and public transit. employers with a grant towards the purchase of a home near their place of employment. The n ennsylvania Employer-Assisted P participating employer will provide a $1,000 Housing Initiative: 12 This program, created (minimum) grant to an eligible employee to by Pennsylvania Housing Finance Agency purchase a home within a three-mile radius of (PHFA), helps address the issue of lack of the employee’s worksite. The state will provide affordable housing for low- to moderate- a matching $1,000 grant, and the participating income workers. Participating employers that local jurisdiction will also provide a $1,000 offer a monetary home purchase benefit to matching grant. their staff can partner with PHFA to stretch their employees’ homebuying dollars even n outh Dakota Employer Mortgage S further. PHFA provides an interest rate 1/4 % Assistance Program (EMAP): 15 EMAP, lower than the qualifying program rate, and created by the South Dakota Housing applicants may apply for up to $3,000 for Development Authority, provides down closing costs and/or down payment assistance payment and closing cost assistance in the through the Keystone Assistance Loan. form of a second mortgage for homebuyers Although the employers’ benefits do not have who are employed with a participating to be contingent on a PHFA mortgage, if the employer. The interest rate for EMAP loans employee is approved for a PHFA mortgage is 2%. EMAP loans have level monthly through a participating lender, the borrower payments and five-year terms. Loan will receive additional financial advantages, at amounts range between $600 and $6,000. no cost to the employer. For homebuyers receiving a First-time N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 50
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs Homebuyer Program loan, the EMAP loan is n ississippi REACH Mississippi Bill: The M subject to the same income and purchase price Mississippi State Legislature passed a bill to limits as the First-time Homebuyer Program. provide tax relief to working families with incomes below 120% of the area median n evada Culinary and Bartenders N income by allowing them to exclude certain Housing Partnership: 16 The State of funds from employer-assisted housing Nevada Housing Division has joined with the programs from their taxable income. The Culinary and Bartenders Housing Partnership legislation allows an employer to give workers to provide up to $20,000 in loans for a down up to $10,000 towards the purchase of a payment on a home. Workers covered by the home and to give workers a one-time gift of Culinary and Bartenders’ union contract up to $2,000 for rental assistance or security are eligible for this housing benefit, which deposits. The bill exempts an employee from helps gaming workers obtain the dream of state income tax on those funds. homeownership. Established as a result of the 2007 collective bargaining agreement, n onnecticut Police Homeownership C the new Culinary and Bartenders Housing Program: 18 This program, created by the Partnership provides homebuyer education Connecticut Housing Finance Authority, and counseling, workshops on foreclosure encourages police officers to live in the prevention, and first-time homebuyer down communities where they work by offering payment loans. home loans at below-market interest rates to municipal and state police officers who n isconsin WHEDA Advantage: 17 W purchase homes in participating towns. The Wisconsin Housing and Economic While the Police Homeownership Program Development Authority created WHEDA is primarily designed to benefit police officers Advantage, which enables employers to tap who are first-time homebuyers, the program into resources that employees need to make is also available to previous homeowners who smart financial choices and realize their dream purchase homes in federally targeted areas that of homeownership. The WHEDA Advantage overlap with participating towns. offers unique loan options, down payment assistance, and exclusive offers to help ensure n onnecticut Teachers Mortgage C employees become successful homeowners. Assistance Program: 19 This program, WHEDA provides assistance with designing created by the Connecticut Housing Finance the program and developing additional private Authority, offers home loans at below-market and public resources. WHEDA can also interest rates to Connecticut public school and contract with local non-profits for technical vocational-technical teachers who are first- assistance, homebuyer education, and credit time homebuyers. Previous homeowners also counseling services. may qualify for this loan if they purchase a home in a federally targeted area that would N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 51
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs benefit from an increase in homeownership. http://www.mmprogram.com/hk4Employees. 10 This program is designed to encourage aspx teachers to live and teach in challenged http://www.state.nj.us/dca/hmfa/consu/buyers/ 11 communities that have been designated by the close/live.html state as priority or transitional school districts. It is also designed to support teachers with http://www.phfa.org/consumers/homebuyers/ 12 specific academic certifications in subject employer_assisted_housing.aspx matter shortage areas to relocate, if they desire, http://www.gmhf.com/programs-employer- 13 to any Connecticut school district that is assisted-housing.html understaffed in their subject. http://www.destatehousing.com/ 14 HomeOwnership/hb_lnyw.php links http://www.sdhda.org/sdhda-main-website/ 15 http://www.baltimorehousing.org/ 1 homebuyer/homeowner/down payment- homeownership_livenear assistance/employer-mortgage-assistance- program-emap http://www.stlouispark.org/housing-assistance/ 2 live-where-you-work.html http://www.culinaryunion226.org/ 16 housingpartnership.asp http://www.phila.gov/homebuynow 3 http://www.wheda.com/root/BusinessPartners/ 17 http://planning.dc.gov/DC/Planning/ 4 EmployerAssistedHousing/Default. Across+the+City/Other+Citywide+Initiatives/ aspx?id=401 Live+Near+Your+Work/ Live+Near+Your+Work http://www.chfa.org/Homeownership/for%20 18 Homebuyers/Homebuyer%20Mortgage%20 http://livemidtown.org 5 Programs/for%20Selected%20Professions/ http://detroitlivedowntown.org 6 PoliceHomeownershipProgram.aspx http://www.downtownonthego.com/live/live- 7 http://www.chfa.org/Homeownership/for%20 19 close-to-work Homebuyers/Homebuyer%20Mortgage%20 Programs/for%20Selected%20Professions/ http://www.metroplanning.org/uploads/cms/ 8 TeachersMortgageAssistanceProgram.aspx documents/eah_state_tax_credits.pdf http://www.metroplanning.org/uploads/cms/ 9 documents/eah_state_matching.pdf N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 52
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | How to Do a Paycheck to Paycheck Analysis for Your Community The Paycheck to Paycheck analysis 1 n T ax rates from local assessor’s office or local developed by the Center for Housing Policy helps government website communities assess the affordability of workforce n I nsurance from local insurance reps OR housing and make the case for taking action. n E stimate monthly amount for both items Step 1: Collect Data by multiplying the home price by a number Step 2: Calculate Homeownership Affordability ranging from .0015 (low-cost area) to Step 3: Calculate Rental Affordability .0025 (high-cost area). Step 4: Create Charts Rental Affordability Rents: Add utility costs, if applicable Step 1: Collect Data n C onsult area landlords The first step in an analysis is to collect data on n A dvertised units in local papers the costs of buying or renting a home and on the salaries of workers in your community. Below n HUD Fair Market Rents 3 are suggestions on sources for obtaining the needed information. Salaries and Wages Wages: Can be annual or hourly Homeownership n C hamber of commerce a. Home Purchase Prices: Use median or n I ndividual local employers a range of prices n Local REALTORS ® for existing homes n A dvertised jobs in local papers from the local multiple listing service n Occupational Earnings and Wage n Homebuilders for prices of new homes Estimates by metro area 4 n Advertised units in local papers n Commercial data by metro area and ZIP code 5 b. Interest Rates: n A rea lenders Step 2: Calculate Homeownership n G o to the Federal Home Finance Agency Affordability website,2 and click on Research and Analysis, Determining the affordability of homeownership then Market Data, and finally Mortgage involves a six-step process. Interest Rate Survey (MIRS) Data 1. etermine the mortgage amount D Note: If the down payment is less than 20%, add 45 Based on the data you have gathered, assume a basis points to cover the costs of mortgage insurance. home purchase price amount and down payment amount. Subtract the down payment from the c. Property Taxes and Property Insurance: home purchase price to determine the amount of Express as monthly cost mortgage needed. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 53
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | How to Do a Paycheck to Paycheck Analysis for Your Community Example: Assume a $250,000 purchase price and 5. Calculate income needed to qualify for 10% down payment. $250,000 – $25,000 = the loan $225,000 mortgage Assume housing costs should be no more than 28% of income. Divide total annual housing cost 2. Calculate monthly principal and ( Number 4) by .28 interest (PI) Use the quoted interest rate and mortgage term Example: $22,284/.28 = $79,586. You have to earn (Paycheck analysis assumes a 30-year fixed at least $79,586 to qualify for a $250,000 mortgage. mortgage) to obtain monthly principal and interest payments from: 6. Compare the salaries of your selected n Printed mortgage tables OR occupations to determine if the salaries are sufficient n Pocket calculator or spreadsheet OR Use the local data on salaries that you gathered n Online calculator: in Step 1. • http://www.bankrate.com 6 Example: Assume a teacher makes $49,000/year and • http://www.hsh.com 7 a firefighter makes $46,500/year (These are typical salaries nationwide). At these wages, persons with • Numerous bank websites either occupation cannot afford a $250,000 mortgage. Example: PI for $225,000 mortgage = $1,407/month. Step 3: Calculate Rental Affordability Determining rental affordability involves a five- Note: In this example the interest rate was 6.4% step process. 3. Add monthly taxes and insurance to 1. Determine annual rents for desired monthly principal and interest amount to rental unit types come up with monthly homeownership Suggested data sources were provided under costs (also known as PITI) Step One. Do separate calculations for each size unit. Multiply monthly rents by 12 to get annual Example: Taxes + Insurance = $450/month. $1,407 rents. Add in utility costs not already included in + $450 = $1,857 total monthly homeownership cost the monthly rent. 4. Annualize total housing costs Example: 1BR @ $500/month = $6,000/year Multiply total monthly cost by 12 to get total 2 BR @ $750/month = $9,000/year annual housing cost. Example: $1,857 x 12 = $22,284 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 54
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | How to Do a Paycheck to Paycheck Analysis for Your Community 2. Determine income needed for rent Step 4: Create Charts to be affordable Paycheck to Paycheck data can tell a compelling Divide annual rents by .30. This calculates story about housing affordability in your the amount you need to earn annually so that community. Consider creating charts to rent is no more than 30 percent of income, illustrate your findings. a common rule of thumb for affordability. 1. Homeownership chart Example: 1 BR @ $6,000/.30 = $20,000. Show the income needed to qualify for the 2 BR @ $9,000/.30 = $30,000. median-priced home compared to what workers in selected occupations actually earn. 3. Convert annual income to hourly wage needed for rent to be affordable 2. Rental chart Divide annual rent (Number 2) by total number Show the amount per hour a worker needs to of hours typically worked in a year (2,080). This earn to afford to rent a one- or two-bedroom gives you what you need to earn per hour to home if rent does not exceed 30 percent of afford estimated rent. income. Compare this to median hourly wages actually earned by workers in selected Example: 1 BR @ $20,000/2,080 = $ 9.62/hour. occupations. 2 BR @ $30,000/2,080 = $14.42/hour For sample charts, go to the Paycheck to 4. Determine hourly wages of selected Paycheck Database.8 occupations If wage data are annual, convert to hourly by dividing annual wages by 2,080 to get links hourly wages. http://www.nhc.org/chp/p2p 1 Example: Assume a retail salesperson makes http://www.fhfa.gov 2 $18,000/2,080 = $ 8.65/hour. Assume a security http://www.huduser.org/datasets/fmr.html 3 guard makes $23,000/2,080 = $11.05/hour http://www.bls.gov 4 5. Compare the salaries of your selected http://www.salary.com 5 occupations with rents to determine if the http://www.bankrate.com 6 salaries are sufficient http://www.hsh.com 7 Example: At these wages, a retail salesperson cannot http://www.nhc.org/chp/p2p 8 afford a one- or two-bedroom rental unit. A security guard can afford a one-bedroom but not a two-bedroom unit. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 55
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Invitation [Association Letterhead] [Recipient Name] [Title] [Company Name] [Street Address] [City, State, Zip code] [Date] RE: Employer-Assisted Housing (EAH) Initiative for [Name of City] Dear [Recipient Name]: Many working families in our community are unable to purchase or rent a home that is affordable or close to their jobs. Much of our workforce, including the people who provide vital services to our community—teachers, firefighters, police officers, and health workers—cannot afford to live in the same community they serve. The shortage of affordable housing choices close to where families work has led to longer commutes, sprawl, and traffic congestion that degrade the quality of life for all residents. And when our workforce employees leave our community at the end of the work day, they take their resources and interactions away with them. In addition, foreclosures are not only jeopardizing the American dream of homeownership but also increasing the number of vacant properties in our neighborhoods and creating new problems in our community. To discuss these challenges in our community and a solution called Employer-Assisted Housing to address them, the _______ [Your Association] is sponsoring an EAH Forum and welcomes your participation. Employer-Assisted Housing is an employer benefit that helps employees move beyond the most common hurdles to homeownership or secure affordable rental housing within neighborhoods located near their workplace or transit. EAH benefits include education, counseling, and financial assistance. Homebuyer and homeownership education, conducted by REALTORS®, non-profit organizations, and lenders at the workplace, can help prepare potential homebuyers for homeownership or help current homeowners protect their investment and prevent foreclosure. One-on-one counseling, provided at the workplace or off-site by a certified counselor, helps employees understand their options for homeownership, correct credit issues, and learn budgeting to become mortgage ready or avoid foreclosure. Financial assistance, such as N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 56
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Invitation forgivable loans, grants, or matched savings provided by the employer, helps employees purchase homes. In addition, state and local governments can offer housing assistance programs such as state tax credits, loans, and matching grants, which can be used to leverage an EAH benefit offered by an employer. EAH not only benefits our workforce but also employers and our community. EAH can help employers improve retention, reduce training costs, and increase employee loyalty. It can also help to stabilize and revitalize our community. We will be hosting an EAH Forum to discuss how the combined efforts of REALTORS®, non- profit organizations, governments, businesses, lenders, and employers can work in partnership to address our workforce housing challenges and to understand how increased affordable housing opportunities for working families will enhance the economic development and growth in our community. The EAH Forum will take place on [Date] from [Time] at [Location]. We welcome your attendance to learn about how EAH can help solve our housing challenges and what role you can play. Your presence would attract significant credibility and attention to our efforts, and we would greatly appreciate it if you are able to attend the Forum. If you have additional questions, please do not hesitate to contact _________________ at ______________________. Sincerely, [Your Name] [Title] N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 57
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Outreach Event Agenda Purpose To plan and develop an EAH initiative in partnership with local stakeholders, organizations and businesses. The event will introduce EAH to attendees and determine next steps. Guests to Invite • Local Officials (mayor, council, commissioners) • Local and State Government Agency Staff (housing, economic development, planning) • Chamber of Commerce Society of Human Resource Management Chapter • Local Employers (small and large, place-based employers like hospitals universities) • Non-profit housing organizations • Lenders • Media Sample Agenda 8:30 a.m. Registration, Networking and Breakfast 9:00 a.m. Welcome (Association Leadership) • Acknowledgement of elected officials and community partners 9:10 a.m. Opening Remarks (Public Official VIP) • Housing Overview: challenges and programs • Encouragement to participate partnerships to form 9:25 a.m. Overview of Housing Workforce Challenges (housing authority/agency) • Community and Neighborhood Revitalization Targets • Foreclosures, Lack of Affordable Housing, Commuting • Recruitment/Retention 9:45 a.m. Overview of Current Housing Programs Gap • Non-profit/HFA to give overview of local/state financial assistance programs • How programs can be used with an EAH Program 9:55 a.m. One Solution: EAH Overview (See PowerPoint and/or Video) 10:10 a.m. Keynote • Employer, non-profit or government agency who has implemented an EAH benefit or program 10:30 a.m. Take Away Discussion: QA and Next Steps 11:00 a.m. Event Ends N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 58
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Launch Event Agenda Purpose To announce an EAH initiative developed by your association and to garner support and additional partner participation. Guests to Invite • Local officials (mayor, council, commissioners) • Government agency staff (housing, economic development, planning) • Chamber of commerce and Society of Human Resource Management chapter • Local employers (small and large, place-based employers such as hospitals and universities) • Non-profit housing organizations • Lenders • Media Sample Agenda 8:30 a.m. Registration, networking, and breakfast 9:00 a.m. Welcome (Association Leadership) • Acknowledgement of elected officials and community partners 9:10 a.m. Opening remarks (Public Official VIP) • Housing overview: challenges and programs • Buy in: Initiative will address our challenges 9:25 a.m. Program kickoff • Announcement of association EAH initiative • EAH overview (See PowerPoint and/or video) • Acknowledge the importance of partnerships to address workforce issues • Introduce any participating lenders, non-profits, and others, and explain their roles in the initiative • Introduce REALTORS® and their team members, focusing on those who have taken the EAH Class and are ready to meet with employers 9:50 a.m. Take away: How attendees can participate and become partners 10:00 a.m. Questions and answers 10:15 a.m. Networking 10:30 a.m. Event ends N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 59
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Launch Press Release ___________ Association of REALTORS® Announces the Launch of an Employer- Assisted Housing Initiative to Help the Local Workforce Obtain Affordable Housing CITY (Date) – The _______________ Association of REALTORS® held an event today to announce the launch of their Employer-Assisted Housing Initiative. The initiative is an innovative effort to work in partnership with government agencies, non-profit organizations, lenders, and businesses to increase affordable homeownership opportunities for [Your Cityʼs] workforce. “_______ Association of REALTORS® created this initiative to empower our members to provide a new resource to meet the regionʼs critical need for affordable homeownership” said ______ Association of REALTORS®ʼ President _________. “By working with local businesses, lenders, non-profit organizations and local governments, we hope to make homeownership more accessible for more working families.” Mayor _____________________ welcomed attendees and said “________________________.” He encouraged others in the community to partner together to help provide more affordable housing options to our workforce. Working a full-time job does not guarantee a family living in our community a decent, affordable place to live. Much of our workforce, including the people who provide vital services to our community—teachers, firefighters, police officers, health workers—often cannot afford to live in our community. The shortage of affordable housing choices close to where families work has led to longer commutes, sprawl, and traffic congestion that degrade the quality of life for all residents. And when our workforce employees leave our community at the end of the work day, they take their resources and interactions to another community. In addition, foreclosures are not only jeopardizing the American dream of homeownership but also increasing the number of vacant properties in our neighborhoods and creating new problems in our community. Employer-Assisted Housing (EAH) is an employer benefit that helps employees move beyond the most common hurdles to homeownership or secure affordable rental housing, often within neighborhoods located near the workplace or transit. EAH benefits include education, counseling and financial assistance. Homebuyer homeownership education, conducted by Realtors ®, non-profit organizations and lenders at the workplace, can help prepare potential homebuyers for homeownership or help current homeowners protect their investment and prevent foreclosure. One-on-one counseling, provided at the workplace or off-site with a certified counselor, helps employees understand their options for homeownership, correct credit issues, and learn budgeting to become mortgage ready or avoid foreclosure. Financial assistance, such as forgivable loans, grants, or matched N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 60
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Launch Press Release savings, provided by the employer helps employees purchase a home and can be leveraged with local, state and federal assistance programs. The _____________________ Association has partnered with __________________ to help in planning and implementing this initiative. ____________________ is the ________________________ and will _____________________________. As part of the initiative, local REALTORS® and their partners, including non-profit organizations and lenders, who have taken the National Association of REALTORS® Employer-Assisted Housing (EAH) class and are ready to work with local employers to discuss how they can plan and implement an EAH benefit for their employees. Anyone interested in becoming a partner in this initiative or employers interested in learning more about how to develop an EAH benefit plan, should call [Contact Information]. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 61
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers REALTOR® Association Representative • Thank you to all of you for coming today. Itʼs great to see so many of you taking an interest in this public-private initiative to bring together city officials, non-profit organizations, business leaders, lenders, REALTORS®, and employers to provide affordable homeownership opportunities for our workforce and to help current homeowners keep their homes. • Employer-assisted housing, or EAH, has proven an effective strategy in many cities, suburbs, and rural areas. It has helped stabilize neighborhoods and overcome the challenges of expensive housing markets. • At the heart of EAH is the idea that employees should be able to afford to live in the communities in which they work and that there are multiple benefits if they can do so. • EAH is a customized benefit option that addresses the key obstacles of purchasing a home: affording down payment and closing costs and obtaining information about the homebuying process. • [Speakers should cite some local statistics on the challenges working families are facing with respect to housing costs and compare costs to the area median income. They could use Paycheck to Paycheck data (http://www.nhc.org/chp/p2p/) to get some of these statistics.] • [Speakers might also want to cite some of the findings form NARʼs Pulse survey. One result is that 82% of respondents said down payments and closing costs were either a huge or medium obstacle to homeownership. See the 2011 Housing Pulse Survey. (http://www.realtor.org/government_affairs/housing_opportunity/resource_center/pulse_s urvey_2011).] • An employer-assisted housing program can include any combination of services: homebuyer and homeownership education; counseling for employees about housing choices and financing; direct financial assistance to help employees pay rent/security deposits, closing costs, or mortgage payments; a real estate investment by an employer; or an individual development account or other savings program for employees. • Employers of all shapes and sizes have started EAH programs. Employers represent non-profit organizations, for-profit, place-based groups, and the government sector. Their EAH programs can help a handful or hundreds of employees. • EAH creates a win/win/win situation among employees, employers, and the community. • Employees gain the most obvious benefit in that they receive educational and financial resources that may help them get into previously unattainable housing. EAH can create N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 62
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers a powerful incentive for employees to remain invested in the community. EAH programs can also significantly improve the quality of life experienced by the employee by improving housing conditions and reducing commute time. • Employer-assisted housing benefits help working families achieve the dream of homeownership. Owning a home, in turn, helps build wealth and promote economic prosperity in which employers across [our city] can participate. • EAH plans allow employers to achieve their business objectives and create financial savings, while promoting goodwill among employees and in surrounding communities. • EAH plans are gaining in popularity because they make an employer stand out from the crowd, enhance recruitment efforts, and have a positive impact on the bottom line. • Public-private partnerships are using EAH strategies to promote targeted neighborhood revitalization, practice “smart growth,” and address regional imbalances in housing and jobs. In some cases, municipalities or community organizations have led the development of EAH programs for a defined community or region and recruited multiple employers to offer EAH benefits. • Well-designed EAH programs can also contribute to neighborhood revitalization and support a broader range of community development goals, such as infill development, community involvement, and civic participation. • Communities benefit from having increased access to affordable housing, including both homeownership and stable affordable rental homes. Higher homeownership rates generally correspond to greater neighborhood stability, as well as increased tax revenues from both the homeowners and the retained businesses. Public Official Keynote • I want to thank _______________________ (association name) for undertaking this employer-assisted housing initiative and all of you for coming today to find out how you can participate and be part of this great program. • I understand the importance of a strong employment base and the connection this has to housing. I also understand that we need to expand housing opportunities and make housing more accessible for our local workforce. • I encourage all of you to get involved in an employer-assisted housing initiative and welcome our business community as part of the solution. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 63
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers • I am encouraged by the participation of the business leaders and lenders who have joined us this morning [names of the lender partners]. And I applaud you for your commitment to making homeownership a reality for more hard-working families. You can work together with the non-profits in our community and the local REALTORS® to initiate your own EAH program. • When working families are not able to live close to work, their long commutes contribute to traffic congestion and air pollution. • Unstable and unaffordable housing markets, as well as neighborhoods and families devastated by foreclosures, affect businesses with increased stress levels, reduced worker productivity, and unsafe neighborhoods. • Serious and varied housing challenges abound throughout [city/region]. The problems range from lack of affordable housing to the need for economic development to stabilize and revitalize communities so potential homeowners can purchase quality housing. • The future economic health of the region and our local communities is dependent on maintaining a stable and competitive workforce for our businesses and industries. To achieve that goal, we need a diverse range of housing options located near jobs and transportation. • Workforce housing is one of the many community and economic development issues that requires us to develop innovative strategies that bring new resources and partners to the table. • Today, many of our local employers, including our school districts, hospitals, police and fire departments, hotels and restaurants, and manufacturers, have employees who live too far from the workplace. In addition, many of our residents are worried about losing their homes • Employer-assisted housing programs can close the homeownership affordability gap and allow workers to purchase homes in the communities they serve. • We need to explore ways to raise awareness of EAH programs among employers, lenders, and community groups because EAH is an effective way to leverage public and private funds and to address housing affordability challenges and community revitalization. • Employer-assisted housing is a model to help businesses advocate for and actively support homeownership and to open the door to homeownership for their workforces. Itʼs a sound investment and key for ongoing economic and community development in our state and our city. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 64
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers Employer Keynote • [Discuss companyʼs EAH benefit plan: types of benefits, number of participants, cost of implementation and administration, partners.] • [Discuss EAHs benefits and value to the company: loyalty, public relations, retention tool, productive employees, etc.] • [Discuss one employee who has taken advantage of the companyʼs EAH benefit and the outcome.] N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 65
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Employer/Partner Sign-On Letter You will need to create two different types of letters: one for employers and one for partners. These can be distributed to employers (and non-profits, lenders, other partners) at an EAH event. Associationʼs Letterhead Date Subject: Initial Commitment to _________________ (Cityʼs Name) Employer-Assisted Housing Initiative Dear ___________: _____________________________ (Company/Organization Name) would be very interested in participating in the (City Name) Employer-Assisted Housing initiative recently launched by the (Association Name). We would like to be part of this initiative to help address the workforce housing challenges in our community. [For Employers] We are interested in learning more about EAH and how it can help our company achieve some of our business objectives and contribute to the value of our employee benefit programs overall. We understand that someone, either one of your members or staff from a local non-profit housing organization, can meet with us to discuss how best to plan an EAH program, based on our needs and those of our employees, and how to implement such a benefit for our employees. [For Partners] We are interested in becoming partners in this initiative and discussing with you what role we can undertake. Please add us to the list of companies and organizations that will be joining our community in this effort to increase the housing opportunities for our workforce and help stabilize and revitalize our community. You can follow up with the person noted below, who will serve as the ongoing contact with your association on the EAH initiative. We look forward to working with you and all the other partners on this collaborative effort to help our workforce and our community. Sincerely, Contact Name: Title: Phone: Email: N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 66
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2/2/2012 event pl anning | EAH Overview PowerPoint Presentation Employer‐Assisted Housing as Employer‐Assisted Housing a Solution for [Name of City]   Overview of Employer‐Assisted Housing Workforce Housing Challenges  Types of EAH Benefits Name of REALTOR® Association/Partners Event/Audience Name Date  Benefits of EAH to Employer, Employee, and  City, State Community  Partnerships and Partner Roles Note:  For a copy of the PowerPoint file to customize, please email eah@realtors.org  EAH in Action Overview of Employer‐Assisted Housing Types of EAH Benefits • EAH is an Employer‐provided Benefit • Helps Employees Meet their Housing Needs • Homebuyer and Homeownership Education – Assists with barriers to homeownership – Purchase or rent affordable homes close to work or near transit • One‐on‐one Counseling • Financial Assistance • Helps Communities with Housing for Their Workforce • Construction/Renovation of Housing for Employees • Helps Employers Meet Business Goals • Shared Equity Pioneers: Senator Clark provided housing for his workers at his • Rental Assistance copper mine in Clarkdale, AZ by building housing stock to ensure workers lived close to the mine. George L. Carter, • Land Donation for Housing provided homes to his workers in Coalwood, WV as he wanted • his miners to have a decent place to live. Contributions to a Housing Fund Employers may offer one or more of these benefits. Homebuyer and Homeownership Education One-on-One Counseling • Provided by real estate professionals, non-profits, and lenders • Conducted by non-profits • Workshops information • Individualized consultation on private issues (i.e., credit – Workplace or off-site problems) – One or a series – Distribution of information at workplace (foreclosure prevention) • The employer can assist by: • Low or no cost to the employer  Allowing the employee time off to attend counseling sessions • Topics  Providing a private on-site location for the sessions – Homebuying process  Providing counselors’ contact information to the employees – Mortgage financing – Saving for a downpayment  Assisting with any fees – Foreclosure Prevention • Helps to improve credit scores, foreclosure prevention • Addresses lack of knowledge, fears, foreclosure prevention N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 67 1
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2/2/2012 event pl anning | EAH Overview PowerPoint Presentation Financial Assistance Construction/Renovation of • Used for downpayment or closing costs Housing for Employees • Types of financial assistance • Employer Role – Loans:  repayable, deferred,  forgivable  – Land or building donation – Grants:  no repayment – Construction financing – Matched savings: employer matches employees – Market, rent, and sell units • Structure to meet business objectives  – Retention/reduce training costs (i.e., 5‐year forgivable loan) • Public Role – Location of home (close to work, selected neighborhoods) – Community revitalization (place‐based organizations) – Land or building donation – Duration of employment (at least one year) – Land assembly – Income level (target low‐income employees) – Zoning and regulatory flexibility • Can be leveraged with state and local assistant  • Density, mixed‐use development, streamline processing, fee waivers programs • Developer Role • Requires resources to administer and manage – Build /renovate affordable units – Non‐profit role – Advantages of public incentives Benefits of EAH to Employee Benefits of EAH to Employer • Retain existing employees and reduce turnover • Overcome homeownership barriers “We provide the employee • Improve knowledge of the home buying process and homeownership  • Decrease training costs with a $2,500 loan that is forgiven after three years of concerns • Recruit new employees My benefit coordinator helped me to continuous service. What apply for other funds and walked me better way to build loyalty – May avoid foreclosure • Increase productivity  through the whole process. Advance and pride, than to create an • Secure financial assistance Food Company is very generous to avenue for home ownership.” • Build staff loyalty to the employer offer this benefit. Without it, I would ‐‐ Advance Food Company • Enhance quality of life not have been able to purchase my • Generate positive publicity home. – More time with families • Build wealth and equity appreciation • Employees know the customers they serve • Live closer to their workplace ‐‐ Advance Food Company Employee “If employees are happy, they stay longer – Less stress, more productive and move up the career path. “It’s a good return on investment.” – Reduces long commutes and increased transportation costs  • Buy in a desirable and safe neighborhoods  ‐‐ CVS, Prescription for Homeownership Partnerships Needed for Success Benefits of EAH to a Community • Real Estate Professionals • Attracts and keeps a local workforce in the community – Homebuyer/homeownership education  sales • Ensures that critical workers and emergency responders can  • Non‐Profit Organizations live nearby – Education, counseling, and plan administration • Reduces traffic and air pollution University of Revitalization of the area Pennsylvania • Lenders • Assists with community economic goals around the University (West Philadelphia) – Flexible loan programs and products, education • Stabilizes and revitalizes the community included 25 new retail stores, 86% increase in • Developers foot traffic, 40% reduction • Increases population in crime, and 200 new jobs – Construction/renovation of affordable housing for local residents. • Increases the tax base • Government – Tax credits, matching programs, zoning, land donation • Employers – Plan implementation N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 68 2
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2/2/2012 event pl anning | EAH Overview PowerPoint Presentation EAH in Action ‐ Employer EAH in Action – Government and Lenders Government Incentives and Programs •Tax Credits and Exemptions Employer Program: Johns Hopkins University – Illinois Affordable Housing Tax Credit Program  Located in Baltimore, MD, with more than 45,000 employees – Mississippi tax exemption for employees  Wanted to strengthen the community surrounding Johns Hopkins facilities and  – Federal: working group advocating for tax credit and agency regulations encourage employees to live close by •Matching Programs Solution – Maryland, Illinois, Baltimore, Philadelphia, and District of Columbia  Partnered with several organizations – Detroit: Live Downtown and Midtown programs  Homebuyer education and counseling program •Loan Programs  Grant between $2,500 and $17,000 – HomeStreet Bank’s Employer Lending Program Outcome   400 employees awarded grants and purchased homes  Increased the vibrancy of neighborhood around the campuses and hospital EAH in Action ‐ Employer EAH in Action ‐ Employer Employer Program: Chicago Public Schools  44,400 employees  Brownstein, Hyatt, Farber  Schrek  Need to recruit top talent to school system and to retain new teachers  Law office in Santa Barbara, CA, with 82 employees  Provide resources to support City of Chicago residency requirement  Santa Barbara is a very expensive housing market Solution:    Difficult for the employer to attract and retain workers  Partnered with a development corporation  Significant turnover costs when employees leave  Homebuyer education and counseling  Information fairs and seminars  Solution  Forgivable loans ($3,000  to  $7,500)  Partnered with a housing non‐profit  Homebuyer education Outcomes:  Discounted rates on home purchase and mortgage services  1,300 employees have received counseling  900 employees purchased homes  Outcome   CPS also received a $500,000 financial benefit through the sale of Illinois employer   45 employees participated in the program and 24 purchased homes tax credits  Program sets Brownstein Hyatt apart as an “employer of choice” when  recruiting employees EAH in Action – NAR and REALTORS®  NAR four‐hour class  NAR Partnerships – National EAH Working Group (MPC, NHC), National Housing  Conference, NeighborWorks, ULI, USCM, NCSHA/HFAs Name – Conference presentations, EAH workshops,  committee member Name of Association   EAH and Workforce Housing Forums Contact Information  REALTOR® Associations  Sponsors EAH Classes  Organizes Local EAH Forums and Outreach Events  Creates Websites:  WAR and WHEDA  (www.wisconsinhousingworks.com/)  Works with State HFAs N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 69 3
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Non-Profit Organizations What is Employer-Assisted Why Should Non-Profits Housing? Participate in an EAH Program? Employer-assisted housing (EAH) helps EAH is an opportunity for non-profit employers achieve business goals while at the organizations to broaden the reach and impact same time helping employees meet their housing of their housing expertise, programs, and needs. It can help employees move beyond the services. The benefits of implementing an EAH most common hurdles to homeownership and program include an expanded client and customer purchase or rent a home in the community where base, a new source of referrals, increased name they work. EAH can be leveraged with federal, recognition, and a more positive image and state, and local financial assistance programs to increased visibility in a community. If an EAH create a greater benefit for employees. Some of program fits with a non-profit’s expertise and the most common EAH options are: mission, offering an EAH program could also be an opportunity to generate another revenue n omebuyer/homeownership education: H stream or business line. Conducted at the worksite or offsite by real estate professionals, non-profit housing organizations, and lenders. Topics could Chicago Metropolitan Planning Council include home affordability, homebuying The Chicago Metropolitan Planning Council process, mortgage applications, credit issues, (MPC) educates local employers about the and foreclosure prevention. implementation of an EAH program and n ounseling: Provided by a certified counselor C helps interested companies design individual to help employees understand their options for benefit programs. Employers determine budget, homeownership, correct credit issues, and learn eligibility of employees, and program targets. budgeting to become mortgage ready or avoid Housing counseling partners administer the foreclosure. Employers can give employees time EAH benefit for the employer and provide off or help pay some of the fees. credit counseling and homebuyer education to employees. MPC also promotes policy solutions n inancial assistance: Provided by the employer F and helps employers evaluate the effectiveness in the form of a loan or grant to help with of their EAH program. Other partners, such as down payment or closing costs. the Illinois Housing Development Authority and the Chicago Department of Community n ental assistance: Provided by the employer to R Development, offer other homebuyer assistance help with the payment of a security deposit or programs and administer the state matching the first month’s rent. funds and tax credits. MPC also partners with n atched savings: Matched by the employer M developers, real estate agents, and lenders on in some predetermined ratio to funds saved by EAH initiatives. the employee to help purchase a home. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 70
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Non-Profit Organizations The Role of the Non-Profit Non-profits may also administer and manage an EAH benefit for employees. Non-profits should Most housing non-profits possess many, if not develop a fee-for-service agreement or negotiate all, of the skills and services that are essential to fees with an employer based on the extent of a successful EAH program. Non-profits usually the services provided and number of employees offer homebuyer education, have knowledge of served. Keep in mind, however, that EAH mortgage finance and assistance programs, sponsor program development and administration are rehabilitation and development programs, and are labor-intensive activities. knowledgeable about neighborhood markets. Many Here are some of the services a non-profit non-profits also maintain productive relationships organization might provide to employers. with private- and public-sector partners whose participation in EAH is invaluable. Non-profits are Program Administration well-positioned to promote an EAH initiative and shepherd its development and implementation in a n nswer employee inquiries A community and among local businesses. n rocess employee benefit P A non-profit undertaking an EAH initiative should possess expertise in several areas, including n rack and monitor program participation T homeownership education and counseling, marketing, public relations, and working with Marketing and Outreach the private sector. A non-profit should consider these questions, among others, in a review of its n rovide site-based seminars and individual P capacity to undertake an EAH initiative. sessions n taff info tables at worksite S n ould an EAH initiative complement the W organization’s mission and programs? n rite newsletter articles W n o sufficient staff capacity and expertise D n reate and distribute success stories C exist to operate the program or can they be developed? Program Services: Employee n an middle-income and above EAH clients C n rovide objective and timely financial and P be served by the organization? purchase info n o limitations exist regarding geographic D n erform qualifications assessment P targeting of programs? n ffer credit/budget counseling, when needed O n o relationships exist with potential D EAH partners? n ducate about home purchase E n ecure prime-priced financing S n everage incentives and subsidies L n ake referrals to trustworthy service M providers N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 71
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Lenders What is Employer-Assisted Why Participate in an EAH Housing? Program? Employer-assisted housing (EAH) helps Banks find themselves in a unique position employers achieve business goals while at the to provide the residential mortgage financing same time helping employees meet their housing resources needed to assist communities and needs. It can help employees move beyond the employers with employee assisted-housing most common hurdles to homeownership and programs. Banks can offer loan products purchase or rent a home in the community where to complement employer-assisted housing they work. EAH can be leveraged with federal, programs and determine how these programs state, and local financial assistance programs to can be offered in the conventional secondary create a greater benefit for employees. Some of the mortgage market. most common EAH options are: A lender’s participation may also help it meet its Community Reinvestment Act (CRA) goals, n omebuyer/homeownership education: H especially when the employees’ incomes are within Conducted at the worksite or offsite by real the CRA income range. The CRA is designed estate professionals, non-profit housing to encourage commercial banks and savings organizations, and lenders. Topics could associations to meet the needs of borrowers in all include home affordability, homebuying segments of their communities, including low- process, mortgage applications, credit issues, and moderate-income neighborhoods, which are and foreclosure prevention. typically defined as at or below 80 percent of area median income. n ounseling: Provided by a certified counselor C EAH financial literacy activities, including to help employees understand their options for homeownership counseling, can help potential homeownership, correct credit issues, and learn bank customers participate in the U.S. financial budgeting to become mortgage ready or avoid system and help banks strengthen their foreclosure. Employers can give employees time communities. Participating in an EAH program off or help pay some of the fees. may enable banks to extend the reach of their n inancial assistance: Provided by the employer F products and services to low- and moderate- in the form of a loan or grant to help with income persons and to reach unbanked and down payment or closing costs. underbanked markets. These new markets will help banks grow their customer base. n ental assistance: Provided by the employer to R For more details, see OCC’s Financial help with the payment of a security deposit or Literacy Fact Sheet 1 and Understanding the first month’s rent. Employer-Assisted Mortgage Programs: A Primer n atched savings: Matched by the employer in M for National Banks.2 some predetermined ratio to funds saved by the employee to help purchase a home. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 72
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Lenders What’s the Lender’s Role? HomeStreet Bank’s EAH Program 3 Affinity Lending is a special department at A lender can be a valuable addition to the HomeStreet Bank that offers an employer– implementation of an EAH benefit. Lenders assisted housing program called the Hometown should know what low-cost financing Home Loan Program. Select employers alternatives are currently available from their and membership organizations include the organizations and from state housing finance Hometown Home Loan program in their organizations. They also should be able to benefits packages, saving their employees and identify mortgage financing that works with members thousands of dollars on their home EAH financial assistance. The lender should loans. The Hometown Home Loan has been also understand current mortgage underwriting helping employees become homeowners since requirements and assist in explaining these 1994. This program is made possible by a requirements at homebuyer workshops, as partnership between the employers that adopt well as to employees during the homebuying the program and housing professionals; local process. A lender may provide added depth when non-profit partners including the Washington meeting with employers. Lenders may also work State Housing Finance Commission and the out special arrangements with an employer to Portland Housing Center; and many municipal provide additional mortgage-related benefits organizations. Benefits include reduced closing to participating employees. Many employers costs, homeownership education, and down will not want to restrict their employees to payment assistance programs. Through the a particular lender, but if a lender offers an Affinity Lending Center’s relationship with a incentive or an attractive mortgage product, select group of experienced RE/MAX agents, employees may choose that lender. employees are now eligible to receive additional savings when they purchase or sell a home with a links Home Advantage REALTOR®. http://www.occ.gov/topics/community-affairs/ 1 publications/fact-sheets/fact-sheet-financial- literacy.pdf http://www.occ.gov/topics/community-affairs/ 2 publications/insights/insights-employer- assisted-mortgage-programs.pdf http://www.homestreet.com/programs/ 3 employers/index.aspx N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 73
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for State and Local Governments What is Employer-Assisted Why Implement an EAH Housing? Program? Employer-assisted housing (EAH) helps Employer-assisted housing is a valuable tool employers achieve business goals while at the for economic development and community same time helping employees meet their housing revitalization. First, employer-assisted housing needs. It can help employees move beyond the often allows workers to live and work in the most common hurdles to homeownership and same community. People who live and work in purchase or rent a home in the community the same location tend to be more invested in where they work. EAH can be leveraged with the community and become more active in civic federal, state, and local financial assistance and volunteer activities. Additionally, employees programs to create a greater benefit for the living and working nearby equals less traffic employee. Some of the most common EAH congestion and less air pollution. options are: Secondly, employer-assisted housing benefits allow critical workers and emergency responders, n omebuyer/homeownership education: H such as police, fire, and medical personnel, to Conducted at the worksite or offsite by real purchase homes in the communities where they estate professionals, non-profit housing work. They do not have to travel great distances organizations, and lenders. Topics could to respond to an emergency. include home affordability, homebuying Finally, as communities are revitalized by process, mortgage applications, credit issues, EAH initiatives, the base of the community can and foreclosure prevention. be stabilized and the population and community tax base will increase. Employees will spend n ounseling: Provided by a certified counselor C more of their money in the community, to help employees understand their options for supporting local merchants and further adding homeownership, correct credit issues, and learn to the economic vitality of the area. budgeting to become mortgage ready or avoid EAH helps employers and communities by foreclosure. Employers can give employees time providing value in ways other benefits do not. off or help pay some of the fees. n inancial assistance: Provided by the employer F n AH strengthens communities by increasing E in the form of a loan or grant to help with the homeownership rate and fostering other down payment or closing costs. businesses through a multiplier effect. n ental assistance: Provided by the employer to R n AH can be targeted to specific neighborhoods E help with the payment of a security deposit or to support revitalization efforts. the first month’s rent. n AH can be designed to support E n atched savings: Matched by the employer in M environmentally friendly community goals. some predetermined ratio, to funds saved by n AH can support family work/life business E the employee to help purchase a home. goals such as shorter commutes when tied to “live near your work” features. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 74
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for State and Local Governments n ake homeownership more affordable by M University of Pennsylvania EAH Program encouraging EAH through match funding The Urban Affairs Coalition Policy Link report programs like the ones offered by the State presents some strong data on the community of Maryland,1 the City of Baltimore,2 and benefits from the University of Pennsylvania’s Philadelphia, PA 3 efforts to revitalize West Philadelphia using n ncentivize EAH programs by providing tax credits I EAH and other programs. These efforts to employers like the one offered in Illinois 4 helped invigorate the housing market and the community. Housing prices increased from n ncourage shorter commutes and better use E $78,500 to $175,000 between1996 and 2002. of public transportation with efforts like the Community benefits included 25 new retail District of Columbia’s Live Near Your Work stores, an 86 percent increase in foot traffic on Pilot Program 5 local streets, a 40 percent reduction in crime, and n ncourage city police officers to buy homes in E 200 new jobs for local residents. need of repair in the low-to-moderate income neighborhoods they serve like the Police Homeowners Loan Program, in Columbia, SC 6 How Can State and Local artner with employers to help employees P Governments Encourage EAH? n purchase rehabilitated foreclosed and Governments can play an important role in abandoned buildings in your community facilitating EAH programs among businesses. like the partnership among OTTO Government initiatives at the state and local levels Engineering; Kane County, IL; and the City could include challenging the private sector to of Carpentersville, IL 7 implement an EAH program for homebuyers, providing matching funds to employees for links down payments, giving tax credits to employers 1 http://www.mmprogram.org/hk4Employees.aspx that provide housing assistance financing as an 2 http://www.livebaltimore.com/resources/ employee benefit, administering programs targeted incentives/employerprograms/livenearyourwork to municipal employees, and partnering with non-profit housing organizations and others in 3 http://www.phila.gov/homebuynow/index.html the community to plan and participate in an EAH 4 http://www.reachillinois.org/incentives.asp program. Communities with limited funds can encourage employers to take a leadership role and 5 http://planning.dc.gov/DC/Planning/ could advocate for new development and policy About+Planning/News+Room/ changes that can help meet local needs. Some Press+Releases/OP+Releases+Request+for+A initiatives that government might undertake include: pplications+for+a+Live+Near+Your+Work+P ilot+Program n reate a partnership with the local business C 6 http://www.innovations.harvard.edu/awards. alliance, chamber of commerce, local html?id=3569 REALTOR® association, non-profit housing 7 http://www.metroplanning.org/news-events/ organizations, etc., to promote and educate newsletters/146 employers about EAH N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 75
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Businesses What is Employer-Assisted Housing? “ f employees are happy, they stay I longer and move up the career path. Employer-assisted housing (EAH) helps employers achieve business goals while at the same It’s a good return on investment.” time helping employees meet their housing needs. — cvs It can help employees move beyond the most common hurdles to homeownership and purchase or rent a home in the community where they work. Employer-assisted housing can leverage federal, Why Implement an EAH Benefit? state, and local financial assistance programs to create a greater benefit for employees. Some of the Today’s business owners face many challenges — most common EAH options are: from high turnover rates and labor shortages to low productivity and chronic absenteeism. n omebuyer/homeownership education: H Employer-assisted housing benefits can be Conducted at the workplace or offsite by designed to address specific business objectives real estate professionals, non-profit housing and help to provide a positive return to the organizations, and lenders. Topics could company’s bottom line. It will help you, your include home affordability, homebuying employees, and the community. process, mortgage applications, credit issues, and foreclosure prevention. n ecruitment: Lack of affordable housing R makes it difficult to attract critical employees. n ounseling: Provided by a certified counselor C EAH is a unique recruitment tool that helps to help employees understand their options for employers with critical employee shortages homeownership, correct credit issues, and learn or in housing markets where salaries have budgeting to become mortgage ready or avoid not kept pace with the rising housing and foreclosure. Employers can give employees transportation costs. time off or help pay some of the fees. n etention: Employers have problems retaining R n inancial assistance: Provided by the employer F employees and suffer from high turnover. in the form of a loan or grant to help with EAH is an inexpensive retention tool down payment or closing costs. compared to other programs. n ental assistance: Provided by the employer to R n ncreased loyalty and productivity: EAH I help with the payment of a security deposit or can help build employee loyalty and increase the first month’s rent. productivity through improved morale, an n atched savings: Matched by the employer in M enhanced employee work/life balance, and some predetermined ratio to funds saved by decreased absenteeism. Many employers the employee to help purchase a home. have recognized the linkages between certain employee benefits and key business n iscounted housing services: Negotiated D objectives, such as increasing productivity. by the employer with real estate companies, EAH can help reduce chronic employee mortgage lenders, etc., to allow employees tardiness due to long commutes. access to housing-related services. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 76
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Businesses n ommunity revitalization: EAH enables C Here are some examples: workers to live and work in the same community and can help to stabilize and n ake the EAH benefit only for homes meeting M revitalize a community in need of investment. certain criteria, such as primary residences, first EAH can be targeted to specific neighborhoods homes, or single-family homes to support development efforts. EAH n equire homes to be located in specific areas R strengthens communities by increasing to reduce commuting times or encourage the homeownership rate, promoting local community revitalization. expenditures, and fostering other businesses through a multiplier effect. n dentify employee eligibility based on I those who score above a certain level on n ommunity recognition: In high-cost markets C performance evaluations. or in neighborhoods undergoing revitalization, the public recognizes and applauds employer n imit eligibility to those employees employed L efforts to become part of the solution. This for a minimum number of years community support can help employers build n imit the financial assistance benefit to a L value within their organizations and enhance certain number of employees or a certain their reputations. dollar amount. How to Customize an EAH Plan n ffer the benefit in the form of a grant or as a O loan forgiven over the course of the employee’s for Your Business tenure with the company. There are many ways to customize an EAH n evelop a target area that is the only place D benefit plan to meet your business needs. employees can purchase homes or where Often this involves targeting a program to the benefits are more generous to encourage particular employees or neighborhoods. employees to purchase houses in these communities. n reate geographic limitations on distance C “ e provide the employee with a $2,500 W from work. This will help employees get to work faster, alleviate congestion, reduce loan that is forgiven after three years of tardiness, and/or improve response times in continuous service. What better way to the case of emergencies. build loyalty and pride than to create an n equire that employees must be in good R standing with the employer and have completed avenue for home ownership.” a stated length of continuous service. —  dvance Food Company A n ssign a maximum income level for A eligibility, typically 120 percent of area median income or less. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 77
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey Company name: ______________________________________________________ Contact name: ______________________________________________________ Contact phone: ______________________________________________________ Contact email: ______________________________________________________ As you know, the cost and availability of affordable housing in our region can have a negative impact on companiesʼ ability to attract and retain a skilled workforce and on our communityʼs quality of life. We are committed to working in partnership with our government officials, non-profit organizations, real estate professionals, lenders, and other business groups to find affordable and creative solutions that address the challenges of workforce housing. There are a number of options to consider. One solution, employer-assisted housing, may help employers deal with both their needs and their employeesʼ needs. We need input from employers in our area to determine the extent of our housing problems and to plan for appropriate solutions. To help us better understand your companyʼs needs and concerns, please answer the questions below. 1. Do you feel affordable/workforce housing for local residents in our community is: o One of our lesser problems o A problem, but there are others that need more attention o One of the more serious problems o The most critical problem in this region o Don't believe it is a problem 2. How has the cost or lack of housing affected your hiring/retention efforts and/or the work performance of your employees? (Check all that apply.) o Difficultly hiring employees due to high housing costs o Difficulty retaining employees/high turnover due to high housing costs N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 78
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey o High absentee rate from long commutes/distance from work o Tardiness from long commutes o Displeasure with wage rates due to high housing costs o Other: ________________________________ o Donʼt believe housing has affected employee performance 3. During the past year, how many employees left your employment or could not accept a job because of housing challenges? __________ 4. Has any potential employee commented about the lack of housing/lack of affordable housing or difficulty finding housing close to work? o Yes o No 5. What is the average commute for your employees? o Less than 15 minutes o 15 to 30 minutes o 30 minutes to 45 minutes o 45 minutes to one hour o Over one hour 6. Have any of your employees commented about commuting or transportation problems from home to work? o Yes o No If so, please describe: ___________________________________________________ 7. How important is having employees live close to your workplace? Not Important Very Important 1 2 3 4 5 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 79
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey 8. Do you currently provide your employees with any type of housing or transportation assistance? o Yes o No If so, please describe: ___________________________________________________ 9. Would you consider offering homebuyer/homeownership information, workshops, education, and/or housing counseling (on- or offsite) to your employees as a benefit? o Yes o No o Undecided at this time 10. Would you consider offering a financial assistance (loan or grant) to help your employees with down payment or closing costs? o Yes o No o Undecided at this time 11. Would you be interested in learning more about offering your employees an employer- assisted housing (EAH) benefit, including homebuyer education, counseling, or financial assistance? o Yes o No o Undecided at this time 12. If you were to implement an employer-assisted housing (EAH) benefit, what would be your companyʼs goal or reason for offering the benefit? (Check all that apply.) o A high priority for us is to be “leading edge” in regard to workforce support. o We need to attract/hire employees in critical staff categories. o We need a benefit that is designed to attract and hire quality employees in all categories. o We would like to reduce our turnover rates for all or some of our employee categories. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 80
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey o We would like to reduce our spending for orientation and training. o We would like to improve our relationships with our neighbors and local government officials. o We would like to be recognized as an involved community leader. o We have heard complaints from the local community regarding our impact, such as traffic issues, and would like to address these issues. o Other: ____________________________________________________________ 13. Any additional comments:____________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 81
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire Housing Location 1. In what city or town do you currently live? ________________________________________________________ 2. Which best describes the time it takes you to get to work? o Less than 30 minutes o 30 to 60 minutes o 60 to 90 minutes o Over 90 minutes 3. How do you get to work? o I drive my own car o Bus o I get a ride from someone o Bicycle o I walk o Other: ____________________________ Employment Information 4. How long have you worked with your current employer? o Less than 1 year o 1 to 5 years o Over 5 years 5. What is your job title? _________________________________________ Cost of Living 6. I currently: o Own my own home o Rent o Live with my parents o Other: ____________________________ 7. Do you share housing costs with a spouse or roommate? o Yes o No N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 82
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 8. In what city does your spouse or roommate work? _______________________ 9. What is your monthly housing cost (rent/mortgage, not including utilities)? ___________ 10. How many people are in your household? _______________ 11. What is an estimate of your annual gross household income before taxes and deductions? o $20,000 or less o $20,001 to $30,000 o $30,001 to $40,000 o $40,001 to $50,000 o $50,001 to $60,000 o $60,001 to $70,000 o $70,001 to $80,000 o Over $80,000 Housing Preferences 12. I am currently: o Looking for a home to purchase o Interested, but not actively looking for a home o Would like to purchase a home in the future o Not interested in owning a home anytime soon 13. I do not own a home, but will be ready to buy: o Now, I have an active home loan application o Within 6 months o Within 1 year o Within 2 to 3 years o Within 4 to 5 years o Undecided o Never N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 83
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 14. Have you ever considered moving so that you would be closer to your work? o Yes o No o Had not thought about it 15. How important is living close to your employment? o Very important o Somewhat important o Not important 16. Is the idea of owning a home or condo closer to work appealing to you? o Yes o No o Had not thought about it 17. What would be an acceptable commuting distance? _______miles and/or _______minutes. 18. Which of the statements below describes a reason that might keep you from owning a home or condo closer to work? (Check all that apply.) o Do not want to change schools o Housing costs too expensive o Further from spouseʼs job o Happy where I am o Fear of foreclosure o Live near a relative o Donʼt know where to look o Lack of cash for down payment and/or closing costs o Not sure if I have sufficient income o Credit problems o Unfamiliarity with the financing process o Homebuying process too complicated o Other: _______________________________________ N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 84
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 19. What best describes your knowledge about federal, state, county, and city programs to assist homebuyers? o I am familiar with these programs. o I am somewhat familiar with these programs. o I am not at all familiar with these programs. 20. How interested would you be in the following? (Please circle number that applies to each statement.) a. Participating in a homebuyer education seminar at your workplace to learn about the homebuying process, homeownership, and other topics related to buying/owning a home. Not interested Very interested 1 2 3 4 5 b. Meeting one-on-one with a housing counselor to talk about your specific situation and what you need to do to go about buying a home or condo. Not interested Very interested 1 2 3 4 5 c. Receiving financial assistance from your employer to help with a down payment or closing costs so that you could qualify for a mortgage. Not interested Very interested 1 2 3 4 5 d. Receiving a listing of all homes for sale within a 10-mile radius of your company. Not interested Very interested 1 2 3 4 5 21. Which benefits would you most likely use? (Rank numerically in order of importance.) ____ Down payment financial assistance ____ Closing cost financial assistance ____ Credit counseling ____ Information on homebuying process ____ Information on homeownership and maintenance ____ Information on foreclosure prevention ____ Other: ___________________________________ N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 85
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 22. Would you consider purchasing a home close to work if financial assistance was provided through your employer and/or others? o Yes o No o Undecided N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 86
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Customizable Employer Brochure Insert Contact Information Here Insert Contact Information Here Insert Contact Information Here Want to Build Insert Contact Information Here Insert Contact Information Here Your Business? Make Homeownership Easier for your Employees with an An Employee Benefit that Employer-Assisted Housing Hits Home. Benefit Program An employer-assisted housing (EAH) benefit program makes it easy for you to strengthen your employees’ potential to purchase their own homes. It’s easy and effective. It’s also the right thing to do for your business, your employees, and your community. An EAH benefit plan brings distinct benefits to your small business or large corporation: ‚ Easier employee recruitment ‚ Improved employee retention ‚ Economic revitalization of local economy ‚ Higher employee productivity The connection is real… ‚ Enhanced employee-employer relationships owning a home makes better employees. ‚ Reduced employee commuting ‚ Recognition in your community as an employee-friendly business. Empower Empower Empower Your Business. Your Employees. Your Community. Today’s business owners face many challenges — Through an EAH benefit you can provide your employees Nationwide, salaries have not kept pace with rising home with one or more of the following options: prices. As a result, homeownership has become out of from high turnover rates and labor shortages reach for a large portion of the workforce. Teachers, Homebuyer homeownership workshops, conducted to all-too-chronic absenteeism. An Employer- emergency personnel, retail clerks, by REALTORS® and real estate professionals as well as hospitality staff and office Assisted Housing (EAH) benefit offsets these participating non-profit organizations and lenders. These employees often cannot afford challenges by providing employers with tools workshops provide clear explanations of complex issues to live near their places of like home affordability, property taxes, homeowners’ work or are uninformed about for educating, counseling, and sometimes, insurance, mortgage applications, closing costs, credit the range of homeownership funding their employees to realize the American issues, and more. options available to them. Dream of homeownership. One-on-one Employer-Assisted Housing homeownership enables workers to live and work in the counseling, with a same community and can help to stabilize and revitalize Improved retention, more effective recruitment, certified counselor, a community. EAH strengthens your community and and reduced training costs all result from an EAH will help your empowers your workforce. employees benefit. With EAH you can increase productivity, understand improve morale, and ultimately, strengthen your their options for homeownership, bottom line through employee homeownership. correct credit issues, and learn budgeting to become mortgage ready or avoid foreclosure. Need proof? You can conduct a cost/benefit HigHEr analyses to calculate measurable financial Financial assistance, such as forgivable loans, grants, or matched savings, provided by your company to help HomEownErsHip results before the implementation of an EAH employees purchase a home. Additionally, employees rAtEs benefit plan. will learn how to leverage local, state and federal down- payment assistance programs. = increase in local jobs For many new or relocating employees, the road to = broader tax base homeownership can be especially challenging. For others, = more stable community who focus on real estate investing, the task is just as daunting. But through an EAH benefit you can empower all of your employees and build trusting relationships within the company and within your community as well. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 87
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Additional Resources Private Sector Solutions for Workforce Housing: What REALTORS® and Their Partners Can Do. This report (commissioned by NAR) highlights activities that can be replicated around the country to increase housing opportunities.1 “Employer-Assisted Housing: Addressing the Housing Affordability Gap.” The Federal Reserve Bank of San Francisco’s Community Investment (Spring 2008) discusses EAH.2 “It Pays to Help Workers Buy a Home.” A Bloomberg Businessweek (June 10, 2010) article on EAH.3 Understanding Employer-Assisted Housing: A Guidebook for Employers. This publication includes examples of employers who have implemented an EAH benefit.4 Developing an Employer-Assisted Housing Benefit Plan: Step-by-Step Guide. This resource guide, developed by Fannie Mae, reviews the steps it takes to implement an EAH benefit to employees. It contains the most common materials and documents that employers will find useful in determining which EAH plan benefit to offer.5 Understanding Employer-Assisted Mortgage Programs. This edition of Insights looks at how banks can offer loan products (referred to as employer-assisted mortgage programs in this report) to complement employer-assisted home purchase programs.6 Introducing Employee-Assisted Housing in Your Region. A summary of how the Metropolitan Planning Council (MPC) is helping launch employer-assisted housing initiatives in communities and regions throughout the nation.7 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 89
e m p l o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations additional resources EAH Advantage e-newsletter: The EAH Advantage is MPC’s quarterly e-newsletter about employer-assisted housing.8 EAH Video: An eight-minute overview of employer-assisted housing.9 Ira Gribin Grant Final Report. The report, Tackling Workforce Housing State by State, is a resource for associations interested in developing programs in their communities to meet the housing needs of working families.10 links 1 http://www.realtor.org/wps/wcm/connect/b9bd9b004cf10e96abcbab63cd08651d/PrivateSectorSolutions.pdf? MOD=AJPERESCACHEID=b9bd9b004cf10e96abcbab63cd08651d 2 http://www.frbsf.org/publications/community/investments/0805/employer_assisted_housing.pdf 3 http://www.businessweek.com/print/magazine/content/10_25/b4183028448278.htm 4 http://www.metroplanning.org/uploads/cms/documents/hwfeahfinal.pdf 5 http://www.realtor.org/government_affairs/housing_opportunity/workforcehousingresources 6 http://www.occ.gov/topics/community-affairs/publications/insights/insights-employer-assisted-mortgage- programs.pdf 7 http://www.metroplanning.org/uploads/cms/documents/factsheeteahnational.pdf 8 http://www.metroplanning.org/news-events/newsletters/?TemplateId=4 9 http://www.realtor.org/government_affairs/housing_opportunity/programs/home_from_work/home_from_ work_video 10 http://www.realtor.org/government_affairs/housing_opportunity/grants/iragribingrants N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 90
500 New Jersey Avenue, NW • Washington, DC 20001-2020 800.874.6500 • www.REALTOR.org

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Employer-Assisted Housing Initiative Guide For State & Local REALTOR® Associations

  • 1.
    employer-assisted housing initiative guide ForState & Local REALTOR® Associations A primer on Implementing EAH in your Community to Address Local Workforce Housing Needs
  • 2.
    The Employer-Assisted HousingInitiative Guide is a project of the National Association of REALTORS ®’ Housing Opportunity Program. © National Association of REALTORS ®, 2012
  • 3.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations Table of Contents Overview Addressing Local Workforce Housing Challenges with Employer-Assisted Housing 5 Part One Planning an EAH Initiative 9 1 Determine Local Housing Needs 10 2 Develop a Plan to Implement 13 3 Identify Partners and Build a Coalition 14 4 Identify Housing Programs, Funding, and Resources 17 5 Develop a Media Campaign 19 Part Two employer-assisted housing initiatives 23 1 Implement a Comprehensive EAH Strategic Initiative 24 2 Offer an EAH Class and Follow-up Sessions 27 3 Develop a Task Force, Committee, or Partnership 32 4 Plan and Coordinate an Event, Forum or Panel Presentation 35 5 Create EAH Resources 38 6 Contact and Engage Employers 40 7 Implement an EAH Benefit 42 8 Advocate for EAH Legislation and Programs 43
  • 4.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations Table of Contents Part Three Tools and Resources 45 General 1 NAR Funding and Technical Assistance 46 2 State and Local Government EAH Programs 48 3 How to Do a Paycheck to Paycheck Analysis for Your Community 53 EAH Event Planning 4 EAH Initiative Invitation 56 5 EAH Initiative Outreach Event Agenda 58 6 EAH Initiative Launch Event Agenda 59 7 EAH Initiative Launch Press Release 60 8 Suggested Talking Points for Speakers 62 9 Employer/Partner Sign-On Letter 66 10 EAH Overview PowerPoint Presentation 67 EAH Fact Sheets for Event Attendees and Partners 11 Non-Profit Organizations 70 12 Lenders 72 13 State and Local Governments 74 14 Businesses 76 For Employers 15 Employer Survey 78 16 Employee Homeownership Questionnaire 82 17 Customizable Employer Brochure 87 additional Resources 89
  • 5.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations Addressing Local Workforce Housing Challenges with Employer-Assisted Housing Housing opportunities for low-and moderate-income working households— often referred to as “workforce housing”—continue to be elusive in many parts of the country. Much of our workforce, including those who provide vital services to a community such as firefighters, police officers, teachers, health workers, cannot afford to live in the communities where they work or serve. Home prices and rents in many communities are still beyond the reach of many working families. Tight credit, the difficulty of saving for a down payment, and market uncertainty all add to the challenges of homeownership. These factors create a ripple effect that compels working families to move farther away from jobs in search of affordable housing. Longer commutes contribute to traffic congestion, more money spent on transportation, increased stress, and less time for workers to spend time with family and friends. And, in some parts of the country, shortages of workforce housing have taken a toll on local employers’ bottom lines as employers are unable to recruit and retain workers in high-cost areas. These challenges are compounded by an unstable housing market and neighborhoods devastated by foreclosures. The foreclosure crisis not only jeopardizes the American dream of homeownership, but it also increases the number of vacant properties and makes neighborhoods unsafe and undesirable for working families. Communities across the country increasingly are recognizing the importance of affordable and workforce housing to their economic and social well-being and are looking for ways to address the housing challenges in their communities. The NATIONAL ASSOCIATION OF REALTORS® is committed to helping address the workforce housing challenges facing many communities. We are encouraging state and local REALTOR® associations to do the same. Some REALTOR® associations and REALTORS®, along with employers, non-profit organizations, and government entities, have already started to implement creative initiatives to expand workforce housing opportunities for families working in their communities. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 5
  • 6.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State & Local REALTOR® Associations As a REALTOR® association, you are in a unique position to work in partnership with others in your community on workforce housing solutions. You and your members have the clout to bring about needed changes in local, state, and federal housing policies. With over 1,400 local and state boards and associations, you are a grassroots powerhouse. In addition, REALTORS® are ideally situated to improve housing opportunities where they live. REALTORS® are the first stop for the prospective homebuyer or renter and are in direct contact with homebuyers facing the challenges of housing affordability. Your members see firsthand the frustration and discouragement of working families unable to realize their dream of homeownership. As members of the business community, REALTORS® understand how the lack of affordable housing—both rental and owner-occupied—threatens the vitality of their communities. Employer-Assisted Housing Offers a Solution One approach that addresses workforce housing challenges in communities is employer- assisted housing (EAH). EAH is an employer-provided benefit that not only helps employees meet their housing needs but also helps employers achieve business goals. EAH programs can help employees move beyond the most common hurdles to homeownership and purchase or rent a home in the community where they work. EAH programs can also benefit employers by building employee loyalty and workforce stability. And communities benefit, too, as EAH can help to enhance revitalization efforts and stabilize a community. There are many EAH benefit options an employer can offer: n Homebuyer and homeownership workshops conducted by a REALTOR® and/or a non-profit housing organization or lender. Topics could include the homebuying process, obtaining mortgage financing, sources of financial assistance, home maintenance tips, and foreclosure prevention. The workshops could be conducted at the workplace, at little or no cost to the employer. n Homeownership counseling offered by a non-profit housing organization. Counseling would help employees better understand the homebuying process or how to improve their credit score. Employers could give their employees time off to attend counseling and/or help pay for the counseling services. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 6
  • 7.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations n Financial assistance provided by the employer in the form of grants or loans that can be used for a down payment or closing costs on a home purchase. This benefit can include requirements to meet business objectives. n Reductions in the cost of homeownership through subsidized second mortgages, matched savings programs, below-market interest rate mortgages, or mortgage guarantees. n Subsidized rent and utility payments for employees who choose to remain renters. An EAH benefit can be customized by targeting it to specific employee groups or limiting it to homes in a specific neighborhood. An EAH program can be a “win-win-win.” “ y benefit coordinator helped M Employees win because they receive financial assistance me to apply for other funds and/or education that help them buy or rent a home and walked me through the closer to work. They enjoy extra time—formerly spent whole process. Advance Food in traffic—for family or community life. Employees Company is very generous to who purchase homes also have the opportunity for offer this benefit. Without it, equity appreciation as their home’s value increases. I would not have been able to EAH is also a win for the employer. It helps purchase my home.” employers build value within their organizations and —  dvance Food Company ( Enid. Okla.) A enhance their reputations. Employers can benefit Employee from a more stable workforce; reduced turnover, recruitment, and training costs; and increased productivity and loyalty. All these benefits may help to enhance a company’s bottom line. Employer-assisted housing benefits can also generate positive publicity for the employer and create goodwill in a community. An employer-assisted housing program can help set a company apart in the community and in the minds of customers. And, finally, EAH is a win for the community. People who live and work in the same location tend to be invested in the community and become more active in civic and N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 7
  • 8.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations volunteer activities. Employer-assisted housing benefits can “ e provide each employee with W allow critical workers and emergency responders, such as a $2,500 loan that is forgiven police, fire, and medical personnel, to purchase homes in after three years of continuous the communities where they work. This proximity can cut service. What better way to build response times in an emergency. Additionally, employees loyalty and pride than to create an living nearby work can lead to less traffic congestion and avenue for home ownership?” less air pollution. As communities are revitalized through — Advance Food Company, Enid, Okla. the new homeowners and the businesses created to serve them, the community will be stabilized. Population and the community’s tax base will increase. Employees will spend more of their money in the local community, supporting local merchants and further adding to the economic vitality of the area. Community Revitalization at the University of Pennsylvania The Greater Philadelphia Urban Affairs Coalition reports in an issue brief that the University of Pennsylvania’s comprehensive revitalization strategy, which included an EAH benefit, brought 25 new retail stores, an 86% increase in foot traffic, a 40% reduction in crime, and 200 new jobs for local residents. See: Connecting Working Families to Economic Opportunities in the Philadelphia Region: The Role of Employers.1 NAR’s four-hour EAH Class 2 explains employer-assisted housing and its benefits in more details. links 1 http://www.policylink.org/atf/cf/%7B97c6d565-bb43-406d-a6d5-eca3bbf35af0%7D/ CONNECTINGWORKINGFAMILIES-PHILA.PDF 2 http://www.realtor.org/eahclass N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 8
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations PART ONE Planning an EAH Initiative This guide provides a roadmap for your association to plan and implement an EAH initiative to help increase affordable housing opportunities for working families in your community. The guide is a service of NAR’s My REALTOR® Party 1 initiative, which provides state and local REALTOR® associations with a personalized gateway to custom build their own advocacy and community outreach programs. An EAH initiative can be one of those programs. If you decide to pursue an EAH initiative, your association has two options. It may want to plan and implement a comprehensive EAH strategic plan or simply undertake one or two EAH projects. You will also want to decide whether to develop your own initiative or undertake one that would include other community and political stakeholders. The decision is up to you. The guide includes examples of EAH initiatives state and local REALTOR® associations have already implemented and that you can replicate in your community. As one housing expert put it, “Plagiarism may have been bad in college, but when it comes to helping communities solve the housing problems of working families, it makes perfect sense!” If your association decides to launch an EAH initiative, here are some of the steps that can help ensure your program’s success. The order of these activities may change, depending on whether you choose to work with other groups in your community on EAH initiative. 1. Determine Local Housing Needs 2. Develop a Plan to Implement 3. Identify Housing Programs, Funding, and Resources 4. Identify Partners and Build a Coalition 5. Develop a Media Campaign links 1 http://www.myrealtorparty.com N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 9
  • 10.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 1 Determine Local Housing Needs Before you begin to plan an EAH n etermine how workers in various metropolitan D initiative, or any housing initiative, you should area are affected by the housing market conduct research to analyze the local housing n nalyze the affordability of housing for A market and evaluate the extent to which affordable, working families in various occupations across workforce housing is a local concern. the country Begin by documenting any current workforce housing problems in your community. Providing n se these analyses to evaluate wages and U quantification, anecdotal evidence, or examples housing costs in your community. of specific groups with special housing challenges will demonstrate the importance of the issue and In addition to conducting your own research help you decide what to focus on. into workforce housing affordability, investigate Your research should include conducting whether similar research already exists. If you a local market analysis to find out about local live close to a university, you may want to check housing and rental costs, local income levels, there to see if it has a school or center that wages of typical occupations in your community, works on local housing issues. Planning, urban and neighborhoods in need of stabilization. studies, public policy, or public administration Simple analysis of prevailing wages often departments are often good places to start. Many reveals gaps between local housing costs and schools also have specialized research centers incomes. These gaps command attention from that may focus on housing or related issues at the local policymakers, businesses, and the media. local, regional, or state level. Universities will Wage data are available by occupation for the often welcome the opportunity to help with local nation, regions, states, and many metropolitan areas initiatives in order to be recognized as an asset on the U.S. Bureau of Labor Statistics website.1 to their community. They may also be willing to The Paycheck to Paycheck database developed by share their data to help your research efforts. the National Housing Conference and the Center Local governments are also an excellent for Housing Policy helps communities evaluate source of data and research. Depending on how the affordability of workforce housing and makes your local government is organized, you may the case for taking action. The online, interactive wish to contact the local planning agency, the database 2 presents wage information for more community development department, or the than 70 occupations and home prices and rents local housing and redevelopment department for more than 200 metropolitan areas. Paycheck or authority. These organizations usually have to Paycheck utilizes consistent measures of wages ready access to the most relevant data and and housing costs so you can: analysis for planning purposes and to qualify for federal programs. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 10
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations local residents up to date on real estate trends, “ oncern is apparent within the business C and indicates real estate’s impacts on the overall local economy. The reports helps everyone in community—particularly among larger real estate better serve clients and customers and employers—about the lack of affordable aids decisions by public agencies, officials, and economic development groups. housing for employees, with companies reporting the shortage as being problematic The data you gather will also help the business in hiring and retaining entry- and community assess how housing affordability problems affect their businesses and point out mid-level workers, according to a new possible strategies for addressing those problems. survey released by the Urban Land You may want to work with your local chamber of commerce or economic development agency Institute (ULI). The same survey showed to plan and conduct a survey for local employers. interest by moderate-income workers This survey could help companies determine whether housing issues, including foreclosures, in moving closer to work if affordable are concerns for their employees. Survey results housing were available.” will also help businesses evaluate how much the lack of affordable housing is costing them in employee turnover, recruitment, and training. Some business organizations have National or local non-profits involved in commissioned studies geared to the concerns housing and community development may of area businesses, such as employee recruitment also be a good source of information as well as and retention problems. The business a potential partner in your efforts. For example, community has rallied around the cause of a study 3 by the Urban Land Institute (ULI) affordable housing in many areas throughout explored the impact of a lack of affordable the country. Adapt what they’ve done for workforce housing on commuting. It found your community. that a lack of affordable housing near jobs was a problem for both employers and employees. Regional Housing Needs Assessment: Ouray and San Miguel Counties, Colo.5 Missoula Annual Housing Report 4 “Most employers in both counties feel that The Missoula (Mont.) Organization of affordable/employee housing for local residents REALTORS® develops an annual housing is a problem, although employers in San Miguel report to provide a comprehensive, credible, and perceive it to be a more critical problem. In neutral picture of the Missoula housing market. Ouray County, 84% of employers indicated Community members and policy makers use housing is a problem among others that need the report as they seek to serve Missoula’s attention or one of the more serious problems needs. The housing report consolidates data in the area. In San Miguel County, 90% of that aren’t readily available to everyone in a employers indicated affordable/employee single publication; provides a reliable gauge of housing is a problem.” the overall health of Missoula real estate; keeps N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 11
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Silicon Valley Leadership Group CEO Once you have completed your research, 6 Business Climate Survey you should be prepared to get the word out Every year the Silicon Valley (Calif.) Leadership on your findings. Use brochures, speaking Group surveys its members to highlight the engagements, press releases, and social media to good and bad elements of doing business in increase community awareness of the need for Silicon Valley. Each year, housing is cited as a workforce housing. Provide information to the top impediment. Housing affordability, along business community and inform the press of your with cost-of-living issues, serve as choke points community’s workforce housing issues and how for recruiting and retaining top talent to Silicon your initiative will help address these issues. Valley. Despite the downturn in the economy, housing persists as a key issue for people who struggle to work and live in the Valley. Demand Resources continues to lag behind supply, creating a tight How to Do a Paycheck to Paycheck Analysis, housing market. Funding and Technical Assistance, Employee Homeownership Questionnaire, Employer Cost-of-Living Challenges in Silicon Valley Questionnaire in this guide’s Tools and in 2011: Resources section. n ousing Costs - 84% H links n igh Taxes - 59% H 1 http://www.bls.gov/bls/blswage.htm n raffic Congestion - 36% T 2 http://www.nhc.org/chp/p2p n Health Care - 36% 3 http://www.uli.org/News/PressReleases/ n K-12 Education Care - 31% Archives/2007/2007PressRelease/Lack%20 of%20Affordable%20Housing%20Near%20 n Child Care - 19% Jobs%20A%20Problem%20for%20 n Energy Costs - 10% Employers%20and%20EmployeesNew%20 Survey%20from%20ULI%20Looks%20at%20 n Higher Education - 5% Impact%20of%20Commuting.aspx 4 http://missoularealestate.com/index.php/ You can also work directly with employers to fuseaction/market.cms/ID/7eb4277e16a74b844a help them survey their employees to determine 24377e79833380 the housing needs and to see whether an EAH benefit would be of value to their employees. 5 http://www.smrha.org/NeedsAsessment2011.pdf The information you gather will help you 6 http://svlg.org/wp-content/uploads/2011/04/ define your objectives and support your goals 2011BusinessClimate_digital.pdf and objectives with basic information on why they are important. This information will also help you when you start to sign on partners. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 12
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2 Develop a Plan to Implement Once you have conducted your research n rogram Description: A program description P and determined your community’s workforce provides a comprehensive explanation of the housing needs, you will be ready to decide initiatives and activities in the program. It can what initiatives you and your members want to be used as a basis for a written brochure, press undertake to help meet these needs. You’ll also releases, or an oral presentation. A detailed need to decide whether you want to develop a program description of at least two or three comprehensive strategic plan or implement one pages will also strengthen your efforts to or more standalone EAH programs. communicate the fundamental aspects of the Your plan should include a mission statement issue or program to staff and volunteers who describing what you want to accomplish. It should need to know the “official” facts and figures. also include the goals, objectives, and outcomes you will work toward. There are many resources Develop a budget available on the details of program planning, but Create a detailed budget based on your work here are some of the basic steps to follow. plan. Be realistic about financial expectations and anticipated expenses, and aim for transparency in Create goals and a work plan all aspects of your planning. The goals you set will define your project’s scope, and ultimately help you determine its Evaluate your program success. Set measurable goals and then create To learn and grow from the experience, you a work plan that lists and schedules the tasks need to know what worked, what didn’t, and necessary to achieve these goals. what you could do differently next time. Here’s where setting measurable goals during the n imeline: A timeline estimates the target dates T planning phase really pays off. Evaluate your for completing certain activities or phases of program by collecting data about each of its goals activity, such as “Finalize the forum agenda” and determining how well those goals were met. or “Offer an EAH Class.” A written timeline is Project evaluation tools include surveys, case important to avoid unrealistic deadlines and to studies, and data analysis. keep work on track. n ction Plan: An action plan identifies and A prioritizes the work that need to be done Resources to run a program, assigns specific people to Funding and Technical Assistance in this guide’s carry out each task, and sets a due date for Tools and Resources section. completion. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 13
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 3 Identify Partners and Build a Coalition Whatever EAH initiatives you choose Greater Boston Chamber of Commerce for your organization, finding partners who EAH Initiative share your goals can have significant benefits. Source: “Employer-Assisted Housing Programs: Behind most successful housing initiatives A Guide for Chambers of Commerce.” stand coalitions and partnerships of business After a survey conducted by the Archdiocese and community interests coupled with public of Boston documented a severe lack of affordable officials. A chorus of voices is more powerful housing in the region and called upon both than a single brave voice. government and business to help solve the If you decide to organize a coalition or a problem, the Greater Boston Chamber of working group, be inclusive. You will probably Commerce (GBCC) and its Housing Task want to involve a broad range of organizations Force determined it was time to take action. and interest groups. Seek out chambers of The GBCC contracted with Housing Partners, commerce, Rotary clubs, industry associations, Inc., a full-service national affordable housing non-profit or quasi-public housing groups, consulting firm, for assistance in designing finance and development organizations, faith- and marketing an EAH initiative. The Citizens based organizations, economic development Housing and Planning Association (CHAPA), groups, community college or university a non-profit organization, was hired to provide representatives, and civic groups. information and referral services to participating Adding organizational partners can also companies’ employees. The chamber committed help build local awareness and interest in your a lump sum amount, which was contributed by EAH initiative. Partners can provide venues for its members, to cover CHAPA’s administrative businesses to discuss their workforce housing overhead for the first year. CHAPA then offered needs. They can also help target and promote its services to employees. Services were paid for EAH programs to their business members by participating employers. and clients. As was noted previously, business coalitions and chambers of commerce can help Non-profit organizations are usually critical assess how housing affordability problems partners in planning an EAH or housing affect businesses and determine strategies for program. Select a group that is experienced in addressing those problems. It could also be providing counseling, including foreclosure extremely effective for the chamber’s CEO intervention and homeownership, homebuyer, to contact member companies personally and and financial literacy education. Your non- encourage their participation. profit partners may also be able to administer and manage an EAH benefit on behalf of the employer and handle reporting and program measurement activities. Non-profits are often N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 14
  • 15.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations knowledgeable in federal, state, and local housing finance organizations. They also should assistance programs, which can help employees be able to identify mortgage financing that works in EAH programs. In addition, many non- with EAH financial assistance. Lenders might profit affordable housing groups have years even be willing to develop mortgage products of lobbying and advocacy experience and can suitable for EAH programs. promote policy solutions that advocate for Local lenders may also want to participate employer-assisted housing programs. They also in an EAH program as a way to meet their can offer valuable experience in how to raise Community Reinvestment Act (CRA) goals. awareness, promote programs, and change The Community Reinvestment Act is designed policy for affordable housing. to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including REACH Illinois: A Successful EAH Initiative 1 low- and moderate-income neighborhoods. The Metropolitan Planning Council (MPC), Such neighborhoods are typically defined as a Chicago-based non-profit, non-partisan at or below 80 percent of area median income. group of business and civic leaders, created a “Understanding Employer-Assisted Mortgage program called Regional Employer-Assisted Programs: A Primer for National Banks” 2 Collaboration for Housing (REACH) to promote discusses this and other benefits for a bank to EAH in the region. MPC provides technical work with borrowers from employer-assisted assistance to localities and their employers housing benefit programs. It also looks at how that are working to develop and launch EAH banks can offer loan products to complement programs. Starting in 2000 with a pilot project employer-assisted home purchase program and at a manufacturing plant in St. Charles, the discusses how these programs can be offered in program quickly blossomed to 16 employers the conventional secondary mortgage market. by 2003. By 2011, more than 70 employers had signed on, including Allstate Corporation, Bank of America, Robinson Engineering, and HomeStreet Bank’s EAH Program 3 Medela Corporation. Other participants include Affinity Lending, a special department at the Chicago Public Schools, Rush University HomeStreet Bank, a lender active in Hawaii Medical Center, and the University of Chicago. and the Northwest, offers an employer-assisted To date, more than 2,500 employees have housing program called the Hometown Home become homeowners under the program. An Loan Program. Select employers and membership additional 1,000 employees have completed organizations include the Hometown Home Loan homebuyer education and counseling. program in their benefits packages, saving their employees and members thousands of dollars In addition to your own REALTOR® members, on their home loans. Benefits include reduced you may want to involve key community closing costs, homeownership education, and stakeholders and individuals connected to the down payment assistance programs. Through housing industry among your partners. These the Affinity Lending Center’s relationship with partners might include architects, developers, a select group of experienced RE/MAX agents, real estate professionals, homebuilders, lenders, employees are now eligible to receive additional bankers, and consultants. Lenders will know savings when they purchase or sell a home what low-cost financing alternatives are currently with a Home Advantage REALTOR®. available from their organizations and from state N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 15
  • 16.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations You should also consider involving the public Resources sector including mayors, local officials, and Fact Sheets for Event Attendees and Partners government agencies as partners in your EAH in this guide’s Tools and Resources section. initiative. Government representatives will NAR’s EAH Class 4 includes more details on almost certainly support expanded housing forming a team to discuss the planning and opportunities for a local workforce unable to implementation of an EAH benefit with afford to live in the communities they serve. local employers. Communities with limited funds could still be valuable by encouraging the private sector to links help increase housing opportunities for the local workforce. 1 http://www.reachillinois.org 2 http://www.occ.gov/topics/community-affairs/ publications/insights/insights-employer- assisted-mortgage-programs.pdf 3 http://www.homestreet.com/programs/ employers/index.aspx 4 http://www.realtors.org/eahclass N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 16
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 4 Identify Housing Programs, Funding, and Resources Federal, state, and local governments the next three years. Through this pilot program, have programs, funding, and resources available up to 10 eligible Northwestern employees can to help local residents become homeowners. receive $3,000 in down payment/closing cost These programs may include down payment assistance toward the purchase of LiveEvanston assistance, special homebuying programs, or homes. Participants also qualify for free below-market interest rates on mortgages. You homebuyer education provided through city should identify these programs to see how your funding by the nonprofit Housing Opportunity initiative can complement existing activities that Development Corporation. Some employees increase housing affordability. also may be eligible to tap LiveEvanston grants There are also federal programs, such as worth $7,000 to $50,000. those administered by HUD or by state and local organizations. Examples include FHA, VA, One of the best places to find out about and USDA Rural lending programs. You should state finance programs is to contact your state find out how your community’s Neighborhood housing finance agency (HFA). State housing Stabilization Program (NSP) funds are being finance agencies have provided affordable allocated. Employer-assisted housing programs mortgages to 2.6 million families to buy their can be used in combination with NSP funding first homes through the Mortgage Revenue to help revitalize and stabilize neighborhoods. Bond program. Using housing bonds, the Several communities are now tying EAH Housing Credit, HOME, and other federal and programs to their NSP funds. state resources, HFAs have crafted hundreds of housing programs, including homeownership, rental, and all types of special-needs housing. LiveEvanston 1 If you don’t know the name of your local state Evanston (Ill.)-based Northwestern University housing finance agency, you can find it through has recently announced a pilot EAH program the National Council of State Housing Finance to help employees buy foreclosed homes being Authorities.2 redeveloped and put back on the market through the City of Evanston’s LiveEvanston program. In 2010, the U.S. Department of Housing Note and Urban Development awarded $18 million You should invite a representative from your state to Evanston through the Neighborhood HFA to speak at your annual conference so that Stabilization Program to redevelop vacant and he or she can let your members know of financial abandoned properties. The funding allowed assistance programs available in your state. Many Evanston to purchase and, in partnership with REALTORS® are unaware of these programs and Brinshore Development, rehabilitate some thus many of their clients are also unaware of them. 100 homes for rental or sale to homeowners over N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 17
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations In researching financial resources and Philadelphia “Home Buy Now” Program 4 housing programs in your community, your The Philadelphia “Home Buy Now” program local government officials, such as the mayor, provides government matching funds that boost city council, county commission, community the purchasing power for workers who buy or and economic development agencies, and renovate a home in Philadelphia. An employer’s housing agencies, can also be sources of contribution to an employee (at a minimum of information. $500 per employee) is matched dollar-for-dollar State and local governments can maximize by the city up to $5,000. The funds can be used to the likelihood of local employers offering an defray homebuying costs, such as closing costs. EAH benefit by providing financial incentives to Another key source of information on existing leverage an employer contribution and create a financial assistance programs is your local non- greater benefit for the employee. These initiatives profit housing organization. As mentioned earlier, could include providing matching funds for these are the same organizations that you may down payments, giving tax credits to employers want to partner with on your initiative. that provide housing assistance financing, and administering programs targeted to municipal employees. You should check to see if your city Resources has some form of housing finance program. State and Local Government EAH Programs in this guide’s Tools and Resources section. Maryland House Keys 4 Employees Program 3 The Maryland Department of Housing and links Community Development, the state’s housing 1 http://liveevanston.net/description.html finance agency, will match contributions dollar-for-dollar, up to $2,500, toward down 2 http://www.ncsha.org payment and closing costs from participating 3 http://www.mmprogram.org/hk4Employees.aspx employers. The employee must be using the 4 http://www.phila.gov/commerce/Content/ Maryland mortgage program to purchase the HBNBrochureCombined.pdf home in order to receive the benefit of House Keys 4 Employees assistance. The employer’s contribution may also be combined with assistance from local jurisdictions, unions, and/or non-profit agencies. However, the House Keys 4 Employees match to the combined contributions will not exceed $2,500. The match is in the form of a 0% deferred loan that is repayable at the time of payoff or refinance or upon the sale or transfer of the house. This assistance is over and above what is available through the standard down payment and closing cost assistance program and makes it possible for borrowers to have more choices in buying a home. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 18
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 5 Develop a Media Campaign A successful media campaign can NIMBY (Not-in-My-Backyard) attitudes and educate the public and policymakers alike concerns blocking progress because of poorly about the value of an employer-assisted designed housing projects in the past? Do housing initiative. Many communities have people understand what workforce housing is? used campaigns to present facts about why Acknowledge these real concerns, and address workforce housing is needed and to address them in your press materials and presentations. the fears of citizens concerned about new workforce housing being developed in their Massachusetts Chapter 40B neighborhoods. Public support engendered Outreach Media Campaign through media campaigns has influenced The Massachusetts Association of REALTORS® local politicians and administrators to approve created an advocacy, public outreach, and workforce housing programs. Media campaigns educational campaign to sustain the state’s also have been used to educate local businesses current Affordable/Workforce Housing Statute about the importance of workforce housing to (referred to as 40B). This law enables local their bottom line. Well-crafted campaigns have zoning boards of appeals to approve affordable brought new players and resources to bear on housing developments under flexible rules. The affordable housing solutions. association learned early on that there were Before you start a media campaign, you major misconceptions about affordable housing. will need to get your facts in order and your Another lesson was that a campaign of this goals clearly defined. Use the information you nature requires consistent and concise messages gathered from your research in determining that fit neatly into a sound bite, bumper sticker, local housing needs to develop an EAH fact or brochure title. The group also learned that sheet. This information will help you create and public opinion polling was critical so that the target your message. You should also determine campaign messages could address concerns and whether appealing to facts (the median price misperceptions directly and provide information of a home and median household income) or in a way that appeals to the voters. Not all appealing to emotion (the police and firefighters audiences respond to the same information who serve our community cannot afford to live the same way, so where funds are available, a in our community) is the most effective angle to campaign should craft different messages for present to the media. different audiences. It’s also important to have You should also identify the obstacles and good data available in order to back up claims resistance that your initiative may face. Is made to the media and the public. your biggest challenge a lack of awareness of the need for more workforce housing? Are N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 19
  • 20.
    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Don’t forget to think about all the resources Personal Testimonies Get Results you will need to launch your marketing and media When the Homebuilders Association of relations efforts. Can your partners commit to Maryland organized a Workforce Housing specific levels of volunteer staffing and funding? Summit, the Maryland Center for Community Can you get in-kind contributions of expertise Development (MCCD) made sure to turn out a (for example, advertising, media time, printing, strong showing of local people whose lives were public speakers) to support the campaign? Or will personally affected by the affordable housing you need to pay for professional services? Try to shortage. Speakers included an elementary obtain upfront financial commitments from your school teacher who left her job because of the association’s leadership and your partners able to high cost of housing, as well as Maryland police provide direct funding. and firefighters forced to look for housing up You may need to use a variety of methods to to 100 miles away from the communities they market your initiative, including print ads, public protect. These personal testimonies helped service announcements, press releases, websites, communicate the magnitude of the housing e-newsletters, social media, and brochures. crisis and generated headlines. The positive Don’t reinvent the wheel. Other REALTOR® publicity led the governor to convene a task associations or non-profit partners may be able force to make land use and zoning changes more to provide sample advertisements, press releases, friendly to affordable housing development. and other documents. You can benefit from public opinion research that other campaigns While media events and promotional already have done to help craft your message and brochures are important tools, one of the most to choose words and images to elicit the most effective means of marketing your initiative will positive response. be face-to-face meetings and presentations. Work Sponsoring a media event to educate with your members and your initiative partners businesses and residents about the benefits of to identify groups and individuals to contact. workforce housing is a great way to inform Next, determine which partners would be best general and targeted audiences. If an elected to give the presentation or attend a meeting. official gets on board with your initiative, he Also work with your partners to collect and or she may be willing to participate in events share media contacts. The local press can help to announce and promote your initiative. If educate the public, highlight the human interest there is a local employer that is implementing side, gather information, and publicize your an EAH benefit, it may also want to participate events and accomplishments. and discuss the value of its EAH program. And remember, public attitudes don’t You may want to maintain a speaker’s bureau change overnight. Housing legislation and local for presentations to elected officials, planning policy decisions can be a long time in coming. commissions, and community groups at events Determine in advance how you will decide if likely to get media coverage. your media campaign is effective. Keep your sights on your goals, but don’t expect to reach them immediately. Be in it for the long haul and savor the victories along the way. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 20
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Resources A Media Training Guide for Affordable Housing Advocates 1 can help you to simplify the process of launching a media effort by providing some essential guidelines and information you need to create a campaign that will get results for your association. The guide provides step-by-step directions, advice, and examples that will enable you to plan a campaign tailored to your needs and resources. links http://www.tcah.org/pdf/Media_Training_ 1 Guide.pdf N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 21
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations PART TWO Employer-Assisted Housing Initiatives Whether you want to develop a comprehensive employer-assisted housing strategy or start out by implementing one or two activities for your employer-assisted housing initiative, here are some ideas and examples to get you started. Most initiatives also include examples of what state and local REALTOR® associations have done to introduce employer- assisted housing in their communities. 1. Implement a Comprehensive EAH Strategic Initiative 2. Offer an EAH Class and Follow-up Sessions 3. Develop a Task Force, Committee, or Partnership 4. Plan and Coordinate an Event, Forum or Panel Presentation 5. Create EAH Resources 6. Contact and Engage Employers 7. Implement an EAH Benefit 8. Advocate for EAH Legislation and Programs Notes Some examples refer to the Home From Work™ Class. This class was updated recently and the name was changed to the EAH (employer-assisted housing) Class. If your association has planned or implemented an EAH initiative, please let NAR staff know by contacting Holly Moskerintz at 202-383-1157 or [email protected]. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 23
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 1 Implement a Comprehensive EAH Strategic Initiative Mississippi Association of REALTORS® MAR plans to target at least one major The Mississippi Association of REALTORS ® employer in each local community and also (MAR) helped push through groundbreaking, hold at least three regional town hall meetings. statewide employer-assisted housing legislation Meeting invitees will include key employers in 2008. Now, the organization has moved on to from each community, along with a range of the next phase: outreach and education through community leaders and stakeholders. MAR an EAH strategic initiative. MAR wants to make will identify employers through local chambers sure its members and Mississippi community of commerce and the efforts of REALTORS® leaders have the information they need regarding who have a strong working knowledge of their the advantages of the new state law and other communities’ most influential employers. MAR’s EAH incentives so that the state’s growth EAH team has been received enthusiastically by potential can be fully realized. the school boards of Jones County and the City To accomplish this goal, MAR is offering of Laurel, both of which will sponsor homebuyer NAR’s EAH Class to REALTORS® in each of workshops for their teachers. MAR believes that Mississippi’s 21 REALTOR® board areas. These if some of the most notable community-engaged classes will give agents the skills and resources employers start offering employer-assisted housing, to call on local employers and work with them others may follow. MAR will also participate to develop EAH benefits for their employees. in the annual conferences of some of the state’s In addition, a statewide EAH committee major trade associations, such as the Mississippi made up of trained members from each of Manufacturers Association, where a large number the local boards will administer an employer of employers can be reached at once. outreach and education plan. MAR and this Individual REALTORS® play a critical role new committee will also develop marketing in this initiative because their strong working collaterals on the benefits of EAH for its partners knowledge of their communities helps them and membership. This plan is part of an ongoing identify the most influential employers and process to educate and engage employers and promote the benefits of EAH to them. Over community leaders on the topic of EAH issues the long term, EAH programs throughout and opportunities. Mississippi should strengthen the workforce; The next step in MAR’s strategic initiative attract further economic growth; and expand the is to sponsor town hall meetings, where pool of qualified, responsible future homeowners. community stakeholders will be asked to join MAR for EAH information sessions. MAR believes that there is potential to set shared goals that the leadership teams of each respective group will embrace. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 24
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Wisconsin REALTORS® Association With the expansion of the work on workforce The Wisconsin REALTORS® Association housing that WRA and WHEDA have been (WRA) and the Wisconsin Housing and doing, WRA expects to be able to educate Economic Development Authority (WHEDA), more real estate professionals, lender partners, have been partners on a number of statewide employers, and, ultimately, employees on the workforce housing initiatives over the years. value of homeownership and the importance of Until now, however, EAH materials have been good preparation for homeownership by potential provided in hard copy format or via email. first-time buyers. This expansion will allow both Now all these materials reside in one organizations to reach out to the entire state in a easily accessible location — a new website. more efficient and timely manner. The program REALTORS®, employers, lender partners, will serve REALTORS®, lenders, counseling counseling agencies, and consumers will agencies, and employers by increasing their all be able to use the site. The site’s wealth access to a comprehensive list of available EAH of information should build interest in and programs and EAH training materials. demand for the program. The site not only provides information on current EAH program Alabama REALTORS® Association offerings in the state, but also describes how to More Alabamians are taking on longer create an EAH program. It also offers training commutes simply because they cannot afford materials from the EAH class. Employers and to live in the cities in which manufacturers municipalities that have viewed information on have located. The Alabama Association of the website are calling and asking for additional REALTORS® (AAR) is working to address information. These new contacts will result in this situation through the Alabama Workforce more employers creating programs that will Housing Initiative. expand the knowledge of homeownership within This initiative will assist four Alabama their staffs and ultimately impact the rate of REALTORS® in becoming authorized instructors homeownership in their communities. for NAR’s EAH Class. The instructors will WRA and WHEDA are also working to offer be pivotal in meeting the Initiative’s second the EAH Class to additional REALTORS®, goal — enrolling Alabama REALTORS® in the lenders, and counselors within the state. Since EAH Class within the first two years of the the website was launched in May 2010, there have program. The REALTORS® who complete the been many requests for program information, EAH Class will be equipped with the necessary training, and implementation across the state. tools and resources to reach out to employers in WRA and WHEDA have presented several EAH their communities and assist them in developing Classes to REALTORS®, lenders, and housing EAH benefits program for their employees. Each counselors, and additional classes are scheduled. class will discuss the definitions of workforce Another goal is to educate and engage new housing and EAH, workforce housing trends employers. WRA has already enrolled several and challenges, finance options for lower income employers in an EAH program, with more workers, and use of the resources available on employers pending. As new employers enroll, the new AAR website. The Alabama Real Estate their workers will have additional access Commission has accredited the EAH Class for to homeownership preparation education four hours of continuing education credit. classes, increasing their opportunities to become homeowners. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 25
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations A new EAH website will offer a “one- and that had broad networks for outreach. The stop shop” for consumers and REALTORS® Alabama Housing Finance Authority agreed alike, as well as AAR’s housing partners. The to provide affordable housing information for website will provide consumers with general AAR’s new website and to promote EAH at its housing information, an overview of EAH, housing fairs throughout the state. The Alabama and information on how a REALTOR® can Homebuilders Association and the Alabama assist them. REALTORS® will be able to see Retail Association agreed to promote EAH to information about EAH education opportunities their members at their meetings. and a calendar of events throughout the state AAR is continuing to engage other that may be of interest. The site will also post community partners in its efforts to get the the names and contact information of AAR word out about the need for viable solutions members who have completed the EAH Class. like EAH to address the housing needs of Additional outreach strategies include emails, working families. The long-term goal is to Facebook, Twitter, and collateral materials and have a REALTOR®-led coalition of Alabama gifts for those who attend various housing fairs organizations dedicated to the goals of and workshops across the state. AAR brochures workforce housing. will also be available at the Alabama Department The initiative will build REALTORS’® of Economic and Community Affairs’ 48 local awareness of workforce housing opportunities career centers. and empower them to help their clients meet AAR realized early on that to be effective in the challenges of locating affordable housing its outreach and promotion efforts, it would need near their employment. AAR is excited about to involve other community partners. Only then the prospect of educating REALTORS® with could it ensure that the message of the benefits firsthand knowledge of the benefits of EAH. The of EAH was widely received. As AAR pulled vision is for those REALTORS® to reach out to together its rollout strategy, it looked for partners their local communities and local employers. that were interested in helping workforce families N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 26
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2 Offer an EAH Class and Follow-up Sessions Presenting an EAH Class can be your Mississippi Association of REALTORS® first EAH initiative. A class is a good place to The Mississippi Association of REALTORS® start because it will introduce your members to (MAR) co-sponsored a Home From Work™ employer-assisted housing and will prepare them Class with NAR and invited members from all to discuss EAH with local employers. As your of the 21 local REALTOR® boards in Mississippi members become more knowledgeable about to attend the class as a way to introduce them EAH, they will also be able to help you promote to EAH. After this class, MAR’s director other initiatives. The EAH Class could be of education and another member became followed by an optional follow-up session where authorized to teach the EAH Class. They then you and your members can work on an action taught classes throughout the state to MAR plan together. members, giving them the skills and resources to call on local employers. Ten classes were Hold an EAH Class offered in 2010. The EAH Class is a four-hour session that focuses on how to work with local employers Co-Sponsor a Class with Other to discuss employer-assisted housing, the benefits Associations of implementing an EAH program, and three A smaller association or board may want to plan options (homebuyer and homeownership and organize an EAH Class with one or more workshops, one-on-one counseling, and financial other associations in the area. Pooling resources assistance) employers can implement to help their will let you market your class to a greater employees purchase a home close to work. number of people. Organize a Class for Local Boards Northeastern Colorado REALTOR® Boards State associations may want to take the lead and The Loveland-Berthoud Association of offer an EAH Class to their local associations/ REALTORS® looked into offering a Home boards. This is a great way to introduce EAH From Work™ Class to its members. The to local REALTOR® associations’ and boards’ board decided that it would make more sense staff. Local associations and boards can then to hold the EAH Class in conjunction with determine whether to offer the EAH Class to neighboring boards to share costs and train their members. more REALTORS®. Three local boards joined together to co-sponsor a class. The course was announced by all boards around the state and was attended by REALTORS® and affiliates from various areas of Colorado. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 27
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Coordinate Statewide Classes member questions about EAH. It will also help State associations may also want to take the lead them promote the benefits REALTORS® will and introduce EAH throughout their state by gain from taking the class. offering the EAH Class to members statewide and at the state’s annual conference and other New Jersey Association of REALTORS® events. This approach will ensure that all The New Jersey Association of REALTORS® REALTORS® have access to an EAH Class. plans to offer the EAH Class throughout the state and educate approximately 300 Alabama Association of REALTORS® REALTORS®. NAR helped to initiate this effort The Alabama Association of REALTORS® by co-sponsoring a pilot EAH Class in Edison, (AAR) created the Alabama Workforce Housing N.J., in January 2010. The EAH Class is part Initiative. Part of this initiative is to assist four of the association’s Helping Hands Towards Alabama REALTORS® in becoming authorized Homeownership program, which educates instructors for NAR’s EAH Class. Once the new both REALTORS® and consumers about the instructors are in place, AAR will provide them resources available to those seeking to own with the resources they need in order to teach their own homes. the EAH Class and will offer the course on a regular basis across the state. Wisconsin REALTORS® Association The Wisconsin REALTORS® Association (WRA) Mississippi Association of REALTORS ® partnered with the Wisconsin Housing Economic The Mississippi Association of REALTORS® Development Authority (WHEDA) to offer (MAR) co-sponsored a Home From Work™ the EAH Class to REALTORS®, lenders, and Class with NAR and invited members from all counselors within the state. One EAH instructor of the 21 local REALTOR® boards in Mississippi will conduct the training throughout the state. to attend the class as a way to introduce them WRA believes that by training professionals in to EAH. After this course, MAR’s director EAH, it can expand the number of employers of education and another member became offering EAH benefit programs in the state. WRA authorized to teach the EAH Class. They then and WHEDA are working to train additional taught classes throughout the state to MAR REALTORS®, lenders, and counselors within the members, giving them the skills and resources state to be EAH certified. Several EAH Classes to call on local employers. Ten classes were have been held and more are scheduled. offered in 2010. Wyoming Association of REALTORS® Vermont Association of REALTORS® The Wyoming Association of REALTORS® As part of the Vermont Association of (WAR) sponsored five Home From Work™ REALTORS’® workforce housing initiative, Classes in March 2009. The classes were taught the association plans to educate the state’s by one instructor, who traveled throughout REALTORS® on employer-assisted housing. the state. About 90 students were trained, At least three of VAR’s five employees will including WAR’s president-elect. He used his take the EAH Class. This will allow staff to new knowledge to reach out to several employers be knowledgeable and capable of answering after taking the class. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 28
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Coordinate an EAH Class 4. roup Presentation. Have students determine G Follow-up Session what groups, such as the chamber of commerce, After completing the EAH Class, many students local economic development agency, or local non- will express an interest in contacting local profit organization, they may want to contact to employers. You may want to hold a follow- offer a presentation on employer-assisted housing. up session that focuses on the practical skills Add information to customize the presentation addressed in the EAH Class. In a one-to-three- for these groups, as well as information on local hour session, students can decide if they need programs. Brand the PowerPoint. more practice before talking with employers 5. oreclosure Prevention Resources or F and what they would like to do as a team. Other Workshop. Have students either create possible topics for follow-up sessions include: content for a foreclosure resources package to distribute to employers or a foreclosure 1. on-profit Organization Speaker. Identify N prevention workshop to present to employees. a local non-profit organization that may be Invite a local non-profit organization partner interested in being represented on an EAH to this session as it may already have the initiative team. Have a representative from information needed to put together a package the organization come to a follow-up session of resources or a foreclosure prevention to discuss local, state, and federal financial presentation. Work with the non-profit assistance programs, as well as the education organization to distribute the resources and counseling services the organization package or to conduct the workshop. The provides. The organization’s representative non-profit may also work with employers to may also want to discuss how the organization provide additional counseling to employees. administers and manages EAH benefit plans for employers (if that is a service it provides). Northeast Florida Association 2. ction Plan. Have students work on an action A of REALTORS® plan as a team. They can begin by conducting The Northeast Florida Association of the local research including a market analysis, REALTORS® (NEFAR) presented the Home identifying local financial assistance and From Work™ Class in two parts. In addition to housing programs, finding out whether any presenting the NAR class curriculum to students, local employers offer EAH benefits, identifying NEFAR scheduled a second follow-up class that local non-profit organizations and lenders that focused on developing and polishing presentation could be come team partners, and identifying skills. The participants were required to present potential employers that might be interested in a 15-minute homebuyer workshop before an implementing an EAH benefit. evaluation panel in order to become a credentialed HOME representative. The accreditation was 3. omebuyer/Homeownership H required before students could contact employers. Workshop. Have students incorporate Lenders were encouraged to take the EAH Class the information they collected from their and to work with REALTORS® in discussing EAH research to customize a homebuyer and/or with employers. The class was part of NEFAR’s homeownership workshop using PowerPoint. HOME (Homeownership Made Easy) program, They could brand the PowerPoint as well as in which it partnered with the City of Jacksonville add additional topics depending on the local to promote EAH benefits to local employers. employees and programs available. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 29
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Sponsor an Instructor several REALTORS®. This coordination could Associations may want to consider sponsoring be as simple as having members contact you someone from staff or volunteer leadership to with the name of the employer(s) they would become an instructor for the EAH Class. Once like to contact and then keeping note of that this person meets all the requirements and information in a MS Word document or completes NAR’s EAH Class “Train the Trainer” Excel spreadsheet. session, he or she will become authorized to After a member has contacted an employer, teach the EAH Class. The association can then he or she should also let you know what offer the EAH Class to its members more easily. the outcome was and whether the employer You may also want to negotiate the instructor‘s implemented an EAH benefit. Again, this fee to teach the class so that you can recover could simply be noted next to the name of the the costs related to sponsoring the instructor’s member and the employer contacted. Tracking training, such as travel. member progress is a great way for you and NAR to see how our members are becoming leaders in their communities. Fort Smith Board of REALTORS® The Fort Smith Board of REALTORS® funded Note travel and lodging expenses for one of its members, a former board member, to participate NAR has created a survey, which it emails in the EAH Class “Train the Trainer” session to students several months after they take an and become an EAH instructor. The association EAH Class. The survey asks students whether planned to have this person conduct EAH they have contacted an employer and if the Classes for its members. The member taught employer(s) they contacted implemented an his first class a little more than a month after EAH benefit. However, the response rate has becoming an instructor. been low. That’s why we ask associations that sponsor EAH Classes to let us know if anyone who took the class contacted an employer. Mississippi Association of REALTORS® The Mississippi Association of REALTORS® Northeast Florida Association made plans to offer the EAH Class to of REALTORS® REALTOR® boards throughout the state as part of its EAH initiatives strategy. One of their first The Northeast Florida Association of steps was to pay for its education director to take REALTORS® (NEFAR) managed and tracked the EAH Class “Train the Trainer” session and credentialed HOME representatives (members become an instructor. MAR’s education director who completed the Home From Work™ Class took the instructor training and, along with a and the HOME follow-up presentation) and MAR member, taught 10 classes in 2010. their employer contacts. In addition to members contacting employers directly, NEFAR also made the initial contact with some employers and Coordinate and Track Employer Contacts then coordinated with HOME representatives After you hold an EAH Class, you should to follow up with the employer. NEFAR was find a way to determine which members are able to see which employers were contacted and going to contact which employers so that to coordinate when more than one member one employer isn’t inundated with calls from contacted the same employer. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 30
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Include the EAH Class as an Elective Specialist on various websites and in collateral If you currently have an affordable or workforce materials that are used in public education housing certificate program, or are planning efforts. The association has certified one, you may want to consider making the 250 members as North Carolina Workforce EAH Class an elective. The EAH Class Housing Specialists. gives students a concrete way to increase the workforce opportunities for homebuyers in Offer Homebuyer/Homeownership their community. Workshops Partner with local employers to offer workshops Note and disseminate information at the workplace. If you have a certificate program and include the The workshops and educational offerings EAH Class as an elective, please let us know by are an EAH benefit that enables employers emailing [email protected]. to give their employees the opportunity to receive information that will help them buy or keep their home. Materials should also Charlotte Regional REALTOR® Association include information on foreclosure prevention. The Charlotte (N.C) Regional REALTOR® REALTORS® who have taken the EAH Class Association’s philanthropic arm, the Housing can conduct the workshops with their team Opportunity Foundation, created a Workforce members. Many associations, including state Housing Certificate program designed to educate associations that have received an Ira Gribin REALTORS® to work with the community’s Grant, have initiated efforts to offer workshops workforce. The program put particular emphasis about buying a home. on first-time buyers and clients purchasing in the affordable price range (80 percent of the median income). The EAH Class is one of five Resources workshops that a REALTOR® must complete NAR’s EAH Class.1 NAR provides marketing to graduate and earn the Workforce Housing materials to sponsors to promote the EAH Specialist certification. The other workshops Class, including marketing brochures for are Creative Lending Programs for Workforce sponsors and REALTORS® and a customizable Housing, Foreclosure Prevention, a Workforce ad and flyer. The NAR Housing Opportunity Housing Fair, and Working with Housing Grant 2 is a possible source of funding for Non-Profits. presenting classes related to affordable housing. North Carolina Association of REALTORS® links The North Carolina Association of REALTORS® 1 http://www.realtor.org/eahclass plans to educate 500 REALTORS® annually through its Workforce Housing Certificate 2 http://www.realtoractioncenter.com/for- program. The core modules will be supplemented associations/housing-opportunity/housing- with elective modules including the EAH Class. opportunity-grant.html Graduates will be listed as a Workforce Housing N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 31
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 3 Develop a Task Force, Committee, or Partnership Most REALTORS ® do not have the time, them on a committee or partnering with them resources or relationships to discuss EAH may be able to jumpstart your housing initiative. beyond the local employers in their community. Other key groups to bring into the process As a REALTOR® association or board, you may are local chambers of commerce and economic want to expand upon what your members are development agencies. These groups are not doing in the community. Your initiatives could only aware of local businesses, but also of their include creating a committee or task force and/or needs and concerns in areas such as retention developing partnerships with other community and recruitment. You may want to contact these groups and organizations to discuss how employer- groups to arrange a discussion on EAH and assisted housing can help to address affordable how EAH can be of value to employers and housing for working families in your community. to the community. In turn, these groups can After you hold an EAH Class, you may find get the word out to local businesses and make that there is a core group of students interested arrangements for your members who have in becoming more involved and working taken the EAH Class to contact local employers. together on an EAH initiative. Your association Chambers and economic development agencies may be interested in organizing this group into can also help with employer surveys. a committee or task force to plan what to do next. You may want to offer to have meetings at North Metro Denver REALTOR® Association your office and appoint a staff person to work The North Metro Denver REALTOR® on this task force. Association (NMDRA) established a core group The committee could also be expanded to of REALTORS® and affiliate members to serve include partners and others in your community on a committee developing an EAH program for involved in affordable housing and employment the Greater Brighton area community. Committee issues. You may want to invite chamber members, members signed an “Employer-Assisted Housing employers, lenders, non-profit organizations, faith- Program Agreement,” which standardized their based organizations, or government agency staff to approach and ensured that not more than one attend. These individuals can be a sounding board member would contact an employer. The group also for any local workforce housing and employer- created an interactive website.1 Committee members assisted housing initiatives. They can also help to use the site to communicate with each other about gather information on the local housing market the status of their employer contacts and upload and programs and create a strategic plan. documents that can be used by other members. The Reaching out to a local non-profit website also provides information for employers organization is of particular importance and and employees interested in EAH. The association value. Most non-profit groups are aware of the has plans to expand the website to accommodate housing challenges in a community, as well as of additional chapters/committees that form in any state or local housing programs. Including N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 32
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Colorado and want to participate in an employer- that all REACH partners must use a REALTOR® assisted housing program. in each EAH transaction. This requirement creates a continuing relationship between the REACH partner and the REALTORS® in their area. The Eastern Connecticut Association EAH/NAR/MPC program will ultimately work of REALTORS® 2 with 36 local REALTOR® associations, which The Eastern Connecticut Association of will provide venues for training and outreach for REALTORS® (ECAR) has initiated partnerships employer-assisted housing and education statewide. with local non-profits to be part of the teams REALTORS® form after each EAH Class. ECAR has also added some of its affiliate members Northeast Florida Association of REALTORS® (i.e., mortgage lenders and home inspectors) The Northeast Florida Association of REALTORS to the team and negotiated with them to offer (NEFAR) developed HOME (Homeownership discounted or free services to employees who Made Easy) in 2007 in partnership with the City participate in an EAH benefit program. of Jacksonville and the Jacksonville Regional Chamber of Commerce to promote EAH benefits to employers in the Jacksonville region. Joined by Arizona Association of REALTORS® then Jacksonville Mayor John Peyton, NEFAR The Arizona Association of REALTORS® (AAR) launched the program with an EAH Summit partnered with lenders, local businesses, and Fannie breakfast. The HOME program was designated Mae to create the Housing Arizona’s Workforce as an “Ambassadors for Cities” winner in 2007. (HAW) initiative. This statewide effort worked REALTORS® were able to become a credentialed to increase homeownership among workforce HOME representative by completing the Home families by encouraging area employers to offer From Work™ Class and the NEFAR HOME homeownership education and financial assistance Part 2 Class and evaluation. Credentialed HOME to their employees. It also assisted potential representatives conducted homebuyer workshops for homeowners by finding low-cost financing options the staff at several Jacksonville city departments and from participating lenders. As part of the HAW talked to city employees at the NEFAR booth at the initiative, AAR trained REALTORS® to work with Jacksonville City Health Fairs. Representatives from employers, lenders, and Fannie Mae to conduct the city’s Housing and Neighborhoods division homebuying workshops for employees. also participated in the workshops and highlighted the first-time homebuyer assistance programs that Illinois Association of REALTORS® the city offers. HOME brochures were distributed While working on its EAH Toolkit, the Partnership to local employers through the regional chamber for Home Ownership (PFHO), the association’s of commerce. HOME representatives also talked foundation, was approached by the Metropolitan with local employers at the NEFAR booth at the Planning Council (MPC) to partner in an EAH Chamber Business Expo and Trade Show. program. PFHO became a Regional Employer- Assisted Collaboration for Housing (REACH) Vermont Association of REALTORS® partner. Working with MPC, IAR is creating As part of the Vermont Association of the relationship between the REACH partners REALTORS® workforce housing initiative, and REALTORS®. The REACH partners’ VAR plans to establish an EAH committee memorandum of understanding with MPC states made up of board members. The committee N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 33
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations will focus on reaching out to potential employers partners that were interested in helping workforce and encouraging them to offer EAH benefits. families and that had broad networks for outreach. Prior to this effort, no Vermont employers were The Alabama Housing Finance Authority agreed known to have sponsored an EAH program. to provide affordable housing information for AAR’s new website and to promote EAH at its housing fairs throughout the state. The Alabama Mississippi Association of REALTORS® Homebuilders Association and the Alabama As part of its EAH strategic initiative, the Retail Association agreed to promote EAH to Mississippi Association of REALTORS® has their members at their meetings. The Alabama formed a committee comprised of members Department of Economic and Community from each of its 21 boards who have taken the Affairs offered to provide information about EAH EAH Class. The committee will administer an at its job fairs and distribute collateral AAR was employer outreach and education plan and develop developing for this program at its 48 career centers marketing materials on the benefits of EAH for across the state. AAR is continuing to engage other its partners and members. Under the guidance of community partners in its efforts to get the word the committee, REALTORS® who have taken the out about the need for viable solutions like EAH to EAH Class will reach out to employers, community address the housing needs of working families and leaders, MAR partners, and other REALTORS® to their employers. The long-term goal is to have a discuss the benefits of EAH and the positive impact REALTOR®-led coalition of Alabama organizations it can have on communities and businesses. dedicated to the goals of workforce housing. Wisconsin REALTORS® Association The Wisconsin REALTORS® Association (WRA) Resources partnered with the Wisconsin Housing Economic “Power of Partnership” 3 describes how chambers Development Authority (WHEDA) on a number of commerce and REALTOR® groups join of EAH initiatives. They also expect to partner together at the regional level to promote with a variety of counseling agencies, Rotary workforce housing solutions. NAR’s Housing International organizations, local chambers of Opportunity Grant.4 commerce, the University of Wisconsin extension offices, and others to develop EAH initiatives. Some links of these partners will assist with “lunch-n-learns” or 1 http://www.coloradoeah.com homeownership classes with WRA and WHEDA. 2 http://www.easternctrealtors.com/ employerassistedhousing.html Alabama Association of REALTORS® 3 http://www.realtor.org/wps/wcm/connect/03 The Alabama Association of REALTORS® (AAR) 87a9004989108986af973104247953/housing_ is working on developing the Alabama Workforce workforce_case_studies.pdf?MOD=AJPE Housing Initiative. AAR realized early on that to RESCACHEID=0387a9004989108986a be effective in its outreach and promotion efforts f973104247953 for this initiative, it would need to involve other community partners to ensure that the message of 4 http://www.realtoractioncenter.com/for- the benefits of EAH was widely received. As AAR associations/housing-opportunity/housing- pulled together its rollout strategy, it looked for opportunity-grant.html N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 34
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 4 Plan and Coordinate an Event, Forum or Panel Presentation Many stakeholders in a community, Mississippi Association of REALTORS® including government officials and housing As part of its employer-assisted housing initiative, organizations, may not be aware of employer- the Mississippi Association of REALTORS® assisted housing. One efficient way to reach out is establishing a process to educate and engage these groups is to hold an event that provides employers and community leaders on employer- an overview of employer-assisted housing and assisted housing issues. The association’s plans how it can address local workforce housing include conducting at least one key employer challenges. You can invite local non-profits, meeting in each of Mississippi’s local board government agencies, lenders, and employers, areas, holding a minimum of three regional as well as the media. Your event could focus town hall meetings with key employers and either on planning an employer-assisted housing community leaders, and participating at the initiative for your community or be used to annual conferences of each of the state’s major announce your own initiative. You can also use trade associations, including the Mississippi the event to garner support for an EAH initiative Manufacturers Association. in your community and to sign on partners and employers. Sussex County Association of REALTORS® Good speaker choices at your event might include an authorized EAH instructor, a local The Sussex County (Del.) Association of employer that has implemented an EAH program, REALTORS® (SCAOR) held an outreach event to and/or a non-profit housing organization that introduce employer-assisted housing to employers has knowledge of employer-assisted housing. and to let them know how REALTORS® who NAR may also be able to provide a staff person took the Home From Work™ Class could work to give an overview of EAH and to discuss how with them to implement an EAH benefit for their NAR and REALTORS® are involved in EAH employees. Local employers, elected officials, initiatives. You should also try to invite a local and the media were invited to the event. SCAOR VIP (mayor, council member, etc.) to give the members who completed the Home From Work™ welcoming remarks. Class were present to network and provide follow- You can let attendees know that your up to the employers. In preparation for the event, members have taken NAR’s EAH Class and are a Home From Work™ update Class was held to available to discuss EAH with them in more serve as a refresher course for REALTORS®. The detail. Or you can offer an EAH Class following association also held a second employer event to the event so your members and attendees can review the EAH program and to feature a local learn more about EAH. employer that had recently implemented an EAH benefit as an outcome of the first event. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 35
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations North Metro Denver REALTOR® Association covered the forum. Follow-up will now continue The North Metro Denver REALTOR® Association with the mayors and employers who attended the has plans to host several events for members, forum to discuss implementing EAH programs. community leaders, and local businesses to encourage participation in an employer-assisted Maryland Association of REALTORS® housing program. It has also formed an EAH The Maryland Association of REALTORS® Program Committee to plan and coordinate (MAR) invited a representative from NAR’s the events. Events will include luncheons and Housing Opportunity Program to a meeting receptions for community leaders, city officials, comprised of their Affordable Housing Committee and local businesses to introduce EAH and garner members and local EAH Class instructors. NAR their support for EAH, as well as an EAH Class. staff gave a presentation on an EAH Initiative The association will also work with local employers Strategy, which included examples of other to implement “learn at lunches” outlining EAH associations that have already implemented an benefits for their employees. The committee has EAH program. MAR also invited a representative created brochures to distribute to employers and from the Maryland Department of Housing and their employees describing their program and EAH. Community Development to discuss Maryland’s House Keys 4 Employers program (HK4E). The Nevada Association of REALTORS® Maryland program is an employer partnership The Nevada Association of REALTORS® program that matches contributions dollar-for- partnered with the HOPE Home Foundation,1 dollar, up to $2,500, toward down payment and a non-profit organization created by REALTOR® closing costs from participating employers. and EAH instructor Dawn Lane, to plan and organize an EAH Forum. NAR gave NVAR In addition to organizing your own EAH a Housing Opportunity Grant for the forum. event, you may want to plan and organize a The forum focused on the current housing panel on EAH during a housing conference, challenges in Las Vegas and how EAH can be convention, or other event sponsored by your used to address these challenges by encouraging association of others groups. local employers to offer an EAH benefit. Real estate professionals, including REALTORS® and National Association of REALTORS® staff from NVAR and the Las Vegas Association Regional Workforce Housing Forums 3 of REALTORS®, non-profits, employers, and NAR sponsored a series of Regional Workforce government leaders attended the forum. Patty Housing Forums, which were designed to outline Kelley, NVAR’s president-elect, welcomed the nature of the workforce housing challenge in attendees, followed by opening remarks from each region and to highlight regional best practices North Las Vegas Mayor Shari Buck. Other in addressing that challenge. The forums were speakers included Henderson Mayor Andy Hafen also designed to attract a wide range of attendees, and Las Vegas Mayor pro tem and City Council including employers and HR professionals, member Stavros Anthony. Representatives from REALTORS®, city planners, housing and HUD’s field office, NeighborWorks, the Nevada community development leaders, local elected and Housing Division (the state HFA), and NAR also appointed officials, state HFA representatives, and made presentations. Local print and television others. Several of the presentations and keynotes media, including the Las Vegas Review Journal,2 were on employer-assisted housing programs. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 36
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Wyoming Association of REALTORS® Triple Play REALTOR® Convention The Wyoming Association of REALTORS® Trade Expo (WAR) worked with the Wyoming Workforce Real estate professionals from New Jersey, Council to organize two panels on employer- New York, Pennsylvania, and surrounding assisted housing at the 2009 Governor’s Summit states attend the annual Triple Play REALTOR® on Workforce Solutions. Officials addressed Convention Trade Expo. The New Jersey local housing issues and a representative from Association of REALTORS® coordinated a Community Frameworks discussed workforce panel on employer-assisted housing during the housing solutions. NAR staff gave an overview of conference. Panelists included an NAR staff EAH and WAR’s then president-elect reviewed member, who gave an overview of EAH and WAR’s EAH initiatives. Those in attendance were how REALTORS® and REALTOR® associations also given resources and contact information in case were involved in EAH; a representative from they wanted to meet with a REALTOR® who had the Urban Affairs Coalition, who described taken the Home From Work™ Class to discuss the Philadelphia’s Home Buy Now EAH program; implementation of an EAH benefit. and a representative from the New Jersey Housing and Mortgage Finance Agency, who explained HMFA’s Live Where You Missoula (Mont.) Organization of REALTORS® Work program. The Missoula Organization of REALTORS® (MOR), in partnership with the City of Missoula, organized and sponsored the Missoula Housing Resources Summit, called “A Search for Solutions.” In Event Talking Points, Fact Sheets for Event addition to presentations on the problems facing Attendees and Partners, Customizable Employer Missoula’s workforce, the Mayor’s Affordable Brochure, Funding and Technical Assistance, Housing video, the 2010 Missoula Housing and EAH Overview PowerPoint Presentation Report, and the Missoula Housing Needs Survey, in this guide’s Tools and Resources section. the summit offered several breakout sessions NAR’s Regional Workforce Housing Forum including a panel on employer-assisted housing. presentations.4 NAR’s Workforce Housing The EAH presentation, given by an NAR staff Forum Guide (to be released in 2012). member, offered an overview of employer- assisted housing and how partners, including REALTORS®, can work together to implement links an EAH initiative in a city. Among those in the 1 http://hopehomefoundation.org audience was Missoula’s mayor. As a follow-up to 2 http://www.lvrj.com/real_estate/nvar-forum- the summit, MOR is working with the city on a on-employer-assisted-housing-attracts-full- new economic development project, which will house-wednesday-138252249.html include employer-assisted housing as one solution to support the city’s economic recovery. 3 http://www.realtor.org/government_affairs/ NAR also co-sponsored an EAH Class housing_opportunity/wfh_forums?wt.mc_ the next day at the Missoula Organization of id=rd0077 REALTORS® office to prepare local REALTORS® 4 http://www.realtor.org/government_affairs/ to meet with local employers and discuss the housing_opportunity/wfh_forums?wt.mc_ implementation of an EAH benefit. id=rd0077 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 37
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 5 Create EAH Resources Many people, especially government officials, Wisconsin Housing Works website is designed local stakeholders, and employers, are unaware of to inform and educate real estate professionals, employer-assisted housing and how it can address lender partners, employers, and employees on affordable housing issues in a community. An the value of homeownership and EAH. The EAH initiative may be as simple as providing and site not only provides information on current disseminating information. As a way to educate EAH program offerings in the state, but also members and stakeholders in your community describes how to create an EAH program. It also about EAH, you may want to create resources on offers training materials from the EAH Class. employer-assisted housing. These resources may The site also makes it easier and faster to add then be distributed online, at meetings, during new information and updates. Both WHEDA an EAH class, at outreach events, and at local and WRA are committed to the EAH program housing conferences and forums. and will continue to maintain the website and keep it and the training materials up to date. The program meshes very well with both Eastern Connecticut Association organizations’ missions. of REALTORS® 1 The Eastern Connecticut Association of REALTORS® (ECAR) lists REALTORS® who Illinois Association of REALTORS® have attended an EAH Class on its website. The Illinois Association of REALTORS® Employers interested in learning more about (IAR), along with Partners for Home ECAR’s EAH program can contact the ECAR Ownership (PFHO), is developing a toolkit REALTORS® who has been trained to explain based on the award-winning Quincy/Blessing and implement an EAH benefit. Hospital employer-assisted housing model. The toolkit will be marketed to interested cities, municipalities, or employers that wish Wisconsin REALTORS® Association to improve or establish an EAH initiative. The Wisconsin REALTORS® Association The toolkit will include guidelines, policies, (WRA) and the Wisconsin Housing and and forms to implement an EAH benefit and Economic Development Authority (WHEDA), enhance workforce housing assistance. IAR have been partners on a number of statewide will coordinate with 36 local REALTOR® workforce housing initiatives over the years, so it associations to disseminate the toolkit. was natural for them to team up to create a new website 2 devoted exclusively to EAH issues. The N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 38
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Resources Funding and Technical Assistance in this guide’s Tools and Resources section. NAR has a variety of EAH resources on REALTOR.org 3 to help initiate an EAH project, including articles and reports on employer-assisted housing. links http://www.easternctrealtors.com/ 1 employerassistedhousing.html http://wisconsinhousingworks.com 2 http://www.realtor.org/government_ 3 affairs/housing_opportunity/ workforcehousingresources N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 39
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 6 Contact and Engage Employers EAH Class evaluations show that As a result of the meeting, Allen Foods will be many REALTORS® are reluctant to approach implementing an EAH education and counseling employers. Because your association may have benefit to the employees working in their large developed relationships with local stakeholders and poultry processing plant in Delaware. The employers, it is usually in a better position than program will be tailored to meet the needs of the your members to contact the larger employers company and its employees. The association has such as city/county government, school districts, scheduled a follow-up meeting with Allen Foods hospitals, and universities in your community to to work out the details and logistics of the EAH discuss implementing an EAH benefit. You may benefit plan. The association will also continue want to make the initial contact with the CEO to work with Allen Foods to encourage it to or Human Resources director and set the stage offer a financial assistance benefit as well. The for your members. Once the door is opened, group also contacted a local hospital that wants your members and their partners can follow up to attract staff. with the employers to conduct homebuyer or homeownership workshops and/or counseling. Ada County Association of REALTORS® The Ada County (Idaho) Association of Wisconsin REALTORS® Association REALTORS® (ACAR) has offered the EAH One of several goals for the Wisconsin Class to its members so they can contact REALTORS® Association is to educate and local employers. The association has also engage at new employers on a regular basis, contacted and met with local employers to even though WRA has already enrolled several discuss implementing an EAH benefit for their employers in an EAH program and has more employees. ACAR developed a homebuyer employers pending. WRA believes that by video, which is used as part of its presentation working to enroll new employers, consumers to employers. The video is also available to will be given additional access to homeownership ACAR members to use when they meet with preparation education classes and increase their employees. ACAR has contacted about a opportunities to become homeowners. dozen employers, including the City of Boise and Idaho Power. The association is not only working with the City of Boise to implement Sussex County Association of REALTORS® an EAH benefits program for its employees, The Sussex County (Del.) Association of but also to create a workforce housing program REALTORS® contacted several employers to within the city through Boise’s Urban Renewal discuss the implementation of an EAH benefit. District. Boise has made the issue of workforce Staff met with the president and HR director housing a priority for the city. of Allen Foods, Inc., a major employer with multiple locations in Delaware and Maryland. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 40
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Greater Baltimore Board of REALTORS® Resources The Greater Baltimore Board of REALTORS® EAH Overview PowerPoint Presentation (GBBR) met with the University of Maryland and Customizable Employer Brochure in Medical Center in downtown Baltimore to the Tools and Resources section of this guide. discuss the implementation of an EAH benefit EAH resources on REALTOR.org,1 including for the university’s employees. The discussion Understanding Employer-Assisted Housing: described the Maryland Department of Housing A Guidebook for Employers and Developing an and Community Development’s House Keys 4 Employer-Assisted Housing Benefit Plan: Employees program, an employer partnership Step-by-Step Guide. NAR’s EAH Class 2 program that matches contributions dollar-for- gives details on to find, contact, and work dollar, up to $2,500, toward down payment and with employers. closing costs from participating employers. The presentation also outlined the Baltimore City links Live Near Your Work program, which provides 1 http://www.realtor.org/government_ direct financial assistance for eligible employees’ affairs/housing_opportunity/ first home purchase in Baltimore and encourages workforcehousingresources homeownership near the place of employment. GBAR suggested that the university offer a 2 http://www.realtor.org/eahclass financial incentive to employees to help recruit and retain employees and to meet the housing needs of employees. The university is now a participating employer in both the House Keys 4 Employees and the Live Near Your Work programs. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 41
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 7 Implement an EAH Benefit There is no better way to sell new home. AAR has made nine forgivable loan something than to “buy” the product yourself. contributions since the program’s inception. Of Accordingly, your association or board may want the nine loans, seven were to AAR employees to implement an EAH benefit for your staff. and two were to employees of local associations. The EAH Class focuses on three EAH benefits: AAR used $50,000 from its Ira Gribin Workforce homebuyer and homeownership education, Housing Grant to replenish the fund from which one-on-one counseling, and financial assistance. these loans are drawn, anticipating that this Depending on the needs of your staff, you can amount will enable AAR to continue offering the plan to implement one or more of these benefits. benefit for at least three additional years. AAR also created a video that features employees of the association who have been given loans through The Arizona Association of REALTORS® the association’s EAH program to purchase a home. Since 2005, the Arizona Association of REALTORS® (AAR) has assisted a very special group of workers in becoming homeowners— Resources its own employees. AAR’s Employer-Assisted EAH resources on REALTOR.org,1 Housing (EAH) Benefit Plan offers employees including Developing an Employer-Assisted of AAR—and employees of local REALTOR® Housing Benefit Plan: Step-by-Step Guide. associations in Arizona—up to $5,000 toward the purchase of a new home, provided they have worked for the association a minimum of links 180 days, have an annual salary that does not http://www.realtor.org/government_ 1 exceed 115 percent of the county median, do affairs/housing_opportunity/ not already own residential property, and work workforcehousingresources with a REALTOR® to find and purchase their N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 42
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 8 Advocate for EAH Legislation and Programs From land use and property and transfer total costs of the program, which include down taxes to affordable housing issues, REALTORS® payment assistance, rental assistance, counseling, appreciate how much local politics matter. and administrative costs, the state provides Legislative and political representation is one a 50-cent tax credit for each dollar invested of the most valued services a REALTOR® by the employer in its employer-assisted association can provide. As part of your EAH housing program. initiative, your association may want to consider advocating for more affordable housing Philadelphia “Home Buy Now” Program 1 opportunities for working families in your The Philadelphia “Home Buy Now” program own community. provides government matching funds that boost Your association and your REALTOR® the purchasing power for workers who buy or members, along with chambers of commerce, renovate a home in Philadelphia. An employer’s homebuilders, and other groups, can advocate contribution to an employee (at a minimum of for state and local policies to create a regulatory $500 per employee) is matched dollar-for-dollar climate conducive to creating EAH programs. by the city up to $5,000. The funds can be used The private sector can add a powerful voice in to defray homebuying costs, such as closing costs. support of EAH. For example, business groups A listing of other public EAH programs can help you to lobby for EAH state tax credits can be found in “State and Local Government or local EAH matching programs. That support EAH Programs” in this guide’s Tools and could even “go national,” when the time is right, Resources section. to advocate for federal legislation to expand EAH programs and provide tax credits for employers Your advocacy efforts will carry more participating in them. weight and credibility if you include your partners and the business community. REACH Illinois Advocacy initiatives include: REACH Illinois is a two-part incentive package for Illinois employers that implement their n eeting with local officials both at their M own employer-assisted housing programs. The offices and at planning board hearings to program includes state matching funds and state educate them about EAH and how it will help tax credits. Matching funds from the Illinois residents, businesses, and the community. Affordable Housing Trust Fund provide additional n articipating in media campaigns and other P leverage for the employer’s investment. The state efforts to generate public support for EAH. matches direct financial assistance from employer to employee dollar for dollar, up to $5,000, n riting letters, faxes, and emails to key policy W for income-qualified employees. To offset the makers in support of an EAH initiative. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 43
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations n ttending hearings and providing testimony A Vermont Association of REALTORS® at planning board hearings and other public As part of its EAH initiative, the Vermont meetings. Association of REALTORS’® Government n rranging and attending regular meetings A Affairs director, who attends Vermont’s with elected officials in which members of daily legislative sessions, has begun speaking the business community discuss housing and with representatives about developing EAH community development priorities. programs in the state. He has reported that the representatives have responded positively to this You should advocate simultaneously initiative and would like to be kept informed on a number of fronts. Undertake several about what VAR does in this area. While nothing different advocacy initiatives drawing on the explicit has been discussed, this development resources and commitment of members of your holds promise for future state support of EAH. business coalition. For example, area industry executives can contact state or local legislators Mississippi Association of REALTORS® to push for specific bills that address housing The Mississippi Association of REALTORS® policies. Businesses in the housing industry — worked to pass House Bill 1482 during the 2008 REALTORS®, homebuilders, and lenders— can Legislative Session. The bill included language to attend hearings or visit local officials in person allow an employer to give workers up to $10,000 to discuss affordable housing challenges and towards the purchase of a home and to allow how employer-assisted housing can help address employers to give workers a one-time gift of up them. Chambers of commerce or other business to $2,000 for rental assistance or security deposits. coalitions can underwrite media campaigns. The bill exempts an employee from state income You need a combination of actions to make tax on those funds. In order to take advantage an impact. of this opportunity, an employer must have You will also want to find common ground developed an employer-assisted housing program. among your partners and coalitions. Businesses in different sectors may have correspondingly different ideas about how housing, or the lack of Resources affordable housing for their employees, affects Funding and Technical Assistance in this guide’s them. But as experienced advocates point out, Tools and Resources section. Getting Involved: differences on individual policies usually can A REALTOR®’s Action Guide, NAR’s Smart be overcome by emphasizing agreement on Growth Toolkit, page 137–143.2 Government basic principles and on the need to press for Affairs Directors online community.3 the political will to expand the availability of affordable workforce housing. As you initiate your advocacy efforts, remember links that public attitudes don’t change overnight. http://www.phila.gov/commerce/Content/ 1 Housing legislation and local policy decisions can HBNBrochureCombined.pdf be a long time in coming. Plan for the long haul, http://www.realtor.org/government_affairs/ 2 and savor the victories along the way. smart_growth/smart_growth_toolkit http://reaction.communityzero.com/gads 3 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 44
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations PART THREE Tools and Resources The Tools and Resources are also available at the REALTOR® Action Center 1 as individual documents. You can download and customize most of the documents by copying and pasting the text into a new document, using your own branding, and making changes to the document. Other documents can be printed and distributed in their current format. General 1 NAR Funding and Technical Assistance 46 2 State and Local Government EAH Programs 48 3 How to Do a Paycheck to Paycheck Analysis for Your Community 53 EAH Event Planning 4 EAH Initiative Invitation 56 5 EAH Initiative Outreach Event Agenda 58 6 EAH Initiative Launch Event Agenda 59 7 EAH Initiative Launch Press Release 60 8 Suggested Talking Points for Speakers 62 9 Employer/Partner Sign-On Letter 66 10 EAH Overview PowerPoint Presentation 67 EAH Fact Sheets for Event Attendees and Partners 11 Non-profit Organizations 70 12 Lenders 72 13 State and Local Governments 74 14 Businesses 76 For Employers 15 Employer Survey 78 16 Employee Homeownership Questionnaire 82 17 Customizable Employer Brochure 87 additional Resources 89 links 1 http://www.realtoractioncenter.org/eahguide N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 45
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | NAR Funding and Technical Assistance Housing Opportunity Program 1 EAH Breakfast Forum. If you are interested in Staff is available to discuss your employer- holding the EAH Class, you may also qualify assisted housing initiative and provide additional for up to $1,000 to support that effort. For resources. One of these resources is the Housing information on the grant requirements and Opportunity Toolkit,2 which is designed as application, visit the REALTOR® Action Center.8 a reference on affordable housing in local communities. The toolkit includes guidance on Issues Mobilization Program 9 running housing fairs, symposiums, and forums, The Issues Mobilization Program, in as well as how to develop EAH partnerships. coordination with NAR’s Campaign Services, You should also take a look at the workforce provides financial, technical, and educational housing programs that state associations developed support to state and local REALTOR® with their Ira Gribin Workforce Housing associations. The Issues Mobilization Grant Grants. Several are focused on EAH initiatives.3 provides funds to organize and manage effective For example, the Wisconsin Association of campaigns to promote positions on public REALTORS®, in partnership with the Wisconsin policies (government laws, regulations, courses Housing and Economic Development Agency, of action, and funding priorities) that affect created Wisconsin Housing Works,4 a website to REALTOR® interests. provide information and resources on EAH. Before submitting a request for Issues NAR staff is also available to make Mobilization funding, you should contact Joe presentations on EAH at state REALTOR® Molinaro at [email protected] to discuss association conferences or at housing your issues campaign and grant application. conferences or forums you organize or sponsor. Staff has helped to organize EAH panels and presented at Triple Play,5 the Missoula Campaign Services 10 Organization of REALTORS®,6 and the The Campaign Services Program gives state Maryland Association of REALTORS®. and local REALTOR® associations the resources you need to run successful issues and candidate campaigns. NAR’s Campaign Services can Housing Opportunity Program Grants 7 assist your association with the planning and State and local REALTOR® associations can implementation of campaigns by providing apply for a Housing Opportunity Program technical, educational or financial assistance. Grant of up to $5,000 to support their employer- NAR provides cost effective data and tools to assisted housing initiative. Funding is available conduct campaigns to achieve policy objectives. for activities such as housing symposiums, NAR offers consultant support to assist homebuyer resource websites and guides, down REALTOR® associations in utilizing the data payment assistance programs, financial literacy for polling, campaign development, and message efforts, workshops, and other housing-related delivery and outreach. Using these services programs. For example, the Nevada Association can help your association achieve REALTOR® of REALTORS® was awarded a grant for an advocacy goals. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 46
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | NAR Funding and Technical Assistance For example, the Campaign Services Program local or state official or state representative to can help you to conduct a public opinion poll on support an EAH or workforce housing-related a housing issue in your community, such as a local issue. The system includes information about EAH matching fund program or a state EAH tax each NAR member’s voting history, party credit, or to target public communications and affiliation, and voter-registration status. messaging to help pass a measure supported by REALTORS®. You can also use these services to help elect a candidate who supports workforce links housing issues. 1 http://www.realtor.org/government_affairs/ NAR’s Campaign Services Program offers: housing_opportunity n Polling and Research 2 http://www.realtor.org/government_affairs/ housing_opportunity/hoptoolkit_home n Direct Mail Services Phone Calls 3 http://www.realtor.org/wps/wcm/connect/ n Websites Social Media c64d838046ce8277968d9e0e6e9f088e/cpa_ gribin_final_report.pdf?MOD=AJPERESC n Consultant Campaign Management ACHEID=c64d838046ce8277968d9e0e6e9f0 n Voter Lists, Count Tool Activation Network 88e n Voter Registration Initiative 4 http://wisconsinhousingworks.com n REALTOR® Candidate Training Academy 5 http://www.realtorstripleplay.com 6 http://www.missoularealestate.com/docs/ For more information, contact NAR’s missoulahousingsummitasearchforsolutions Campaign Services at (202) 383-1191 or agenda.pdf [email protected]. After a quick 7 http://www.realtor.org/government_affairs/ conversation, NAR staff will be able to help housing_opportunity clarify your goals and direct you to the tools and services your association will find most useful. 8 http://www.realtoractioncenter.com/for- Many of these tools and services are free, and associations/housing-opportunity/housing- others are offered for a nominal fee. opportunity-grant.html 9 http://www.realtoractioncenter.com/for- The REALTOR® Party Hub 11 associations/issues-mob The “Hub” is a comprehensive, web-based, 10 http://www.realtoractioncenter.com/for- grassroots communication system for associations/electoralservices online member outreach, engagement, and 11 http://www.realtoractioncenter.com/for- mobilization. State and local REALTOR® associations/hub associations can use it to send local “Calls for Action” intended to get members to contact a N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 47
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs Note Housing Finance Agency (PHFA) can receive States are also using NSP, HOME, and up to an additional $2,000 in funds. With CDBG dollars as matching funds to leverage a $5,000 employer contribution, eligible private funds from employers. employees may receive up to $12,000 towards their home purchase. City Programs n ashington, DC Live Near Your Work: 4 W n altimore Live Near Your Work: 1 B In partnership with selected DC employers, the A partnership between employers and the Live Near Your Work (LNYW) pilot program City of Baltimore to provide direct financial will provide grants for down payment and assistance for eligible employees’ first home closing cost assistance to individual employees. purchase within Baltimore’s city limits and to The Office of Planning will match employer encourage homeownership near the place of contributions (up to $6,000 per participating employment. Employees receive a minimum employee) to attract and retain DC residents, $2,000 grant or conditional grant for settlement with the primary purpose of encouraging and closing costs when they purchase homes in employees to live close to their place of targeted neighborhoods near their employers. employment and/or transit. Baltimore will contribute up to $1,000 per n etroit Live Midtown: 5 The Detroit D employee, which will be matched by the Medical Center, Henry Ford Health System, participating employer. and Wayne State University invested funding, n t. Louis Park (MN) Live Where You S which is matched by the Hudson-Webber Work Program: 2 Live Where You Work Foundation and the Michigan State Housing is an assisted homeownership program Development Authority, to entice people to providing employees of St. Louis Park-based move to Midtown and keep those already businesses with a grant toward the purchase living there in place. Incentives include a of a home near their workplace. The employer $2,500 allowance for new renters toward the and the city provide a grant up to $2,500 for cost of their apartment, $1,000 allowance each eligible employee. Employers are invited for existing renters, $20,000 forgivable loan to contribute a matching or lesser amount to toward the purchase of a primary residence, the city’s contribution. and $5,000 exterior home improvement matching funds. The incentives are available n hiladelphia Home Buy Now: 3 The City P only to employees of the three anchor of Philadelphia will match on a dollar-for- institutions. To qualify for the incentives, dollar basis up to $5,000 of an employer’s housing units must be located within the financial contribution to employees buying a boundaries, which include the New Center, home. In addition, income-eligible employees Midtown, Virginia Park, and Woodbridge who obtain financing through the Philadelphia neighborhoods. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 48
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs n etroit Live Downtown: 6 Modeled after D and finance homes near work. Tax credits the success of the Live Midtown program, are also available to defray costs related to this initiative provides incentives for eligible homebuyer counseling and outsourced EAH employees to live and invest in their homes program administration. in the greater downtown area. Assistance is n llinois Employer-Assisted Housing I available to those looking to purchase a new Matching Funds: 9 An employer can or existing home, those interested in renting, leverage a dollar-for-dollar match from the or those interested in exterior improvements Illinois Housing Development Authority on an already owned property. Participating (IHDA), which will match an employer’s employers include BCBSM, Compuware, down payment assistance up to $5,000 for DTE, Quicken Loans, and Strategic Staffing households earning less than 50 percent of the Solutions. region’s area median income (AMI) or up to n acoma (WA) Live Downtown Program: 7 T $3,000 for households earning between 50 and A pilot program for downtown Tacoma 80 percent of AMI. In addition to leveraging employers that want to retain and recruit high- private-sector support for down payment quality employees while promoting a vibrant assistance and homeownership counseling, and safe downtown. Employers will partner these funds help employees live closer to with Downtown On the Go to give employees work, decreasing their commute times and access to significant financial incentives improving their quality of life. ($1,000 to $7,000+) from participating lenders, n aryland House Keys 4 Employees: 10 M developers, and others to live downtown. The Maryland Department of Housing Partnering is free and requires only an and Community Development will match initial meeting, a designated staff liaison, contributions dollar-for-dollar, up to $2,500, and the ability to distribute educational and toward down payment and closing costs from promotional program materials. participating employers. The employee must be using the Maryland mortgage program to State Programs purchase the home in order to receive the benefit n llinois Affordable Housing Tax Credit I of House Keys 4 Employees assistance. The Program: 8 This program offered by the employer’s contribution may also be combined Illinois Housing Development Authority with assistance from local jurisdictions, unions, (IHDA) provides a 50-cent tax credit on state and/or non-profit agencies. The House Keys 4 income tax liability for every $1 companies Employees match to the combined contributions invest in an employer-assisted housing will not exceed $2,500. The match is in the form program. Eligible EAH programs include of a 0% deferred loan that is repayable at the time down payment assistance, reduced interest of payoff or refinance or upon the sale or transfer mortgages, individual development accounts, of the house. This assistance is over and above and rental subsidies to help employees find what is available through the standard down N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 49
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs payment and closing cost assistance program, n innesota Employer-Assisted Housing M allowing some borrowers to have more choices Program: 13 The Greater Minnesota Housing in buying a home. Fund allocates significant financial resources to fund EAH initiatives each year. These funds are n ew Jersey Live Where You Work: 11 N used to encourage and complement employer The Live Where You Work (LWYW) program, participation in affordable housing across Greater created by the New Jersey Housing and Minnesota. GMHF’s combination of education, Mortgage Finance Agency, is a home technical assistance, and funding has enabled mortgage incentive program that provides it to work with corporate CEOs and family- low-interest mortgage loans to homebuyers owned companies to structure community purchasing homes in towns where they partnerships that have yielded over $20 million are employed. The goal of LW Y W is to of new money invested by employers. build stronger communities by promoting homeownership and encouraging people to n elaware Live Near Your Work: 14 The D live closer to their jobs. This, in turn, will Live Near Your Work (LNY W) program, reduce the need for cars and increase the use created by the Delaware State Housing of alternative transportation such as walking, Authority, provides employees of participating biking, and public transit. employers with a grant towards the purchase of a home near their place of employment. The n ennsylvania Employer-Assisted P participating employer will provide a $1,000 Housing Initiative: 12 This program, created (minimum) grant to an eligible employee to by Pennsylvania Housing Finance Agency purchase a home within a three-mile radius of (PHFA), helps address the issue of lack of the employee’s worksite. The state will provide affordable housing for low- to moderate- a matching $1,000 grant, and the participating income workers. Participating employers that local jurisdiction will also provide a $1,000 offer a monetary home purchase benefit to matching grant. their staff can partner with PHFA to stretch their employees’ homebuying dollars even n outh Dakota Employer Mortgage S further. PHFA provides an interest rate 1/4 % Assistance Program (EMAP): 15 EMAP, lower than the qualifying program rate, and created by the South Dakota Housing applicants may apply for up to $3,000 for Development Authority, provides down closing costs and/or down payment assistance payment and closing cost assistance in the through the Keystone Assistance Loan. form of a second mortgage for homebuyers Although the employers’ benefits do not have who are employed with a participating to be contingent on a PHFA mortgage, if the employer. The interest rate for EMAP loans employee is approved for a PHFA mortgage is 2%. EMAP loans have level monthly through a participating lender, the borrower payments and five-year terms. Loan will receive additional financial advantages, at amounts range between $600 and $6,000. no cost to the employer. For homebuyers receiving a First-time N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 50
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs Homebuyer Program loan, the EMAP loan is n ississippi REACH Mississippi Bill: The M subject to the same income and purchase price Mississippi State Legislature passed a bill to limits as the First-time Homebuyer Program. provide tax relief to working families with incomes below 120% of the area median n evada Culinary and Bartenders N income by allowing them to exclude certain Housing Partnership: 16 The State of funds from employer-assisted housing Nevada Housing Division has joined with the programs from their taxable income. The Culinary and Bartenders Housing Partnership legislation allows an employer to give workers to provide up to $20,000 in loans for a down up to $10,000 towards the purchase of a payment on a home. Workers covered by the home and to give workers a one-time gift of Culinary and Bartenders’ union contract up to $2,000 for rental assistance or security are eligible for this housing benefit, which deposits. The bill exempts an employee from helps gaming workers obtain the dream of state income tax on those funds. homeownership. Established as a result of the 2007 collective bargaining agreement, n onnecticut Police Homeownership C the new Culinary and Bartenders Housing Program: 18 This program, created by the Partnership provides homebuyer education Connecticut Housing Finance Authority, and counseling, workshops on foreclosure encourages police officers to live in the prevention, and first-time homebuyer down communities where they work by offering payment loans. home loans at below-market interest rates to municipal and state police officers who n isconsin WHEDA Advantage: 17 W purchase homes in participating towns. The Wisconsin Housing and Economic While the Police Homeownership Program Development Authority created WHEDA is primarily designed to benefit police officers Advantage, which enables employers to tap who are first-time homebuyers, the program into resources that employees need to make is also available to previous homeowners who smart financial choices and realize their dream purchase homes in federally targeted areas that of homeownership. The WHEDA Advantage overlap with participating towns. offers unique loan options, down payment assistance, and exclusive offers to help ensure n onnecticut Teachers Mortgage C employees become successful homeowners. Assistance Program: 19 This program, WHEDA provides assistance with designing created by the Connecticut Housing Finance the program and developing additional private Authority, offers home loans at below-market and public resources. WHEDA can also interest rates to Connecticut public school and contract with local non-profits for technical vocational-technical teachers who are first- assistance, homebuyer education, and credit time homebuyers. Previous homeowners also counseling services. may qualify for this loan if they purchase a home in a federally targeted area that would N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 51
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | State and Local Government EAH Programs benefit from an increase in homeownership. http://www.mmprogram.com/hk4Employees. 10 This program is designed to encourage aspx teachers to live and teach in challenged http://www.state.nj.us/dca/hmfa/consu/buyers/ 11 communities that have been designated by the close/live.html state as priority or transitional school districts. It is also designed to support teachers with http://www.phfa.org/consumers/homebuyers/ 12 specific academic certifications in subject employer_assisted_housing.aspx matter shortage areas to relocate, if they desire, http://www.gmhf.com/programs-employer- 13 to any Connecticut school district that is assisted-housing.html understaffed in their subject. http://www.destatehousing.com/ 14 HomeOwnership/hb_lnyw.php links http://www.sdhda.org/sdhda-main-website/ 15 http://www.baltimorehousing.org/ 1 homebuyer/homeowner/down payment- homeownership_livenear assistance/employer-mortgage-assistance- program-emap http://www.stlouispark.org/housing-assistance/ 2 live-where-you-work.html http://www.culinaryunion226.org/ 16 housingpartnership.asp http://www.phila.gov/homebuynow 3 http://www.wheda.com/root/BusinessPartners/ 17 http://planning.dc.gov/DC/Planning/ 4 EmployerAssistedHousing/Default. Across+the+City/Other+Citywide+Initiatives/ aspx?id=401 Live+Near+Your+Work/ Live+Near+Your+Work http://www.chfa.org/Homeownership/for%20 18 Homebuyers/Homebuyer%20Mortgage%20 http://livemidtown.org 5 Programs/for%20Selected%20Professions/ http://detroitlivedowntown.org 6 PoliceHomeownershipProgram.aspx http://www.downtownonthego.com/live/live- 7 http://www.chfa.org/Homeownership/for%20 19 close-to-work Homebuyers/Homebuyer%20Mortgage%20 Programs/for%20Selected%20Professions/ http://www.metroplanning.org/uploads/cms/ 8 TeachersMortgageAssistanceProgram.aspx documents/eah_state_tax_credits.pdf http://www.metroplanning.org/uploads/cms/ 9 documents/eah_state_matching.pdf N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 52
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | How to Do a Paycheck to Paycheck Analysis for Your Community The Paycheck to Paycheck analysis 1 n T ax rates from local assessor’s office or local developed by the Center for Housing Policy helps government website communities assess the affordability of workforce n I nsurance from local insurance reps OR housing and make the case for taking action. n E stimate monthly amount for both items Step 1: Collect Data by multiplying the home price by a number Step 2: Calculate Homeownership Affordability ranging from .0015 (low-cost area) to Step 3: Calculate Rental Affordability .0025 (high-cost area). Step 4: Create Charts Rental Affordability Rents: Add utility costs, if applicable Step 1: Collect Data n C onsult area landlords The first step in an analysis is to collect data on n A dvertised units in local papers the costs of buying or renting a home and on the salaries of workers in your community. Below n HUD Fair Market Rents 3 are suggestions on sources for obtaining the needed information. Salaries and Wages Wages: Can be annual or hourly Homeownership n C hamber of commerce a. Home Purchase Prices: Use median or n I ndividual local employers a range of prices n Local REALTORS ® for existing homes n A dvertised jobs in local papers from the local multiple listing service n Occupational Earnings and Wage n Homebuilders for prices of new homes Estimates by metro area 4 n Advertised units in local papers n Commercial data by metro area and ZIP code 5 b. Interest Rates: n A rea lenders Step 2: Calculate Homeownership n G o to the Federal Home Finance Agency Affordability website,2 and click on Research and Analysis, Determining the affordability of homeownership then Market Data, and finally Mortgage involves a six-step process. Interest Rate Survey (MIRS) Data 1. etermine the mortgage amount D Note: If the down payment is less than 20%, add 45 Based on the data you have gathered, assume a basis points to cover the costs of mortgage insurance. home purchase price amount and down payment amount. Subtract the down payment from the c. Property Taxes and Property Insurance: home purchase price to determine the amount of Express as monthly cost mortgage needed. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 53
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | How to Do a Paycheck to Paycheck Analysis for Your Community Example: Assume a $250,000 purchase price and 5. Calculate income needed to qualify for 10% down payment. $250,000 – $25,000 = the loan $225,000 mortgage Assume housing costs should be no more than 28% of income. Divide total annual housing cost 2. Calculate monthly principal and ( Number 4) by .28 interest (PI) Use the quoted interest rate and mortgage term Example: $22,284/.28 = $79,586. You have to earn (Paycheck analysis assumes a 30-year fixed at least $79,586 to qualify for a $250,000 mortgage. mortgage) to obtain monthly principal and interest payments from: 6. Compare the salaries of your selected n Printed mortgage tables OR occupations to determine if the salaries are sufficient n Pocket calculator or spreadsheet OR Use the local data on salaries that you gathered n Online calculator: in Step 1. • http://www.bankrate.com 6 Example: Assume a teacher makes $49,000/year and • http://www.hsh.com 7 a firefighter makes $46,500/year (These are typical salaries nationwide). At these wages, persons with • Numerous bank websites either occupation cannot afford a $250,000 mortgage. Example: PI for $225,000 mortgage = $1,407/month. Step 3: Calculate Rental Affordability Determining rental affordability involves a five- Note: In this example the interest rate was 6.4% step process. 3. Add monthly taxes and insurance to 1. Determine annual rents for desired monthly principal and interest amount to rental unit types come up with monthly homeownership Suggested data sources were provided under costs (also known as PITI) Step One. Do separate calculations for each size unit. Multiply monthly rents by 12 to get annual Example: Taxes + Insurance = $450/month. $1,407 rents. Add in utility costs not already included in + $450 = $1,857 total monthly homeownership cost the monthly rent. 4. Annualize total housing costs Example: 1BR @ $500/month = $6,000/year Multiply total monthly cost by 12 to get total 2 BR @ $750/month = $9,000/year annual housing cost. Example: $1,857 x 12 = $22,284 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 54
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations general | How to Do a Paycheck to Paycheck Analysis for Your Community 2. Determine income needed for rent Step 4: Create Charts to be affordable Paycheck to Paycheck data can tell a compelling Divide annual rents by .30. This calculates story about housing affordability in your the amount you need to earn annually so that community. Consider creating charts to rent is no more than 30 percent of income, illustrate your findings. a common rule of thumb for affordability. 1. Homeownership chart Example: 1 BR @ $6,000/.30 = $20,000. Show the income needed to qualify for the 2 BR @ $9,000/.30 = $30,000. median-priced home compared to what workers in selected occupations actually earn. 3. Convert annual income to hourly wage needed for rent to be affordable 2. Rental chart Divide annual rent (Number 2) by total number Show the amount per hour a worker needs to of hours typically worked in a year (2,080). This earn to afford to rent a one- or two-bedroom gives you what you need to earn per hour to home if rent does not exceed 30 percent of afford estimated rent. income. Compare this to median hourly wages actually earned by workers in selected Example: 1 BR @ $20,000/2,080 = $ 9.62/hour. occupations. 2 BR @ $30,000/2,080 = $14.42/hour For sample charts, go to the Paycheck to 4. Determine hourly wages of selected Paycheck Database.8 occupations If wage data are annual, convert to hourly by dividing annual wages by 2,080 to get links hourly wages. http://www.nhc.org/chp/p2p 1 Example: Assume a retail salesperson makes http://www.fhfa.gov 2 $18,000/2,080 = $ 8.65/hour. Assume a security http://www.huduser.org/datasets/fmr.html 3 guard makes $23,000/2,080 = $11.05/hour http://www.bls.gov 4 5. Compare the salaries of your selected http://www.salary.com 5 occupations with rents to determine if the http://www.bankrate.com 6 salaries are sufficient http://www.hsh.com 7 Example: At these wages, a retail salesperson cannot http://www.nhc.org/chp/p2p 8 afford a one- or two-bedroom rental unit. A security guard can afford a one-bedroom but not a two-bedroom unit. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 55
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Invitation [Association Letterhead] [Recipient Name] [Title] [Company Name] [Street Address] [City, State, Zip code] [Date] RE: Employer-Assisted Housing (EAH) Initiative for [Name of City] Dear [Recipient Name]: Many working families in our community are unable to purchase or rent a home that is affordable or close to their jobs. Much of our workforce, including the people who provide vital services to our community—teachers, firefighters, police officers, and health workers—cannot afford to live in the same community they serve. The shortage of affordable housing choices close to where families work has led to longer commutes, sprawl, and traffic congestion that degrade the quality of life for all residents. And when our workforce employees leave our community at the end of the work day, they take their resources and interactions away with them. In addition, foreclosures are not only jeopardizing the American dream of homeownership but also increasing the number of vacant properties in our neighborhoods and creating new problems in our community. To discuss these challenges in our community and a solution called Employer-Assisted Housing to address them, the _______ [Your Association] is sponsoring an EAH Forum and welcomes your participation. Employer-Assisted Housing is an employer benefit that helps employees move beyond the most common hurdles to homeownership or secure affordable rental housing within neighborhoods located near their workplace or transit. EAH benefits include education, counseling, and financial assistance. Homebuyer and homeownership education, conducted by REALTORS®, non-profit organizations, and lenders at the workplace, can help prepare potential homebuyers for homeownership or help current homeowners protect their investment and prevent foreclosure. One-on-one counseling, provided at the workplace or off-site by a certified counselor, helps employees understand their options for homeownership, correct credit issues, and learn budgeting to become mortgage ready or avoid foreclosure. Financial assistance, such as N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 56
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Invitation forgivable loans, grants, or matched savings provided by the employer, helps employees purchase homes. In addition, state and local governments can offer housing assistance programs such as state tax credits, loans, and matching grants, which can be used to leverage an EAH benefit offered by an employer. EAH not only benefits our workforce but also employers and our community. EAH can help employers improve retention, reduce training costs, and increase employee loyalty. It can also help to stabilize and revitalize our community. We will be hosting an EAH Forum to discuss how the combined efforts of REALTORS®, non- profit organizations, governments, businesses, lenders, and employers can work in partnership to address our workforce housing challenges and to understand how increased affordable housing opportunities for working families will enhance the economic development and growth in our community. The EAH Forum will take place on [Date] from [Time] at [Location]. We welcome your attendance to learn about how EAH can help solve our housing challenges and what role you can play. Your presence would attract significant credibility and attention to our efforts, and we would greatly appreciate it if you are able to attend the Forum. If you have additional questions, please do not hesitate to contact _________________ at ______________________. Sincerely, [Your Name] [Title] N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 57
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Outreach Event Agenda Purpose To plan and develop an EAH initiative in partnership with local stakeholders, organizations and businesses. The event will introduce EAH to attendees and determine next steps. Guests to Invite • Local Officials (mayor, council, commissioners) • Local and State Government Agency Staff (housing, economic development, planning) • Chamber of Commerce Society of Human Resource Management Chapter • Local Employers (small and large, place-based employers like hospitals universities) • Non-profit housing organizations • Lenders • Media Sample Agenda 8:30 a.m. Registration, Networking and Breakfast 9:00 a.m. Welcome (Association Leadership) • Acknowledgement of elected officials and community partners 9:10 a.m. Opening Remarks (Public Official VIP) • Housing Overview: challenges and programs • Encouragement to participate partnerships to form 9:25 a.m. Overview of Housing Workforce Challenges (housing authority/agency) • Community and Neighborhood Revitalization Targets • Foreclosures, Lack of Affordable Housing, Commuting • Recruitment/Retention 9:45 a.m. Overview of Current Housing Programs Gap • Non-profit/HFA to give overview of local/state financial assistance programs • How programs can be used with an EAH Program 9:55 a.m. One Solution: EAH Overview (See PowerPoint and/or Video) 10:10 a.m. Keynote • Employer, non-profit or government agency who has implemented an EAH benefit or program 10:30 a.m. Take Away Discussion: QA and Next Steps 11:00 a.m. Event Ends N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 58
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Launch Event Agenda Purpose To announce an EAH initiative developed by your association and to garner support and additional partner participation. Guests to Invite • Local officials (mayor, council, commissioners) • Government agency staff (housing, economic development, planning) • Chamber of commerce and Society of Human Resource Management chapter • Local employers (small and large, place-based employers such as hospitals and universities) • Non-profit housing organizations • Lenders • Media Sample Agenda 8:30 a.m. Registration, networking, and breakfast 9:00 a.m. Welcome (Association Leadership) • Acknowledgement of elected officials and community partners 9:10 a.m. Opening remarks (Public Official VIP) • Housing overview: challenges and programs • Buy in: Initiative will address our challenges 9:25 a.m. Program kickoff • Announcement of association EAH initiative • EAH overview (See PowerPoint and/or video) • Acknowledge the importance of partnerships to address workforce issues • Introduce any participating lenders, non-profits, and others, and explain their roles in the initiative • Introduce REALTORS® and their team members, focusing on those who have taken the EAH Class and are ready to meet with employers 9:50 a.m. Take away: How attendees can participate and become partners 10:00 a.m. Questions and answers 10:15 a.m. Networking 10:30 a.m. Event ends N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 59
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Launch Press Release ___________ Association of REALTORS® Announces the Launch of an Employer- Assisted Housing Initiative to Help the Local Workforce Obtain Affordable Housing CITY (Date) – The _______________ Association of REALTORS® held an event today to announce the launch of their Employer-Assisted Housing Initiative. The initiative is an innovative effort to work in partnership with government agencies, non-profit organizations, lenders, and businesses to increase affordable homeownership opportunities for [Your Cityʼs] workforce. “_______ Association of REALTORS® created this initiative to empower our members to provide a new resource to meet the regionʼs critical need for affordable homeownership” said ______ Association of REALTORS®ʼ President _________. “By working with local businesses, lenders, non-profit organizations and local governments, we hope to make homeownership more accessible for more working families.” Mayor _____________________ welcomed attendees and said “________________________.” He encouraged others in the community to partner together to help provide more affordable housing options to our workforce. Working a full-time job does not guarantee a family living in our community a decent, affordable place to live. Much of our workforce, including the people who provide vital services to our community—teachers, firefighters, police officers, health workers—often cannot afford to live in our community. The shortage of affordable housing choices close to where families work has led to longer commutes, sprawl, and traffic congestion that degrade the quality of life for all residents. And when our workforce employees leave our community at the end of the work day, they take their resources and interactions to another community. In addition, foreclosures are not only jeopardizing the American dream of homeownership but also increasing the number of vacant properties in our neighborhoods and creating new problems in our community. Employer-Assisted Housing (EAH) is an employer benefit that helps employees move beyond the most common hurdles to homeownership or secure affordable rental housing, often within neighborhoods located near the workplace or transit. EAH benefits include education, counseling and financial assistance. Homebuyer homeownership education, conducted by Realtors ®, non-profit organizations and lenders at the workplace, can help prepare potential homebuyers for homeownership or help current homeowners protect their investment and prevent foreclosure. One-on-one counseling, provided at the workplace or off-site with a certified counselor, helps employees understand their options for homeownership, correct credit issues, and learn budgeting to become mortgage ready or avoid foreclosure. Financial assistance, such as forgivable loans, grants, or matched N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 60
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Launch Press Release savings, provided by the employer helps employees purchase a home and can be leveraged with local, state and federal assistance programs. The _____________________ Association has partnered with __________________ to help in planning and implementing this initiative. ____________________ is the ________________________ and will _____________________________. As part of the initiative, local REALTORS® and their partners, including non-profit organizations and lenders, who have taken the National Association of REALTORS® Employer-Assisted Housing (EAH) class and are ready to work with local employers to discuss how they can plan and implement an EAH benefit for their employees. Anyone interested in becoming a partner in this initiative or employers interested in learning more about how to develop an EAH benefit plan, should call [Contact Information]. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 61
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers REALTOR® Association Representative • Thank you to all of you for coming today. Itʼs great to see so many of you taking an interest in this public-private initiative to bring together city officials, non-profit organizations, business leaders, lenders, REALTORS®, and employers to provide affordable homeownership opportunities for our workforce and to help current homeowners keep their homes. • Employer-assisted housing, or EAH, has proven an effective strategy in many cities, suburbs, and rural areas. It has helped stabilize neighborhoods and overcome the challenges of expensive housing markets. • At the heart of EAH is the idea that employees should be able to afford to live in the communities in which they work and that there are multiple benefits if they can do so. • EAH is a customized benefit option that addresses the key obstacles of purchasing a home: affording down payment and closing costs and obtaining information about the homebuying process. • [Speakers should cite some local statistics on the challenges working families are facing with respect to housing costs and compare costs to the area median income. They could use Paycheck to Paycheck data (http://www.nhc.org/chp/p2p/) to get some of these statistics.] • [Speakers might also want to cite some of the findings form NARʼs Pulse survey. One result is that 82% of respondents said down payments and closing costs were either a huge or medium obstacle to homeownership. See the 2011 Housing Pulse Survey. (http://www.realtor.org/government_affairs/housing_opportunity/resource_center/pulse_s urvey_2011).] • An employer-assisted housing program can include any combination of services: homebuyer and homeownership education; counseling for employees about housing choices and financing; direct financial assistance to help employees pay rent/security deposits, closing costs, or mortgage payments; a real estate investment by an employer; or an individual development account or other savings program for employees. • Employers of all shapes and sizes have started EAH programs. Employers represent non-profit organizations, for-profit, place-based groups, and the government sector. Their EAH programs can help a handful or hundreds of employees. • EAH creates a win/win/win situation among employees, employers, and the community. • Employees gain the most obvious benefit in that they receive educational and financial resources that may help them get into previously unattainable housing. EAH can create N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 62
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers a powerful incentive for employees to remain invested in the community. EAH programs can also significantly improve the quality of life experienced by the employee by improving housing conditions and reducing commute time. • Employer-assisted housing benefits help working families achieve the dream of homeownership. Owning a home, in turn, helps build wealth and promote economic prosperity in which employers across [our city] can participate. • EAH plans allow employers to achieve their business objectives and create financial savings, while promoting goodwill among employees and in surrounding communities. • EAH plans are gaining in popularity because they make an employer stand out from the crowd, enhance recruitment efforts, and have a positive impact on the bottom line. • Public-private partnerships are using EAH strategies to promote targeted neighborhood revitalization, practice “smart growth,” and address regional imbalances in housing and jobs. In some cases, municipalities or community organizations have led the development of EAH programs for a defined community or region and recruited multiple employers to offer EAH benefits. • Well-designed EAH programs can also contribute to neighborhood revitalization and support a broader range of community development goals, such as infill development, community involvement, and civic participation. • Communities benefit from having increased access to affordable housing, including both homeownership and stable affordable rental homes. Higher homeownership rates generally correspond to greater neighborhood stability, as well as increased tax revenues from both the homeowners and the retained businesses. Public Official Keynote • I want to thank _______________________ (association name) for undertaking this employer-assisted housing initiative and all of you for coming today to find out how you can participate and be part of this great program. • I understand the importance of a strong employment base and the connection this has to housing. I also understand that we need to expand housing opportunities and make housing more accessible for our local workforce. • I encourage all of you to get involved in an employer-assisted housing initiative and welcome our business community as part of the solution. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 63
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers • I am encouraged by the participation of the business leaders and lenders who have joined us this morning [names of the lender partners]. And I applaud you for your commitment to making homeownership a reality for more hard-working families. You can work together with the non-profits in our community and the local REALTORS® to initiate your own EAH program. • When working families are not able to live close to work, their long commutes contribute to traffic congestion and air pollution. • Unstable and unaffordable housing markets, as well as neighborhoods and families devastated by foreclosures, affect businesses with increased stress levels, reduced worker productivity, and unsafe neighborhoods. • Serious and varied housing challenges abound throughout [city/region]. The problems range from lack of affordable housing to the need for economic development to stabilize and revitalize communities so potential homeowners can purchase quality housing. • The future economic health of the region and our local communities is dependent on maintaining a stable and competitive workforce for our businesses and industries. To achieve that goal, we need a diverse range of housing options located near jobs and transportation. • Workforce housing is one of the many community and economic development issues that requires us to develop innovative strategies that bring new resources and partners to the table. • Today, many of our local employers, including our school districts, hospitals, police and fire departments, hotels and restaurants, and manufacturers, have employees who live too far from the workplace. In addition, many of our residents are worried about losing their homes • Employer-assisted housing programs can close the homeownership affordability gap and allow workers to purchase homes in the communities they serve. • We need to explore ways to raise awareness of EAH programs among employers, lenders, and community groups because EAH is an effective way to leverage public and private funds and to address housing affordability challenges and community revitalization. • Employer-assisted housing is a model to help businesses advocate for and actively support homeownership and to open the door to homeownership for their workforces. Itʼs a sound investment and key for ongoing economic and community development in our state and our city. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 64
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Suggested Talking Points for Speakers Employer Keynote • [Discuss companyʼs EAH benefit plan: types of benefits, number of participants, cost of implementation and administration, partners.] • [Discuss EAHs benefits and value to the company: loyalty, public relations, retention tool, productive employees, etc.] • [Discuss one employee who has taken advantage of the companyʼs EAH benefit and the outcome.] N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 65
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations event pl anning | Employer/Partner Sign-On Letter You will need to create two different types of letters: one for employers and one for partners. These can be distributed to employers (and non-profits, lenders, other partners) at an EAH event. Associationʼs Letterhead Date Subject: Initial Commitment to _________________ (Cityʼs Name) Employer-Assisted Housing Initiative Dear ___________: _____________________________ (Company/Organization Name) would be very interested in participating in the (City Name) Employer-Assisted Housing initiative recently launched by the (Association Name). We would like to be part of this initiative to help address the workforce housing challenges in our community. [For Employers] We are interested in learning more about EAH and how it can help our company achieve some of our business objectives and contribute to the value of our employee benefit programs overall. We understand that someone, either one of your members or staff from a local non-profit housing organization, can meet with us to discuss how best to plan an EAH program, based on our needs and those of our employees, and how to implement such a benefit for our employees. [For Partners] We are interested in becoming partners in this initiative and discussing with you what role we can undertake. Please add us to the list of companies and organizations that will be joining our community in this effort to increase the housing opportunities for our workforce and help stabilize and revitalize our community. You can follow up with the person noted below, who will serve as the ongoing contact with your association on the EAH initiative. We look forward to working with you and all the other partners on this collaborative effort to help our workforce and our community. Sincerely, Contact Name: Title: Phone: Email: N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 66
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2/2/2012 event pl anning | EAH Overview PowerPoint Presentation Employer‐Assisted Housing as Employer‐Assisted Housing a Solution for [Name of City]   Overview of Employer‐Assisted Housing Workforce Housing Challenges  Types of EAH Benefits Name of REALTOR® Association/Partners Event/Audience Name Date  Benefits of EAH to Employer, Employee, and  City, State Community  Partnerships and Partner Roles Note:  For a copy of the PowerPoint file to customize, please email [email protected]  EAH in Action Overview of Employer‐Assisted Housing Types of EAH Benefits • EAH is an Employer‐provided Benefit • Helps Employees Meet their Housing Needs • Homebuyer and Homeownership Education – Assists with barriers to homeownership – Purchase or rent affordable homes close to work or near transit • One‐on‐one Counseling • Financial Assistance • Helps Communities with Housing for Their Workforce • Construction/Renovation of Housing for Employees • Helps Employers Meet Business Goals • Shared Equity Pioneers: Senator Clark provided housing for his workers at his • Rental Assistance copper mine in Clarkdale, AZ by building housing stock to ensure workers lived close to the mine. George L. Carter, • Land Donation for Housing provided homes to his workers in Coalwood, WV as he wanted • his miners to have a decent place to live. Contributions to a Housing Fund Employers may offer one or more of these benefits. Homebuyer and Homeownership Education One-on-One Counseling • Provided by real estate professionals, non-profits, and lenders • Conducted by non-profits • Workshops information • Individualized consultation on private issues (i.e., credit – Workplace or off-site problems) – One or a series – Distribution of information at workplace (foreclosure prevention) • The employer can assist by: • Low or no cost to the employer  Allowing the employee time off to attend counseling sessions • Topics  Providing a private on-site location for the sessions – Homebuying process  Providing counselors’ contact information to the employees – Mortgage financing – Saving for a downpayment  Assisting with any fees – Foreclosure Prevention • Helps to improve credit scores, foreclosure prevention • Addresses lack of knowledge, fears, foreclosure prevention N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 67 1
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2/2/2012 event pl anning | EAH Overview PowerPoint Presentation Financial Assistance Construction/Renovation of • Used for downpayment or closing costs Housing for Employees • Types of financial assistance • Employer Role – Loans:  repayable, deferred,  forgivable  – Land or building donation – Grants:  no repayment – Construction financing – Matched savings: employer matches employees – Market, rent, and sell units • Structure to meet business objectives  – Retention/reduce training costs (i.e., 5‐year forgivable loan) • Public Role – Location of home (close to work, selected neighborhoods) – Community revitalization (place‐based organizations) – Land or building donation – Duration of employment (at least one year) – Land assembly – Income level (target low‐income employees) – Zoning and regulatory flexibility • Can be leveraged with state and local assistant  • Density, mixed‐use development, streamline processing, fee waivers programs • Developer Role • Requires resources to administer and manage – Build /renovate affordable units – Non‐profit role – Advantages of public incentives Benefits of EAH to Employee Benefits of EAH to Employer • Retain existing employees and reduce turnover • Overcome homeownership barriers “We provide the employee • Improve knowledge of the home buying process and homeownership  • Decrease training costs with a $2,500 loan that is forgiven after three years of concerns • Recruit new employees My benefit coordinator helped me to continuous service. What apply for other funds and walked me better way to build loyalty – May avoid foreclosure • Increase productivity  through the whole process. Advance and pride, than to create an • Secure financial assistance Food Company is very generous to avenue for home ownership.” • Build staff loyalty to the employer offer this benefit. Without it, I would ‐‐ Advance Food Company • Enhance quality of life not have been able to purchase my • Generate positive publicity home. – More time with families • Build wealth and equity appreciation • Employees know the customers they serve • Live closer to their workplace ‐‐ Advance Food Company Employee “If employees are happy, they stay longer – Less stress, more productive and move up the career path. “It’s a good return on investment.” – Reduces long commutes and increased transportation costs  • Buy in a desirable and safe neighborhoods  ‐‐ CVS, Prescription for Homeownership Partnerships Needed for Success Benefits of EAH to a Community • Real Estate Professionals • Attracts and keeps a local workforce in the community – Homebuyer/homeownership education  sales • Ensures that critical workers and emergency responders can  • Non‐Profit Organizations live nearby – Education, counseling, and plan administration • Reduces traffic and air pollution University of Revitalization of the area Pennsylvania • Lenders • Assists with community economic goals around the University (West Philadelphia) – Flexible loan programs and products, education • Stabilizes and revitalizes the community included 25 new retail stores, 86% increase in • Developers foot traffic, 40% reduction • Increases population in crime, and 200 new jobs – Construction/renovation of affordable housing for local residents. • Increases the tax base • Government – Tax credits, matching programs, zoning, land donation • Employers – Plan implementation N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 68 2
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations 2/2/2012 event pl anning | EAH Overview PowerPoint Presentation EAH in Action ‐ Employer EAH in Action – Government and Lenders Government Incentives and Programs •Tax Credits and Exemptions Employer Program: Johns Hopkins University – Illinois Affordable Housing Tax Credit Program  Located in Baltimore, MD, with more than 45,000 employees – Mississippi tax exemption for employees  Wanted to strengthen the community surrounding Johns Hopkins facilities and  – Federal: working group advocating for tax credit and agency regulations encourage employees to live close by •Matching Programs Solution – Maryland, Illinois, Baltimore, Philadelphia, and District of Columbia  Partnered with several organizations – Detroit: Live Downtown and Midtown programs  Homebuyer education and counseling program •Loan Programs  Grant between $2,500 and $17,000 – HomeStreet Bank’s Employer Lending Program Outcome   400 employees awarded grants and purchased homes  Increased the vibrancy of neighborhood around the campuses and hospital EAH in Action ‐ Employer EAH in Action ‐ Employer Employer Program: Chicago Public Schools  44,400 employees  Brownstein, Hyatt, Farber  Schrek  Need to recruit top talent to school system and to retain new teachers  Law office in Santa Barbara, CA, with 82 employees  Provide resources to support City of Chicago residency requirement  Santa Barbara is a very expensive housing market Solution:    Difficult for the employer to attract and retain workers  Partnered with a development corporation  Significant turnover costs when employees leave  Homebuyer education and counseling  Information fairs and seminars  Solution  Forgivable loans ($3,000  to  $7,500)  Partnered with a housing non‐profit  Homebuyer education Outcomes:  Discounted rates on home purchase and mortgage services  1,300 employees have received counseling  900 employees purchased homes  Outcome   CPS also received a $500,000 financial benefit through the sale of Illinois employer   45 employees participated in the program and 24 purchased homes tax credits  Program sets Brownstein Hyatt apart as an “employer of choice” when  recruiting employees EAH in Action – NAR and REALTORS®  NAR four‐hour class  NAR Partnerships – National EAH Working Group (MPC, NHC), National Housing  Conference, NeighborWorks, ULI, USCM, NCSHA/HFAs Name – Conference presentations, EAH workshops,  committee member Name of Association   EAH and Workforce Housing Forums Contact Information  REALTOR® Associations  Sponsors EAH Classes  Organizes Local EAH Forums and Outreach Events  Creates Websites:  WAR and WHEDA  (www.wisconsinhousingworks.com/)  Works with State HFAs N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 69 3
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Non-Profit Organizations What is Employer-Assisted Why Should Non-Profits Housing? Participate in an EAH Program? Employer-assisted housing (EAH) helps EAH is an opportunity for non-profit employers achieve business goals while at the organizations to broaden the reach and impact same time helping employees meet their housing of their housing expertise, programs, and needs. It can help employees move beyond the services. The benefits of implementing an EAH most common hurdles to homeownership and program include an expanded client and customer purchase or rent a home in the community where base, a new source of referrals, increased name they work. EAH can be leveraged with federal, recognition, and a more positive image and state, and local financial assistance programs to increased visibility in a community. If an EAH create a greater benefit for employees. Some of program fits with a non-profit’s expertise and the most common EAH options are: mission, offering an EAH program could also be an opportunity to generate another revenue n omebuyer/homeownership education: H stream or business line. Conducted at the worksite or offsite by real estate professionals, non-profit housing organizations, and lenders. Topics could Chicago Metropolitan Planning Council include home affordability, homebuying The Chicago Metropolitan Planning Council process, mortgage applications, credit issues, (MPC) educates local employers about the and foreclosure prevention. implementation of an EAH program and n ounseling: Provided by a certified counselor C helps interested companies design individual to help employees understand their options for benefit programs. Employers determine budget, homeownership, correct credit issues, and learn eligibility of employees, and program targets. budgeting to become mortgage ready or avoid Housing counseling partners administer the foreclosure. Employers can give employees time EAH benefit for the employer and provide off or help pay some of the fees. credit counseling and homebuyer education to employees. MPC also promotes policy solutions n inancial assistance: Provided by the employer F and helps employers evaluate the effectiveness in the form of a loan or grant to help with of their EAH program. Other partners, such as down payment or closing costs. the Illinois Housing Development Authority and the Chicago Department of Community n ental assistance: Provided by the employer to R Development, offer other homebuyer assistance help with the payment of a security deposit or programs and administer the state matching the first month’s rent. funds and tax credits. MPC also partners with n atched savings: Matched by the employer M developers, real estate agents, and lenders on in some predetermined ratio to funds saved by EAH initiatives. the employee to help purchase a home. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 70
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Non-Profit Organizations The Role of the Non-Profit Non-profits may also administer and manage an EAH benefit for employees. Non-profits should Most housing non-profits possess many, if not develop a fee-for-service agreement or negotiate all, of the skills and services that are essential to fees with an employer based on the extent of a successful EAH program. Non-profits usually the services provided and number of employees offer homebuyer education, have knowledge of served. Keep in mind, however, that EAH mortgage finance and assistance programs, sponsor program development and administration are rehabilitation and development programs, and are labor-intensive activities. knowledgeable about neighborhood markets. Many Here are some of the services a non-profit non-profits also maintain productive relationships organization might provide to employers. with private- and public-sector partners whose participation in EAH is invaluable. Non-profits are Program Administration well-positioned to promote an EAH initiative and shepherd its development and implementation in a n nswer employee inquiries A community and among local businesses. n rocess employee benefit P A non-profit undertaking an EAH initiative should possess expertise in several areas, including n rack and monitor program participation T homeownership education and counseling, marketing, public relations, and working with Marketing and Outreach the private sector. A non-profit should consider these questions, among others, in a review of its n rovide site-based seminars and individual P capacity to undertake an EAH initiative. sessions n taff info tables at worksite S n ould an EAH initiative complement the W organization’s mission and programs? n rite newsletter articles W n o sufficient staff capacity and expertise D n reate and distribute success stories C exist to operate the program or can they be developed? Program Services: Employee n an middle-income and above EAH clients C n rovide objective and timely financial and P be served by the organization? purchase info n o limitations exist regarding geographic D n erform qualifications assessment P targeting of programs? n ffer credit/budget counseling, when needed O n o relationships exist with potential D EAH partners? n ducate about home purchase E n ecure prime-priced financing S n everage incentives and subsidies L n ake referrals to trustworthy service M providers N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 71
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Lenders What is Employer-Assisted Why Participate in an EAH Housing? Program? Employer-assisted housing (EAH) helps Banks find themselves in a unique position employers achieve business goals while at the to provide the residential mortgage financing same time helping employees meet their housing resources needed to assist communities and needs. It can help employees move beyond the employers with employee assisted-housing most common hurdles to homeownership and programs. Banks can offer loan products purchase or rent a home in the community where to complement employer-assisted housing they work. EAH can be leveraged with federal, programs and determine how these programs state, and local financial assistance programs to can be offered in the conventional secondary create a greater benefit for employees. Some of the mortgage market. most common EAH options are: A lender’s participation may also help it meet its Community Reinvestment Act (CRA) goals, n omebuyer/homeownership education: H especially when the employees’ incomes are within Conducted at the worksite or offsite by real the CRA income range. The CRA is designed estate professionals, non-profit housing to encourage commercial banks and savings organizations, and lenders. Topics could associations to meet the needs of borrowers in all include home affordability, homebuying segments of their communities, including low- process, mortgage applications, credit issues, and moderate-income neighborhoods, which are and foreclosure prevention. typically defined as at or below 80 percent of area median income. n ounseling: Provided by a certified counselor C EAH financial literacy activities, including to help employees understand their options for homeownership counseling, can help potential homeownership, correct credit issues, and learn bank customers participate in the U.S. financial budgeting to become mortgage ready or avoid system and help banks strengthen their foreclosure. Employers can give employees time communities. Participating in an EAH program off or help pay some of the fees. may enable banks to extend the reach of their n inancial assistance: Provided by the employer F products and services to low- and moderate- in the form of a loan or grant to help with income persons and to reach unbanked and down payment or closing costs. underbanked markets. These new markets will help banks grow their customer base. n ental assistance: Provided by the employer to R For more details, see OCC’s Financial help with the payment of a security deposit or Literacy Fact Sheet 1 and Understanding the first month’s rent. Employer-Assisted Mortgage Programs: A Primer n atched savings: Matched by the employer in M for National Banks.2 some predetermined ratio to funds saved by the employee to help purchase a home. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 72
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Lenders What’s the Lender’s Role? HomeStreet Bank’s EAH Program 3 Affinity Lending is a special department at A lender can be a valuable addition to the HomeStreet Bank that offers an employer– implementation of an EAH benefit. Lenders assisted housing program called the Hometown should know what low-cost financing Home Loan Program. Select employers alternatives are currently available from their and membership organizations include the organizations and from state housing finance Hometown Home Loan program in their organizations. They also should be able to benefits packages, saving their employees and identify mortgage financing that works with members thousands of dollars on their home EAH financial assistance. The lender should loans. The Hometown Home Loan has been also understand current mortgage underwriting helping employees become homeowners since requirements and assist in explaining these 1994. This program is made possible by a requirements at homebuyer workshops, as partnership between the employers that adopt well as to employees during the homebuying the program and housing professionals; local process. A lender may provide added depth when non-profit partners including the Washington meeting with employers. Lenders may also work State Housing Finance Commission and the out special arrangements with an employer to Portland Housing Center; and many municipal provide additional mortgage-related benefits organizations. Benefits include reduced closing to participating employees. Many employers costs, homeownership education, and down will not want to restrict their employees to payment assistance programs. Through the a particular lender, but if a lender offers an Affinity Lending Center’s relationship with a incentive or an attractive mortgage product, select group of experienced RE/MAX agents, employees may choose that lender. employees are now eligible to receive additional savings when they purchase or sell a home with a links Home Advantage REALTOR®. http://www.occ.gov/topics/community-affairs/ 1 publications/fact-sheets/fact-sheet-financial- literacy.pdf http://www.occ.gov/topics/community-affairs/ 2 publications/insights/insights-employer- assisted-mortgage-programs.pdf http://www.homestreet.com/programs/ 3 employers/index.aspx N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 73
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for State and Local Governments What is Employer-Assisted Why Implement an EAH Housing? Program? Employer-assisted housing (EAH) helps Employer-assisted housing is a valuable tool employers achieve business goals while at the for economic development and community same time helping employees meet their housing revitalization. First, employer-assisted housing needs. It can help employees move beyond the often allows workers to live and work in the most common hurdles to homeownership and same community. People who live and work in purchase or rent a home in the community the same location tend to be more invested in where they work. EAH can be leveraged with the community and become more active in civic federal, state, and local financial assistance and volunteer activities. Additionally, employees programs to create a greater benefit for the living and working nearby equals less traffic employee. Some of the most common EAH congestion and less air pollution. options are: Secondly, employer-assisted housing benefits allow critical workers and emergency responders, n omebuyer/homeownership education: H such as police, fire, and medical personnel, to Conducted at the worksite or offsite by real purchase homes in the communities where they estate professionals, non-profit housing work. They do not have to travel great distances organizations, and lenders. Topics could to respond to an emergency. include home affordability, homebuying Finally, as communities are revitalized by process, mortgage applications, credit issues, EAH initiatives, the base of the community can and foreclosure prevention. be stabilized and the population and community tax base will increase. Employees will spend n ounseling: Provided by a certified counselor C more of their money in the community, to help employees understand their options for supporting local merchants and further adding homeownership, correct credit issues, and learn to the economic vitality of the area. budgeting to become mortgage ready or avoid EAH helps employers and communities by foreclosure. Employers can give employees time providing value in ways other benefits do not. off or help pay some of the fees. n inancial assistance: Provided by the employer F n AH strengthens communities by increasing E in the form of a loan or grant to help with the homeownership rate and fostering other down payment or closing costs. businesses through a multiplier effect. n ental assistance: Provided by the employer to R n AH can be targeted to specific neighborhoods E help with the payment of a security deposit or to support revitalization efforts. the first month’s rent. n AH can be designed to support E n atched savings: Matched by the employer in M environmentally friendly community goals. some predetermined ratio, to funds saved by n AH can support family work/life business E the employee to help purchase a home. goals such as shorter commutes when tied to “live near your work” features. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 74
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for State and Local Governments n ake homeownership more affordable by M University of Pennsylvania EAH Program encouraging EAH through match funding The Urban Affairs Coalition Policy Link report programs like the ones offered by the State presents some strong data on the community of Maryland,1 the City of Baltimore,2 and benefits from the University of Pennsylvania’s Philadelphia, PA 3 efforts to revitalize West Philadelphia using n ncentivize EAH programs by providing tax credits I EAH and other programs. These efforts to employers like the one offered in Illinois 4 helped invigorate the housing market and the community. Housing prices increased from n ncourage shorter commutes and better use E $78,500 to $175,000 between1996 and 2002. of public transportation with efforts like the Community benefits included 25 new retail District of Columbia’s Live Near Your Work stores, an 86 percent increase in foot traffic on Pilot Program 5 local streets, a 40 percent reduction in crime, and n ncourage city police officers to buy homes in E 200 new jobs for local residents. need of repair in the low-to-moderate income neighborhoods they serve like the Police Homeowners Loan Program, in Columbia, SC 6 How Can State and Local artner with employers to help employees P Governments Encourage EAH? n purchase rehabilitated foreclosed and Governments can play an important role in abandoned buildings in your community facilitating EAH programs among businesses. like the partnership among OTTO Government initiatives at the state and local levels Engineering; Kane County, IL; and the City could include challenging the private sector to of Carpentersville, IL 7 implement an EAH program for homebuyers, providing matching funds to employees for links down payments, giving tax credits to employers 1 http://www.mmprogram.org/hk4Employees.aspx that provide housing assistance financing as an 2 http://www.livebaltimore.com/resources/ employee benefit, administering programs targeted incentives/employerprograms/livenearyourwork to municipal employees, and partnering with non-profit housing organizations and others in 3 http://www.phila.gov/homebuynow/index.html the community to plan and participate in an EAH 4 http://www.reachillinois.org/incentives.asp program. Communities with limited funds can encourage employers to take a leadership role and 5 http://planning.dc.gov/DC/Planning/ could advocate for new development and policy About+Planning/News+Room/ changes that can help meet local needs. Some Press+Releases/OP+Releases+Request+for+A initiatives that government might undertake include: pplications+for+a+Live+Near+Your+Work+P ilot+Program n reate a partnership with the local business C 6 http://www.innovations.harvard.edu/awards. alliance, chamber of commerce, local html?id=3569 REALTOR® association, non-profit housing 7 http://www.metroplanning.org/news-events/ organizations, etc., to promote and educate newsletters/146 employers about EAH N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 75
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Businesses What is Employer-Assisted Housing? “ f employees are happy, they stay I longer and move up the career path. Employer-assisted housing (EAH) helps employers achieve business goals while at the same It’s a good return on investment.” time helping employees meet their housing needs. — cvs It can help employees move beyond the most common hurdles to homeownership and purchase or rent a home in the community where they work. Employer-assisted housing can leverage federal, Why Implement an EAH Benefit? state, and local financial assistance programs to create a greater benefit for employees. Some of the Today’s business owners face many challenges — most common EAH options are: from high turnover rates and labor shortages to low productivity and chronic absenteeism. n omebuyer/homeownership education: H Employer-assisted housing benefits can be Conducted at the workplace or offsite by designed to address specific business objectives real estate professionals, non-profit housing and help to provide a positive return to the organizations, and lenders. Topics could company’s bottom line. It will help you, your include home affordability, homebuying employees, and the community. process, mortgage applications, credit issues, and foreclosure prevention. n ecruitment: Lack of affordable housing R makes it difficult to attract critical employees. n ounseling: Provided by a certified counselor C EAH is a unique recruitment tool that helps to help employees understand their options for employers with critical employee shortages homeownership, correct credit issues, and learn or in housing markets where salaries have budgeting to become mortgage ready or avoid not kept pace with the rising housing and foreclosure. Employers can give employees transportation costs. time off or help pay some of the fees. n etention: Employers have problems retaining R n inancial assistance: Provided by the employer F employees and suffer from high turnover. in the form of a loan or grant to help with EAH is an inexpensive retention tool down payment or closing costs. compared to other programs. n ental assistance: Provided by the employer to R n ncreased loyalty and productivity: EAH I help with the payment of a security deposit or can help build employee loyalty and increase the first month’s rent. productivity through improved morale, an n atched savings: Matched by the employer in M enhanced employee work/life balance, and some predetermined ratio to funds saved by decreased absenteeism. Many employers the employee to help purchase a home. have recognized the linkages between certain employee benefits and key business n iscounted housing services: Negotiated D objectives, such as increasing productivity. by the employer with real estate companies, EAH can help reduce chronic employee mortgage lenders, etc., to allow employees tardiness due to long commutes. access to housing-related services. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 76
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations fact sheet for Businesses n ommunity revitalization: EAH enables C Here are some examples: workers to live and work in the same community and can help to stabilize and n ake the EAH benefit only for homes meeting M revitalize a community in need of investment. certain criteria, such as primary residences, first EAH can be targeted to specific neighborhoods homes, or single-family homes to support development efforts. EAH n equire homes to be located in specific areas R strengthens communities by increasing to reduce commuting times or encourage the homeownership rate, promoting local community revitalization. expenditures, and fostering other businesses through a multiplier effect. n dentify employee eligibility based on I those who score above a certain level on n ommunity recognition: In high-cost markets C performance evaluations. or in neighborhoods undergoing revitalization, the public recognizes and applauds employer n imit eligibility to those employees employed L efforts to become part of the solution. This for a minimum number of years community support can help employers build n imit the financial assistance benefit to a L value within their organizations and enhance certain number of employees or a certain their reputations. dollar amount. How to Customize an EAH Plan n ffer the benefit in the form of a grant or as a O loan forgiven over the course of the employee’s for Your Business tenure with the company. There are many ways to customize an EAH n evelop a target area that is the only place D benefit plan to meet your business needs. employees can purchase homes or where Often this involves targeting a program to the benefits are more generous to encourage particular employees or neighborhoods. employees to purchase houses in these communities. n reate geographic limitations on distance C “ e provide the employee with a $2,500 W from work. This will help employees get to work faster, alleviate congestion, reduce loan that is forgiven after three years of tardiness, and/or improve response times in continuous service. What better way to the case of emergencies. build loyalty and pride than to create an n equire that employees must be in good R standing with the employer and have completed avenue for home ownership.” a stated length of continuous service. —  dvance Food Company A n ssign a maximum income level for A eligibility, typically 120 percent of area median income or less. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 77
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey Company name: ______________________________________________________ Contact name: ______________________________________________________ Contact phone: ______________________________________________________ Contact email: ______________________________________________________ As you know, the cost and availability of affordable housing in our region can have a negative impact on companiesʼ ability to attract and retain a skilled workforce and on our communityʼs quality of life. We are committed to working in partnership with our government officials, non-profit organizations, real estate professionals, lenders, and other business groups to find affordable and creative solutions that address the challenges of workforce housing. There are a number of options to consider. One solution, employer-assisted housing, may help employers deal with both their needs and their employeesʼ needs. We need input from employers in our area to determine the extent of our housing problems and to plan for appropriate solutions. To help us better understand your companyʼs needs and concerns, please answer the questions below. 1. Do you feel affordable/workforce housing for local residents in our community is: o One of our lesser problems o A problem, but there are others that need more attention o One of the more serious problems o The most critical problem in this region o Don't believe it is a problem 2. How has the cost or lack of housing affected your hiring/retention efforts and/or the work performance of your employees? (Check all that apply.) o Difficultly hiring employees due to high housing costs o Difficulty retaining employees/high turnover due to high housing costs N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 78
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey o High absentee rate from long commutes/distance from work o Tardiness from long commutes o Displeasure with wage rates due to high housing costs o Other: ________________________________ o Donʼt believe housing has affected employee performance 3. During the past year, how many employees left your employment or could not accept a job because of housing challenges? __________ 4. Has any potential employee commented about the lack of housing/lack of affordable housing or difficulty finding housing close to work? o Yes o No 5. What is the average commute for your employees? o Less than 15 minutes o 15 to 30 minutes o 30 minutes to 45 minutes o 45 minutes to one hour o Over one hour 6. Have any of your employees commented about commuting or transportation problems from home to work? o Yes o No If so, please describe: ___________________________________________________ 7. How important is having employees live close to your workplace? Not Important Very Important 1 2 3 4 5 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 79
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey 8. Do you currently provide your employees with any type of housing or transportation assistance? o Yes o No If so, please describe: ___________________________________________________ 9. Would you consider offering homebuyer/homeownership information, workshops, education, and/or housing counseling (on- or offsite) to your employees as a benefit? o Yes o No o Undecided at this time 10. Would you consider offering a financial assistance (loan or grant) to help your employees with down payment or closing costs? o Yes o No o Undecided at this time 11. Would you be interested in learning more about offering your employees an employer- assisted housing (EAH) benefit, including homebuyer education, counseling, or financial assistance? o Yes o No o Undecided at this time 12. If you were to implement an employer-assisted housing (EAH) benefit, what would be your companyʼs goal or reason for offering the benefit? (Check all that apply.) o A high priority for us is to be “leading edge” in regard to workforce support. o We need to attract/hire employees in critical staff categories. o We need a benefit that is designed to attract and hire quality employees in all categories. o We would like to reduce our turnover rates for all or some of our employee categories. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 80
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employer Survey o We would like to reduce our spending for orientation and training. o We would like to improve our relationships with our neighbors and local government officials. o We would like to be recognized as an involved community leader. o We have heard complaints from the local community regarding our impact, such as traffic issues, and would like to address these issues. o Other: ____________________________________________________________ 13. Any additional comments:____________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 81
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire Housing Location 1. In what city or town do you currently live? ________________________________________________________ 2. Which best describes the time it takes you to get to work? o Less than 30 minutes o 30 to 60 minutes o 60 to 90 minutes o Over 90 minutes 3. How do you get to work? o I drive my own car o Bus o I get a ride from someone o Bicycle o I walk o Other: ____________________________ Employment Information 4. How long have you worked with your current employer? o Less than 1 year o 1 to 5 years o Over 5 years 5. What is your job title? _________________________________________ Cost of Living 6. I currently: o Own my own home o Rent o Live with my parents o Other: ____________________________ 7. Do you share housing costs with a spouse or roommate? o Yes o No N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 82
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 8. In what city does your spouse or roommate work? _______________________ 9. What is your monthly housing cost (rent/mortgage, not including utilities)? ___________ 10. How many people are in your household? _______________ 11. What is an estimate of your annual gross household income before taxes and deductions? o $20,000 or less o $20,001 to $30,000 o $30,001 to $40,000 o $40,001 to $50,000 o $50,001 to $60,000 o $60,001 to $70,000 o $70,001 to $80,000 o Over $80,000 Housing Preferences 12. I am currently: o Looking for a home to purchase o Interested, but not actively looking for a home o Would like to purchase a home in the future o Not interested in owning a home anytime soon 13. I do not own a home, but will be ready to buy: o Now, I have an active home loan application o Within 6 months o Within 1 year o Within 2 to 3 years o Within 4 to 5 years o Undecided o Never N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 83
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 14. Have you ever considered moving so that you would be closer to your work? o Yes o No o Had not thought about it 15. How important is living close to your employment? o Very important o Somewhat important o Not important 16. Is the idea of owning a home or condo closer to work appealing to you? o Yes o No o Had not thought about it 17. What would be an acceptable commuting distance? _______miles and/or _______minutes. 18. Which of the statements below describes a reason that might keep you from owning a home or condo closer to work? (Check all that apply.) o Do not want to change schools o Housing costs too expensive o Further from spouseʼs job o Happy where I am o Fear of foreclosure o Live near a relative o Donʼt know where to look o Lack of cash for down payment and/or closing costs o Not sure if I have sufficient income o Credit problems o Unfamiliarity with the financing process o Homebuying process too complicated o Other: _______________________________________ N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 84
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 19. What best describes your knowledge about federal, state, county, and city programs to assist homebuyers? o I am familiar with these programs. o I am somewhat familiar with these programs. o I am not at all familiar with these programs. 20. How interested would you be in the following? (Please circle number that applies to each statement.) a. Participating in a homebuyer education seminar at your workplace to learn about the homebuying process, homeownership, and other topics related to buying/owning a home. Not interested Very interested 1 2 3 4 5 b. Meeting one-on-one with a housing counselor to talk about your specific situation and what you need to do to go about buying a home or condo. Not interested Very interested 1 2 3 4 5 c. Receiving financial assistance from your employer to help with a down payment or closing costs so that you could qualify for a mortgage. Not interested Very interested 1 2 3 4 5 d. Receiving a listing of all homes for sale within a 10-mile radius of your company. Not interested Very interested 1 2 3 4 5 21. Which benefits would you most likely use? (Rank numerically in order of importance.) ____ Down payment financial assistance ____ Closing cost financial assistance ____ Credit counseling ____ Information on homebuying process ____ Information on homeownership and maintenance ____ Information on foreclosure prevention ____ Other: ___________________________________ N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 85
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Employee Homeownership Questionnaire 22. Would you consider purchasing a home close to work if financial assistance was provided through your employer and/or others? o Yes o No o Undecided N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 86
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations for employers | Customizable Employer Brochure Insert Contact Information Here Insert Contact Information Here Insert Contact Information Here Want to Build Insert Contact Information Here Insert Contact Information Here Your Business? Make Homeownership Easier for your Employees with an An Employee Benefit that Employer-Assisted Housing Hits Home. Benefit Program An employer-assisted housing (EAH) benefit program makes it easy for you to strengthen your employees’ potential to purchase their own homes. It’s easy and effective. It’s also the right thing to do for your business, your employees, and your community. An EAH benefit plan brings distinct benefits to your small business or large corporation: ‚ Easier employee recruitment ‚ Improved employee retention ‚ Economic revitalization of local economy ‚ Higher employee productivity The connection is real… ‚ Enhanced employee-employer relationships owning a home makes better employees. ‚ Reduced employee commuting ‚ Recognition in your community as an employee-friendly business. Empower Empower Empower Your Business. Your Employees. Your Community. Today’s business owners face many challenges — Through an EAH benefit you can provide your employees Nationwide, salaries have not kept pace with rising home with one or more of the following options: prices. As a result, homeownership has become out of from high turnover rates and labor shortages reach for a large portion of the workforce. Teachers, Homebuyer homeownership workshops, conducted to all-too-chronic absenteeism. An Employer- emergency personnel, retail clerks, by REALTORS® and real estate professionals as well as hospitality staff and office Assisted Housing (EAH) benefit offsets these participating non-profit organizations and lenders. These employees often cannot afford challenges by providing employers with tools workshops provide clear explanations of complex issues to live near their places of like home affordability, property taxes, homeowners’ work or are uninformed about for educating, counseling, and sometimes, insurance, mortgage applications, closing costs, credit the range of homeownership funding their employees to realize the American issues, and more. options available to them. Dream of homeownership. One-on-one Employer-Assisted Housing homeownership enables workers to live and work in the counseling, with a same community and can help to stabilize and revitalize Improved retention, more effective recruitment, certified counselor, a community. EAH strengthens your community and and reduced training costs all result from an EAH will help your empowers your workforce. employees benefit. With EAH you can increase productivity, understand improve morale, and ultimately, strengthen your their options for homeownership, bottom line through employee homeownership. correct credit issues, and learn budgeting to become mortgage ready or avoid foreclosure. Need proof? You can conduct a cost/benefit HigHEr analyses to calculate measurable financial Financial assistance, such as forgivable loans, grants, or matched savings, provided by your company to help HomEownErsHip results before the implementation of an EAH employees purchase a home. Additionally, employees rAtEs benefit plan. will learn how to leverage local, state and federal down- payment assistance programs. = increase in local jobs For many new or relocating employees, the road to = broader tax base homeownership can be especially challenging. For others, = more stable community who focus on real estate investing, the task is just as daunting. But through an EAH benefit you can empower all of your employees and build trusting relationships within the company and within your community as well. N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 87
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations Additional Resources Private Sector Solutions for Workforce Housing: What REALTORS® and Their Partners Can Do. This report (commissioned by NAR) highlights activities that can be replicated around the country to increase housing opportunities.1 “Employer-Assisted Housing: Addressing the Housing Affordability Gap.” The Federal Reserve Bank of San Francisco’s Community Investment (Spring 2008) discusses EAH.2 “It Pays to Help Workers Buy a Home.” A Bloomberg Businessweek (June 10, 2010) article on EAH.3 Understanding Employer-Assisted Housing: A Guidebook for Employers. This publication includes examples of employers who have implemented an EAH benefit.4 Developing an Employer-Assisted Housing Benefit Plan: Step-by-Step Guide. This resource guide, developed by Fannie Mae, reviews the steps it takes to implement an EAH benefit to employees. It contains the most common materials and documents that employers will find useful in determining which EAH plan benefit to offer.5 Understanding Employer-Assisted Mortgage Programs. This edition of Insights looks at how banks can offer loan products (referred to as employer-assisted mortgage programs in this report) to complement employer-assisted home purchase programs.6 Introducing Employee-Assisted Housing in Your Region. A summary of how the Metropolitan Planning Council (MPC) is helping launch employer-assisted housing initiatives in communities and regions throughout the nation.7 N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 89
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    e m pl o y e r - a s s i s t e d h o u s i n g i n i t i at i v e g u i d e For State Local REALTOR® Associations additional resources EAH Advantage e-newsletter: The EAH Advantage is MPC’s quarterly e-newsletter about employer-assisted housing.8 EAH Video: An eight-minute overview of employer-assisted housing.9 Ira Gribin Grant Final Report. The report, Tackling Workforce Housing State by State, is a resource for associations interested in developing programs in their communities to meet the housing needs of working families.10 links 1 http://www.realtor.org/wps/wcm/connect/b9bd9b004cf10e96abcbab63cd08651d/PrivateSectorSolutions.pdf? MOD=AJPERESCACHEID=b9bd9b004cf10e96abcbab63cd08651d 2 http://www.frbsf.org/publications/community/investments/0805/employer_assisted_housing.pdf 3 http://www.businessweek.com/print/magazine/content/10_25/b4183028448278.htm 4 http://www.metroplanning.org/uploads/cms/documents/hwfeahfinal.pdf 5 http://www.realtor.org/government_affairs/housing_opportunity/workforcehousingresources 6 http://www.occ.gov/topics/community-affairs/publications/insights/insights-employer-assisted-mortgage- programs.pdf 7 http://www.metroplanning.org/uploads/cms/documents/factsheeteahnational.pdf 8 http://www.metroplanning.org/news-events/newsletters/?TemplateId=4 9 http://www.realtor.org/government_affairs/housing_opportunity/programs/home_from_work/home_from_ work_video 10 http://www.realtor.org/government_affairs/housing_opportunity/grants/iragribingrants N AT I O N A L A S S O C I AT I O N O F R E A LT O R S ® w w w. r e a l t o r s . o r g 90
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    500 New JerseyAvenue, NW • Washington, DC 20001-2020 800.874.6500 • www.REALTOR.org