Jennifer Larsen_BWH Portland 2011

Jennifer Larsen_BWH Portland 2011

• 1.
  Workforce Housing inAction: The Hometown Home Loan Program
• 2.
  Program History TheHometown Home Loan Program was created in 1994. Began as a partnership with the City of Seattle for Police & Fire Goals Improve emergency response Reduce commute times Increase homeownership opportunities in Seattle Addresses 3 main barriers to homeownership Confusion about the homebuying process and how to get started Money for a down payment and closing costs Affordability
• 3.
  Program Benefits TheHometown Home Loan Program is a no-cost benefit that is valuable to both the employer and the employee Reduced loan fees & closing costs for purchases and refinances Free, onsite homeownership education and homeownership counseling Flexible loan programs and down payment assistance Experienced and knowledgeable staff that is dedicated to supporting the program Dedicated marketing and outreach coordinator minimizes administrative burden for the employer
• 4.
  Community Partnerships HomeStreetBank partners with several nonprofit organizations that provide comprehensive homeownership education and counseling. Portland Housing Center -certified HUD counseling agency, teaches financial literacy and comprehensive first-time buyer classes, offers matched savings and down payment assistance, EAH advocate We also partner with organizations and municipalities who offer down payment assistance programs or affordable housing advocacy. Community Land Trusts Educational and Cultural Centers City of Beaverton City of Portland
• 5.
  Services to ParticipatingEmployers Comprehensive reports on program usage and demographics Assistance in developing a customized EAH program Specialized events and services Individual web pages that detail housing benefits No cost marketing materials
• 6.
  How does anEAH program benefit an employer? Enhances benefits packages Assists with recruiting and retention efforts Stabilizes the workforce Increases community standing
• 7.
  EAH for MunicipalitiesAn Employer-Assisted Housing (EAH) program can work two ways for cities and counties. An enhancement that makes their benefits package more competitive A tool for accomplishing their housing goals Increased affordable housing Increase homeownership rates Reduce commute times Reduce emergency response times Examples: The Cities of Seattle, Beaverton, and Portland
• 8.
  Program Results TheHometown Home Loan Program is offered to over 45 employers & labor unions Partnerships in Washington, Oregon, and Hawaii 9,182 Loans and over $11.8 million in closing cost savings 3,839 First-time buyers and $17.2 million in down payment assistance
• 9.
  Why does HomeStreetBank offer an EAH program? We fill a need in our community It supports our CRA Rating which has been “Outstanding” since 1989 Since it’s inception, we have served over 9,000 customers 42% of them are first-time buyers 44% of our customers are from low-to-moderate income households
• 10.
  What are themain challenges as a lender to offering an EAH program? The length of time it takes before the program is profitable Maintaining visibility for our program with the workforce Changing administrators, benefits staff, and communication policies Supporting a workforce that is spread out over multiple locations or different shifts
• 11.
  Why is theHometown Home Loan Program Successful? The Program is easy to understand and easy to adopt There is no cost to implement the program We are advocates for our customers We have a dedicated team of noncommissioned loan officers whose only focus is the support of this program We deliver unparalleled customer service We employ a full-time marketing person to provide support to the participating employers to minimize their administrative burden
• 12.
  Summary An Employer-AssistedHousing (EAH) program can: Enhance an employer’s benefit package Provide a tool for recruitment and retention Help to support local housing policies Help low-income buyers to access down payment assistance