Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs

Engaging Employers in Workforce Housing Through Employee Homeownership

Assistance Programs

National Association of Realtors Regional Workforce Housing

SummitApril 24, 2006

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Agenda

• Benefits of Employee Homeownership Programs to Employers

• Keys to Achieving Employer Buy-in• Freddie Mac’s Workforce Home Benefit• Workforce Home Benefit Options • Workforce Home Benefit Toolkit• Other Freddie Mac Resources• Examples of Workforce Home Benefit Initiatives• Questions

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Benefits to Employers

• Increased recruiting abilities• Higher retention• Increased employee loyalty and morale• Improved employee dependability• Improved stability of surrounding community• Enhanced community commitment• Improved “Employer of Choice” reputation

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Keys to Achieving Employer Buy-in

• Provide a range of options• Make it easy – provide tools for a “turn-key” program• Demonstrate that benefits outweigh costs• Leverage expertise and capacity through partnerships

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Freddie Mac’s Workforce Home Benefit

Goal: • Help employers stabilize their workforces through

homeownershipKey drivers:• Customize program to fit the situation• Flexible range of options• Tools for a “turn-key” program

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Workforce Home Benefit Options

• Home Buyer Education• Repayable Loan• Deferred Loan• Forgivable Loan• Matched Savings Account• Grant

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Considerations in Selecting Options

• Relative cost• Housing challenges of particular community• Recruitment and retention challenges of particular

industry or company• Extent of administrative effort• Ease of understanding by employees

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Workforce Home Benefit Toolkit

• Toolkit Components– Overview brochure– Plan Option Matrix– Implementation Flowchart– Functional design development tools– Mortgage products information– Administration tools– Template employee marketing materials in English and

Spanish• Employee brochure• Intranet template• Poster/flyer

– HR training presentation template

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Freddie Mac Resources

• Workforce Home Benefit toolkit• Cost estimator• Identify homeownership education and counseling

resources and other partners• Identify affordable mortgage loan products – Home

Possible and Neighborhood Solutions• Identify multiple lender options• Identify local and state resources• Assist with program design – Workforce Home Benefit

consultant

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Some Workforce Home Benefit Initiatives

• CVS Pharmacy• Arlington County, VA• Allegheny General Hospital• Freddie Mac

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Questions?