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Comprehensive Plan Housing Element <br />Employer Assisted Housing <br />Employer Assisted Housing (EAH) is an initiative whereby employers can assist their employees in <br />purchasing a home; in exchange, the employer is guaranteed that the participating employee will remain <br />with the company for a designated period of time. While the employee benefits as he/she receives <br />substantial assistance in obtaining a home, the employer benefits as the program is an effective <br />recruitment tool and aids in the retention of employees. <br />Employers who wish to assist employees with housing can undertake any number of activities, <br />including: providing (or partnering with another agency to provide) homeownership education and <br />counseling services; providing down payment assistance, closing cost assistance and/or second mortgage <br />financing as a grant, a low or no -interest loan or a forgivable loan; offering an employee a savings plan <br />with the employer making a matching contribution; providing a mortgage guarantee to assist employees <br />with securing financing; or acquiring property to rent to employees, either at a market or subsidized rate. <br />Employer assisted housing programs generally are used in areas where housing prices are high and/or <br />unemployment is low, and in areas where one employer is dominant. <br />Benefits: <br />Issues: <br />Provision of affordable or workforce housing <br />Effective recruitment and retention tools for large private and public employers <br />Additional cost to employer <br />Conclusion: <br />Employee assisted housing is an effective program to provide affordable housing for workers and to <br />retain those workers for longer periods. The county should promote this program by informing major <br />private and public employers of the possibilities and benefits of establishing an employer assisted <br />housing program. <br />45 <br />Community Development Department Indian River County <br />