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Employer Assisted Housing <br /> Policy 4.12 of the Housing Element reads as follows: <br /> Policy 4.12: The county shall assist employers with establishing employer assisted <br /> housing projects by providing technical support to those employers. <br /> Employer Assisted Housing (EAH) is an initiative where employers can assist their <br /> employees in purchasing a home; in exchange, the employer is guaranteed that the <br /> participating employee will remain with the firm for a designated period of time. The <br /> employee benefits as he/she receives substantial assistance in obtaining a home. The <br /> employer benefits as the program is an effective recruitment tool and aids in the retention of <br /> employees. <br /> Employers who wish to assist employees with housing can undertake any number of <br /> activities, including: providing (or partnering with another agency to provide) <br /> homeownership education and counseling services; providing down payment assistance, <br /> closing cost assistance and/or second mortgage financing as grants, low or no-interest loans <br /> or forgivable loans; offering an employee a savings plan with the employer making a <br /> matching contribution; providing a mortgage guarantee to assist employees with securing <br /> financing; or acquiring property to rent to employees, either at market or subsidized rates. <br /> Employer assisted housing programs generally are used in areas where housing prices are <br /> high and/or unemployment is low, and in areas where one employer is dominant. <br /> Benefits: <br /> - Provision of affordable or workforce housing <br /> - Effective recruitment and retention tools for large private and public employers <br /> Issues: <br /> - Additional cost to employer <br /> Conclusion: <br /> Employer assisted housing is an effective program for employers to provide affordable <br /> housing for workers and to retain those workers for longer periods. <br /> RECOMMENDATION: <br /> The county should maintain Housing Element policy 4.12 for assisting employers with <br /> establishing an employer assisted housing program. <br /> BOARD OF COUNTY COMMISSIONERS ACTION: <br /> Board of County Commissioners Approval of the AHAC Recommendation <br /> Yes ['J] No ❑ <br /> F:ACommunity Development\SHIP\AHAC-Affordable Housing Advisory Committee(AHAC)\AHAC 2017\AHAC 2017 3 0 <br /> report.doc <br />