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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:\Community Development\SHIP\AHAC\ANNUAL INCENTIVE REPORT AND LHAP REVISIONS\2020 Incentives 31 <br />Report\BCC Item - Incentives Report\AHAC 2020 report v6 - 12-1-20 BCC Review.doc <br />