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Employer Assisted Housing Policy 4.12 of the Housing Element reads as follows: Policy 4.12: The county shall assist employers with establishing employer assisted housing projects by providing technical support to those employers. Employer Assisted Housing (EAH) is an initiative where employers can assist their employees in purchasing a home; in exchange, the employer is guaranteed that the participating employee will remain with the firm for a designated period of time. The employee benefits as he/she receives substantial assistance in obtaining a home. The employer benefits as the program is an effective recruitment tool and aids in the retention of employees. Employers who wish to assist employees with housing can undertake any number of activities, including providing (or partnering with another agency to provide) homeownership education and counseling services; providing down payment assistance, closing cost assistance, and/or second mortgage financing as grants, low or no -interest loans or forgivable loans; offering an employee a savings plan with the employer making a matching contribution; providing a mortgage guarantee to assist employees with securing financing; or acquiring property to rent to employees, either at market or subsidized rates. Employer assisted housing programs generally are used in areas where housing prices are high and/or unemployment is low, and in areas where one employer is dominant. Benefits: 6u_som g flarge private and public employers Employer assisted housing is an effective program for employers to provide affordable housing for workers and to retain those workers for longer periods. RECOMMENDATION: The county should maintain Housing Element policy 4.12 to assist employers with establishing an employer -assisted housing program. BOARD OF COUNTY COMMISSIONERS ACTION: Board of County Commissioners Approval of the AHAC Recommendation Yes [] No ❑ 32 43