Is an Employer Assisted Housing (EAH) benefit right for my company?
For employers, the cost of recruitment and retention of employees is a key business concern. High turnover rates affect the bottom line. Offering a loan, forgivable or not, to help defray closing costs or downpayment money has a positive impact. In addition, EAH programs have shown to improve employee morale, as well as reduce absenteeism and tardiness. The benefit can also be designed to consider community revitalization in and around the place of business. Such a program can also encourage employees to live near their workplace, which reduces commuting time and stress and results in additional time spent with family.
PHFA programs have significant advantages for eligible homebuyers such as competitive interest rates, fewer fees, and free homebuyer education, to name a few. When an employer partners with PHFA, their employees reap even more advantages. Employees covered by an EAH benefit are eligible for an interest rate one quarter percent (1/4 %) lower than the qualifying program rate and they may be eligible for downpayment and/or closing cost assistance through the Keystone Advantage Assistance Loan.
An Employer Assisted Housing benefit shows that the employer cares about the well being of their staff. The benefit can help employees resolve the most common barrier to homeownership: funds to pay for closing costs and/or downpayment expenses.