Post on 07-Jan-2016
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Employer Assisted Employer Assisted Homeownership Homeownership
ProgramsPrograms
• What are EAH Programs
• Advantages to employers, employees, communities, banks
• Developing an EAH program
Employer
Employee
Community
Banks
Attractive recruitment tool
Increased reputation as innovative leader in developing new employee benefits
Improved employee loyalty, dependability, morale
Increase employee retention, which could result in lower hiring and training costs
RetentionReturn
Revitalization
Recognition
Right Thing to Do
Relationships
Recruitment
Realization of the dream of homeownership
Increased job satisfaction
Increased awareness of home buying process, including avoiding predatory lenders
Increased knowledge of down payment assistance programs and other services available in the community
Possibility of reduced commuting time
Greater involvement by employees in their community
Possibility of less traffic, pressure on transportation systems
Increase to tax base due to rise in homeownership
Increase in business for local businesses
Increased stability in neighborhoods
Increase:
Loan volume
Cross-selling
Future banking services to employer
• University of Washington
• Emmanuel Hospital
• Bellevue School District
• Cities of Seattle, Portland
• Fred Hutchinson Cancer Research Center
• Anthony’s Homeport Restaurant
Maintain a listing of homes or apartments available for sale and for lease in the local area.
Provide information to employees on first-time homebuyer classes and programs offered by various organizations.
Provide links to homebuyer assistance information and organizations on the company’s website.
Allow a lender or nonprofit organization to present information on the home buying process on-site.
Allow a lender or nonprofit organization to hold a first-time homebuyer class on-site
Provide a special homebuyer savings program
Provide the employee an interest rate buy-down on their loan
Provide the employee a low-interest loan, forgivable loan, or grant to help fund down payment and/or closing costs
Provide second mortgage financing
Provide a mortgage guarantee, full or partial, to assist in securing financing
Engage in a master lease of properties and rent them to employees
Employer Bank Nonprofit Organization
Partners to consider:
• Secondary Market: Fannie Mae, Freddie Mac
• Local non-profit organizations
• Trade associations
• Unions
• Municipalities
Your Bank’s EAH ProgramYour Bank’s EAH Program
1. Commitment
2. Strategy
Coordinator
Your bank’s program offerings
Target employers
Partners – nonprofits/business assns.
Brochure, marketing plan
Coordinator
• Distributes brochure
• Seeks targeted advertising opportunities -trade magazines, conferences, newsletters
• Contacts employers, arranges initial meetings
• Coordinates homebuyer training
• Follows up with employer, employees, bank
Craig NolteRegional Manager, Community DevelopmentFederal Reserve Bank of San FranciscoPH (206) 396-2192craig.nolte@sf.frb.org