A new Employer Assistance Housing program is now available in our market thanks to a partnership recently formed by the Greater Chattanooga Association of Realtors (GCAR) and Chattanooga Neighborhood Enterprises (CNE).
There are numerous statistics that support the relationship between workforce stability and home ownership, and that is the driving force behind this program.
Attracting, training and retaining employees can be costly, so retaining your existing workforce is a win for employers.
Homeowners have been staying in their homes longer since 2008 than pre-recession trends, with eight to none years the norm now in many communities.
In contrast, renters move on average every 18-24 months, says David Butler, executive director for Chattanooga Habitat for Humanity, adding stability at home also contributes to increase stability at work and improved grades for children.
Employer Assisted Housing programs take a variety of paths and can be customized based on the employer’s resources. Some examples of EAH programs include:
- Employers contributing entire down payments, which then become forgivable second mortgages
- Employers contributing all or part of down payments, which are then repaid by the employee over a number of years
- Employers matching employee savings with funds used being restricted to home down payment
Members of the Greater Chattanooga Association of Realtors were trained earlier this year on the specific options and benefits surrounding the program and are now prepared to begin making presentations for local employers and institutions.
A GCAR member and CNE representative would work with employers to construct the frame work of the plan and gain buy-in from business principals.
Once the plan is complete and budgeted, a rollout and training program would be designed working with the employer.
Although new to the Greater Chattanooga region, EAH programs have been in existence and proven to be successful around country for more than 10 years.
If you are interested in learning more, contact the GCAR office at 423 698-8001 to set up your personal company consultation.
The Greater Chattanooga Association of REALTORS is The Voice of Real Estate in Greater Chattanooga. The Association is a regional organization with more than 1,800 members and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors.
GCAR services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade and Walker counties in northwest Georgia. Information: www.GCAR.net