Learn about state funds available if your company provides you with assistance buying a home closer to work.
Employers offer their workers many benefits, from health insurance to childcare to transit. Now the State of Illinois is encouraging companies to help their workers buy a home close to work. The state housing agency has approved funding to match an employer's commitment to housing assistance for its employees. Under this program, called employer-assisted
housing, if your employer provides a $2,000 contribution toward
downpayment/closing costs, the state housing agency will match that, providing
you, the homebuyer, with $4,000 toward your new home.
System Sensor, a St. Charles-based company that makes smoke alarms, has had an employer-assisted housing program in place for over a year. This company provides $5,000 in down payment/closing cost assistance to eligible workers who buy a home closer to work. The $5,000 loan is fully forgiven if workers remain with the company for 5 years. System Sensor worked with a private nonprofit housing counseling agency to provide credit and budget counseling for those who need it and assist workers through the homebuying process. This program benefits everyone. Workers are happy to have shorter commutes and own their own homes. And the company credits the program with $100,000 in savings due to reduced turnover and recruitment costs.
The Metropolitan Planning Council works with nonprofit community-based housing groups around the region to help employers create employer-assisted housing programs. Partners include the Lake County Affordable Housing Corporation, Interfaith Housing Development Corporation, North West Housing Partnership, DuPage Homeownership Center, Corporation for Affordable Homes of McHenry County, Joseph Corporation, South Suburban Housing Center, and Neighborhood Housing Services. We can help with needs assessment, program design and administration, and homebuyer counseling.
For more information, talk to your human resources director or contact Samantha DeKoven at the Metropolitan Planning Council at 312/922-5616, ext. 6021.