The Evanston City Council approved a proposal to offer assistance to municipal employees seeking to buy homes in Evanston.
On
April 21, 2003, the Evanston City Council approved a
proposal to implement a pilot employer-assisted housing
initiative. This is a project of the
Housing Commission, recommended by the Planning and Development Committee. The Metropolitan Planning Council
and Housing Opportunity Development Corporation (HODC) have helped the City with program design
and implementation.
The approval authorized five grants of $5,000
per household to encourage municipal employees to buy homes in
Evanston. To be eligible for the assistance, workers should have
household incomes at or less than 80 percent of the region's area median income ($56,500
for a four-person household). Employees must be first-time homebuyers and willing to contribute
at least $1,000 or 1 percent of the purchase price at the closing. Employees will receive
homeownership education provided by HODC. HODC will also help employees access other
forms of financial assistance, including state matching funds administered by the Illinois Housing
Development Authority.
This program will help employees buy a first home, invest in Evanston and
live closer to work. The City benefits from reduced turnover,
as well as the real estate investment
of these new homeowners. Everyone benefits from reduced traffic as employees live closer to
their jobs.
The Evanston City Council is taking a leadership
role in promoting employer-assisted housing, demonstrating the opportunity other employers also have
to invest in their workers
and the community while they boost their bottom line through employer-assisted
housing.