Located on Chicago's West Side, Bethany Hospital is contributing to community development through its employer-assisted housing initiative.
On August 18, U.S. Rep. Danny
Davis
(D-Ill.) joined with Advocate Bethany Hospital, the Metropolitan Planning
Council, Neighborhood Housing Services of Chicago, Fannie Mae and other partners
to celebrate the first two successful homebuyers through Bethany’s
employer-assisted housing (EAH) initiative.
Rep. Davis congratulated the hospital for its leadership in offering EAH, observing
that healthy communities are “more than lack of disease.” Fannie Mae
presented
the new homeowners with
“Welcome Home” doormats and a Target gift card. One buyer, Helena
Valentine, thanked the hospital for
helping her to achieve homeownership. “This was
really a dream,” she said. Valentine
encouraged other hospital employees to
take advantage of the opportunity to receive assistance buying a home, saying “jump
on board, it’s a good idea.”
Left to right: Brenda Mitchell, Bethany Hospital; U.S. Rep. Danny Davis
(D-Ill.); Helena Valentine, Bethany Hospital and new homeowner; Lena
Dobbs-Johnson, Bethany Hospital; Terry Young, Fannie Mae; Charles Leeks,
Neighborhood Housing Services; Jason Spigner, Bethany Hospital. Courtesy
of Fannie Mae.
Bethany launched its EAH
initiative
in the fourth quarter of 2002, committing to
help up to five employees per year for five years. Employees agreeing to
stay at the hospital for three
years receive $3,000; those making a five-year commitment receive $5,000.
National Housing Services provides
homeownership counseling, and employees can access up to $5,000 in matching
assistance from the Illinois Housing Development Authority.
The hospital benefits from tax credits
through the Illinois Affordable Housing Tax Credit program, administered by the
Chicago Department of Housing, which provides a $.50 state tax credit for each
dollar invested in an employer-assisted housing initiative.
The hospital will transfer or “sell” the
credits to a taxpayer to help cover the costs of the program.
Housing studies indicate that obtaining funds for down payment
and closing costs remains the primary obstacle for families seeking a mortgage
loan. Advocate
Bethany Hospital
Chief Executive Lena Dobbs-Johnson said that "the assistance we provide
our employees is saving us money by improving employee retention and
recruitment, but more importantly, we are helping improve the lives of our
employees by providing them the opportunity of homeownership.”
At the
event, Fannie Mae offered technical assistance to employers to develop EAH plans.
In
the Chicago region,
by working with one of eight nonprofit housing organizations (Regional Employer-Assisted
Collaboration for Housing) and the Metropolitan Planning Council, employers can outsource
an EAH initiative to an experienced partner. “Because homeownership is the
path to economic stability, initiatives
like EAH can help stabilize neighborhoods and revitalize communities, while at
the same time help employers attract and retain high-quality employees,”
said Terry Young, director of Fannie Mae’s Chicago Area
Partnership Office.
“This kind of public-private partnership in the housing arena is a critical
component of our region’s ability to support viable live-near-work strategies,”
added Robin Snyderman, housing director at the Metropolitan Planning Council.
Click here for more information about employer-assisted
housing.
Click here for Fannie Mae's press release announcing this
event.
Click
here for testimony to the Illinois House Urban Revitalization Committee by
Brenda Mitchell, Advocate Bethany Hospital, on September 5,
2002.