With its unique location just south of McCormick Place, Mercy Hospital has found itself in the middle of a growing housing market that has seen exponential price increases. Meanwhile, many on staff currently are having longer commutes to work.
On Nov. 15 and 29, 2005, Mercy Hospital and Medical Center held three meetings to announce their newest employee benefit, an Employer-Assisted Housing Program. Mercy Hospital has a unique location just south of McCormick Place and has found itself in the middle of a growing housing market which has seen exponential price increases. Many on staff currently are having longer and longer commutes to work and the housing around the hospital continues to see prices increase.
In order to address the issues surrounding the lengthening commutes, as well as to promote home ownership among the staff, the hospital is now offering up to $5000 in a forgivable loan as well as homebuyer education and counseling for employees who purchase a primary residence within the metropolitan Chicago region. Employees must be employed full time, in good standing, and have completed one year of service with Mercy. An employee’s household income must be below 120 percent of area median income (see chart below). Employees will also need to contribute $1,000 or one percent of the home purchase price, whichever is greater. If an employee remains employed at Mercy and in their home for a five-year period from when the loan is made, the full loan will be forgiven.
Genesis Housing Development Corporation (Genesis) is partnering with Mercy Hospital and the Metropolitan Planning Council to deliver the program. Genesis will provide the homebuyer education, credit counseling, assistance with property location, collaboration to leverage down payment/low-cost loans and post purchase counseling.
Over 130 employees attended the various meetings, and within the first two weeks over 50 employees submitted applications to the program. The first classes will be held in January of 2006. Sister Sheila Lyne, president and CEO of Mercy, said that “the future of the hospital is dependent on assuring that good employees remain with the hospital and continue prosper to as the hospital does.”
For further information about how to structure an outsourced, hassle-free employer assisted housing program for your company, please call Lillie Sellers at LSellers@metroplanning.org or at (312) 863-6005. If you are a Mercy Hospital employee and are interested in participating in the program, please contact the Human Resources Department at (312) 567-2011.
120% Area Median Incomes by family size.
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1 PERSON
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2 PERSON
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3 PERSON
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4 PERSON
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5 PERSON
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6 PERSON
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7 PERSON
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8 PERSON
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9 PERSON
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10 PERSON
|
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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LIMIT
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$76,032
|
$86,832
|
$97,776
|
$108,576
|
$117,216
|
$126,000
|
$134,640
|
$143,280
|
$152,064
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$160,704
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