Harris will provide $2,500 in downpayment assistance and free homeownership counseling to qualifying employees in Illinois and Indiana
(Chicago)….. As one of the
Chicago
area’s
largest financial institutions, Harris knows firsthand that homeownership is a
valuable investment. Homeowners build equity, achieve stability, and invest time
and money in their local communities. Yet in the greater metropolitan region,
the market is pricing out many would-be buyers, especially working families.
To help its employees
overcome the barriers that prevent millions of Americans from ever owning their
own homes, the bank has launched an employer-assisted housing (EAH) program that
will provide qualifying Harris employees in
Illinois
and
Indiana
with $2,500 for downpayment or closing
cost assistance and free homeownership counseling.
“Every day at Harris,
we help make homeownership a reality for our customers,”
said
Ellen
Costello, chief executive officer, Harris
Bankcorp
Inc. “Today,
we are proud to launch a new program designed to help our colleagues achieve
that same dream of homeownership.”
A sense of
accomplishment and security are among the many intangibles Harris hopes to provide
its employees through its EAH program. Helping employees live near work,
improving stability and morale among workers, and providing an innovative benefit
to attract and retain employees are key reasons why more than 60
Chicago-area employers are offering EAH. Since 2000, when the nonprofit Metropolitan
Planning Council (MPC) launched its EAH model with its first employer, System Sensor
in St.
Charles,
Ill.
, more than 1,000 workers have been
helped.
“Nationwide, homeownership
rates continue to climb, but for working families, those numbers actually are
falling,” said Robin Snyderman, MPC housing director. “The American dream of
homeownership is far beyond the reach of millions of working families, many of
whom cannot even afford the rising cost of rent, particularly in communities
with access to good jobs. Through EAH programs, private sector leaders like
Harris become part of the solution, investing in housing assistance for
employees while reaping bottom-line benefits.”
Qualifying Harris employees
will receive $2,500 toward downpayment assistance and/or closing costs, but the
financial award is only part of the package: Harris also is partnering with
regional nonprofit housing counseling agencies to provide employees free
homeownership counseling, which will help them avoid the pitfalls facing many
first-time homebuyers.
The nonprofit housing counseling agencies – known as REACH (Regional
Employer-Assisted Collaboration for Housing) partners – also will administer the
EAH program for Harris , creating a layer of privacy for the bank’s employees.
The REACH partners working with Harris, each covering a specific geographic
region, include the following:
- Affordable Housing of Lake County
- DuPage Homeownership Center
- Housing Opportunity Development Corporation ( Chicago ’s North Shore
suburbs)
- Joseph Corporation (City of Aurora and surrounding communities)
- Neighborhood Housing Services of Chicago
- Spanish Coalition for Housing (City of Chicago and southern suburbs)
- Rogers Park Community Development Corporation
“The REACH partners will
put Harris employees on the path to homeownership, by helping them establish
good credit, determine how big a mortgage they can comfortably afford, and learn
the basics of budgeting and other essential financial tools. For employees ready
to take the plunge, the REACH partners will be their safety net through the
closing,” said Snyderman. “REACH partners also have experience working with an
array of local, regional and state homebuyer assistance programs, and often find
that individuals can leverage their employer’s contribution to attract
additional assistance.”
In Illinois, employees also
may qualify for matching funds from the state, thanks to a government initiative
to support EAH: the Illinois Housing Development Authority
may match an employer’s downpayment assistance up to $5,000 for
households earning less than 50 percent of the region’s Area Median Income
(AMI), or up to $3,000 for households earning between 50 and 80 percent of AMI.
(AMI in the
Chicago
region is $75,400 for a family of
four.)
Meanwhile,
Illinois
employers can
take advantage of t
he
Illinois Affordable Housing Tax Credit Program, which provides employers a 50
cent tax credit for every $1 invested in an EAH program. By tapping into these
funds – and by realizing substantial cost savings due to reduced turnover – EAH
employers often find that the program, unlike any other benefit, pays for
itself.
Other
Illinois
employers offering EAH programs include
Mercy
Hospital
,
Chicago
Public
Schools
, and The John Buck Company. Across the
country and statewide, new employers launch EAH programs each month, indicating
a growing understanding among the private sector that it pays to invest in
workforce housing.
MPC helps employers design and evaluate customized EAH
programs. To learn more about employer-assisted housing in Illinois , visit the
REACH Illinois Web site at www.reachillinois.org.
About Harris
Harris is an integrated financial service organization that
provides more than one million personal, business, corporate and institutional
clients with banking, lending, investing, financial planning, trust
administration, portfolio management, family office and wealth transfer
services. For more information, please visit www.theharris.com.
About Metropolitan Planning Council (MPC)
Founded in 1934, the Metropolitan Planning Council (MPC) is a
nonprofit, nonpartisan group of business and civic leaders committed to serving
the public interest through the promotion and implementation of sensible
planning and development policies necessary for an economically competitive
Chicago region. MPC researches and develops policy recommendations and conducts
outreach and advocacy in partnership with public officials and community leaders
to enhance equity of opportunity and quality of life throughout metropolitan Chicago .
For more information about employer-assisted housing
initiatives, contact Mandy Burrell, MPC communications associate, at
312.863.6018 or mburrell@metroplanning.org; or Robin Snyderman, MPC housing
director, at 312.863.6007 or rsnyderman@metroplanning.org. For information about Harris’
EAH program, or for comment from Harris, contact Chris Nardella, at 312.461.6625
or chris.nardella@harrisbank.com
.