Program would help workers to live near their jobs
th an eye toward boosting their business and housing markets, two local
villages are exploring a new recruitment tool.
The employer-assisted housing program works to attract and retain employees
by offering incentives to those who buy homes in the village where they are
employed.
The program benefits employees by providing eligible workers up to a $5,000
deferred and forgivable loan for the purchase of a new or existing single-family
home, town house or condominium in the village where they work.
The down payment assistance is written off the books if the employee stays
with the company for five years or more.
Employees must be purchasing a home; refinancing is not a qualified purchase.
The village of Riverdale jumped on board in October to give its own employees
easier access to work.
To date, the village has offered the program to five of its employees, two of
whom are ready to close in March on homes in Riverdale.
"Unlike some northwest suburbs involved in the task force that do not have
affordable housing for its work force, we have the affordable housing, but no
jobs," said Linda Odigie, housing coordinator for the village.
"We hope this incentive will help to recruit businesses here and remedy
that."
Other businesses in the village are being recruited to participate in the
program as well.
According to Odigie, a housing task force that includes
the village's mayor, Zenovia Evans, and Metropolitan Planning
Council
representatives is due to meet this month with the village's chamber of
commerce.