Affordable housing issues in Lake County got a big boost last week when Allstate Insurance Company announced a pilot program to provide financial assistance to help eligible workers in Vernon Hills purchase a house near to their work place.
Affordable housing issues in Lake County got a big boost last week when Allstate Insurance Company announced a pilot program to provide financial assistance to help eligible workers in Vernon Hills purchase a house near to their work place. The company, with 900 workers in the Vernon Hills location, expects to expand the pilot to other Allstate offices in South Barrington and in DuPage County.
The Lake County board joined the momentum by increasing affordable housing funding to $500,000 in the budget of about $370 million approved Tuesday.
The announcements were greeted enthusiastically by political leaders and members of the newly formed Lake County United, a consortium of local religious and secular leaders working together to address social issues. The Allstate initiative was praised as an outstanding example of corporations stepping up to address affordable housing needs of their workers.
"Getting the corporations involved is a great idea in that the shift to affordable housing is not solely reliant on governmental agencies," said county board member Pamela Newton, R-18th, of Vernon Hills. "I applaud and embrace the use of corporate dollars, such as the case with Allstate, to provide housing incentives," she said.
"This is good news for Vernon Hills and Lake County in general," adds Wendy Mospan, a Lake County United leader from St. Mary of Vernon Catholic Church in Indian Creek. "Our parish has been working closely with residents of Whitehall Manor worried about where they will go as the complex is being renovated. While buying a new home would be a dream come true for most of them, it will be a reality for very few," Mospan said. "I hope other employers will follow suit and offer the same benefit to their lower-wage workers."
Recognizing the need for affordable housing in Lake County, the Northbrook-based insurer devised an employee assistance plan to offer as much as $5,000 for a down payment for first-time home buyers if they buy a house within 15 miles of the Allstate Service Center in Vernon Hills. This sum would then qualify the buyer for other matching grants up to a maximum of $15,000 toward the home purchase. To be eligible, the employee must work for Allstate for at least a year.
"Everyone wins," said Lily Eng, Allstate's director of diversity and work life. "The employee wins by owning a home which they would be unable to do so, and the company wins because we can attract and retain good employees who are motivated and loyal to Allstate."
Employees eligible for Allstate assistance must have worked at the company for one year and have at least $1,000 saved toward a down payment. Income requirements range from a single person earning $39,000 per year to a family of six with an income of $68,000, Eng said.
"Housing costs are a real issue for young families in Libertyville," adds Ginny Mulligan, a Lake County United leader from St. Joseph's Catholic Church. "My husband and I often remark that we would be unable to buy our current home if we were moving to Libertyville today. This program could be especially helpful to people trying to buy their first home in Lake County."
The need for affordable housing in the fast growing and expensive Chicago area was brought to the attention of an Allstate Foundation senior officer serving on the board of the Metropolitan Planning Council earlier this year.
Click here for more information about employer-assisted housing.