A new home could be the next thing an employer offers you if a statewide campaign led by Lieutenant Governor Pat Quinn catches on.
In addition to standard health care insurance, assistance with the down
payment on a new home could be the next thing an employer offers you if a
statewide campaign led by Lieutenant Governor Pat Quinn catches on.
Quinn visited Lake County to promote the Employer Assisted Housing program,
which provides tax breaks to businesses that help employees buy a home near
their workplace. The program aims to increase homeownership among low and
moderate-income families and ease traffic congestion. And proponents insist it's
good for business as well.
About 20 Illinois companies have joined the program since 2000. The only Lake
County employers to offer it Allstate Insurance in Vernon Hills, the city of
North Chicago and Rosenthal Brothers in Deerfield. The Affordable Housing
Corporation of Lake County runs the program on a local level.
Lilly Eng, director of diversity at Allstate Insurance, said the benefits to
companies and employees are significant.
"I've been with Allstate for 20 years and I have seen no greater emotional
response than from this program," Eng said. "This is the right thing to do on so
many levels."
"The program almost funds itself," she added.
Assistance from employers can come in the form of forgivable loans, grants
for down payment assistance, matched-savings plans and homebuyer education
sessions, among others. Donations are matched up to $5,000 by the state, and a
company receives a $.50 state tax credit for each dollar it donates.
System Sensor in St. Charles, the first company to offer Employer Assisted
Housing reported saving more than $100,000 per year due to decreased turnover
costs after it began the program in 1999.
"It's a business decision that helps meet business
needs," said Samantha DeKoven, housing associate with the Metropolitan
Planning Council
, noting it
helps to attract new employees and retain current ones.
"It can run the gamut to meet the needs of various employers," DeKoven said,
noting that a small company of 20 can benefit in the same way a large
corporation can.