Looking for another means of keeping people in Pittsburgh, Mayor Luke Ravenstahl is hosting a series of meetings today aimed at getting employers to help their workers to buy homes.
At the morning meeting -- the first of three -- Mr. Ravenstahl called the local economy "very resilient" in the face of recession, and said population losses appear to be slowing. "I think this employer-assisted housing program gives us an opportunity to continue that," he told a conference room of business people including representatives of PNC Financial Services, U.S. Steel, the University of Pittsburgh Medical Center, the West Penn Allegheny Health System and Federated Investors.
In town to pitch the concept is Dawn Stockmo, a consultant with Chicago's Metropolitan Planning Council, which has run a 10-year program that has put 1,500 people into Chicago-area homes. Ms. Stockmo described a variety of programs that, she said, help employers to retain workers while rebuilding communities.
Typically, employers offer $2,500 to $10,000 loans to workers, for use in covering home closing costs and sometimes down payments, and then waive the loans if the employee stays on for five years. The employees get housing counseling so they can get good mortgages.
In some cases, the employee has to live close to the job site. Some programs are backed by foundation funds, government money or tax credits.
"It really does help stabilize the workforce," said Ms. Stockmo. "It helps revitalize a neighborhood around a campus."
Urban Redevelopment Authority Executive Director Rob Stephany said his agency is ready to help employers to put together such programs.
Mr. Ravenstahl will host a meeting with foundation leaders at lunch, and housing developers this evening. He said employer-assisted housing would be a good fit with programs like the Pittsburgh Promise of college tuition assistance and existing URA home buying aid.