In the wake of the housing crisis, more businesses are offering employer-assisted housing (EAH) programs.
Illinois was an early advocate of such programs, approving a law to provide a tax credit of 50 cents for every dollar that employers invest in EAH. Other states have followed suit, and similar legislation has been rolled out at the federal level as well.
The plans generally combine counseling services with down payment assistance. The down payment programs are usually loans that are forgiven if the employee stays with the company a certain amount of time, which also helps reduce employee turnover.
The programs appear to work. A recent study of one of the oldest EAH programs at Aurora Health Care in Milwaukee showed that the 208 employees who bought homes through the program stayed with the company significantly longer than average and performed better than other employees.
Illinois was an early advocate of such programs, approving a law to provide a tax credit of 50 cents for every dollar that employers invest in EAH. Other states have followed suit, and similar legislation has been rolled out at the federal level as well.
The plans generally combine counseling services with down payment assistance. The down payment programs are usually loans that are forgiven if the employee stays with the company a certain amount of time, which also helps reduce employee turnover.
The programs appear to work. A recent study of one of the oldest EAH programs at Aurora Health Care in Milwaukee showed that the 208 employees who bought homes through the program stayed with the company significantly longer than average and performed better than other employees.
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