Nowadays one of the biggest problems buyers have is finding enough money for a down payment and the closing costs. Several companies are stepping in and helping through an Employer Assisted Housing (EAH) program. Montgomery County in Pennsylvania is a good example of this having offered an EAH program to its employees for the past 5 years.
This money can be used for closing costs and/or rehabilitation on homes puchased in the boroughs of Norristown or Pottstown. The county holds an eight year silent lien on the property and the grant is forgiven after the person lives in the home for eight years. EAHs are becoming more popular as businesses see it as a way to retain or recruit employees.
An EAH program can be custom designed for an employer, the law allows employers to craft the program to target the areas they want to impact, recruiting or retaining employees or revitalising a community. Lat year the PA legislature proposed legislation that would offer a tax incentive to employers offering some housing assistance to their employees.
The Pennsylvania Housing Finance Agency will partner with employers to help implement programs, providing the tools they need to start. They can use a tmeplate and then customize it to meet their own needs.
Often employees who qualify for Pennsylvania Housing Finance Agency loans are offered additional concessions, the lowest rate of finance is offered, down payment/closing cost assistance up to $2000 is offered and family (children)requirement is waived.
So if your company is looking for ways to retain or recruit employees an EAH program may be a cost efficient way to do that.
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
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