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Economic Development Through Public / Private Partnerships

Economic Development Through Public / Private Partnerships

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Economic Development Through Public / Private Partnerships

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  1. Economic Development Through Public / Private Partnerships Retaining and Recruiting Qualified Employees

  2. The Long Island Housing Partnership Mission • To provide affordable housing opportunities to those who, through the ordinary marketplace, would be unable to secure decent and safe homes. LIHP accomplishes this through development, technical assistance, education and advocacy.

  3. Government • Participation through grants • Federal “HOME” Funds through Nassau & Suffolk Counties • New York State Affordable Housing Corporation (AHC) Grant • Special $25,000,000 Allocation “HELP” from State Senate Delegation members • Joint NFP & Government Program Administration • LIHP administers • Nassau County “HOME” funds • New York State Affordable Housing Corporation Funds • New York State Senate “HELP” • Suffolk County administers its own “HOME” funds

  4. Employer misconceptions • Too costly • Only costs to employer are the matching grant funds • Very limited administration costs • Too complicated • Employee education for programs handles by LIHP • Counseling for homebuyer education done at no cost by LIHP • Time Consuming • LIHP handles all employee calls, questions and concerns • Administrative drain • LIHP administers the program after employer qualifies the employee up to the closing and rehab of the home

  5. Goals of a successful program • Retain qualified employees • Recruit new employees • Improve employee moral • Improve corporate image

  6. Benefits to the Company • Retain competitive edge • Reduce employee turnover • Save on hiring costs • Save on training costs • Increase loyalty • Improve employee morale • Increase worker performance • “Great Place to Work” Company branding

  7. Suggested Housing Benefit Program Guidelines • Longevity / attendance requirement: • Employee must have 1(any #) year of service in “good standing” (absences, yearly reviews, etc.) • Category of employee: • Select category of employees (full time or part time) be sure the category is non-discriminatory • Grant availability: • Employer can limit grants to any number per year (allows budgeting impact calculations) • Employee requirements: • Qualifies employees for their requirements before requesting inclusion in the program • Repayment of grant after X years if separated

  8. Sample Housing Benefit Program • XYZ Company Housing Benefit Program • Full time employees who have 1 year of employment are eligible for XYZ’s benefit and will receive $5,000 (net) in a down payment assistance grant. • Full time employees who have 3 years of employment are eligible for XYZ’s benefit and will receive $7,500 (net) in a down payment assistance grant. • Full time employees who have 5 years of employment are eligible for XYZ’s benefit and will receive $10,000 (net) in a down payment assistance grant. • Employees must qualify under the income guidelines of the program • Employees must purchase a home on Long Island (Nassau or Suffolk County) • The home must be their primary residence • Employees must remain an XYZ’s employee for at least 3 years or the grant must be repaid in full • Employees will be considered for the yearly grant on a first-come first serve basis • The grant funds will be distributed to the employee at the closing

  9. Layering Subsidies

  10. Nassau / Suffolk HUD Income Limits Updated – June 27, 2011

  11. How it works for the different income groups with a $3,000 employer grant:

  12. How it works for the different income groups with a $5,000 employer grant:

  13. How it works for the different income groups with a $7,500employer grant:

  14. How it works for the different income groups with a $10,000 employer grant:

  15. Long Island Housing Partnership’s EAH Program • Over $12 million awarded in grants • Over $1.5 million in employer matching grants • Over $100 million in home mortgages generated • Over 330 employees assisted • Over 130 employers with from 3 to 22,600 employees • Large Multinationals • Northrop Grumman • BAE Systems • Brookhaven National Laboratory • Unions, Not-For-Profits & Hospitals • Local 25 IBEW • Nassau County Coalition Against Domestic Violence • North Shore LIJ Hospital System (LI largest Employer) • Universities • Adelphi University • Stony Brook University • Hofstra University • Financial Institutions • Bethpage Federal Credit Union • Bridgehampton National Bank • Citizens Bank RBS (Long Island) • Small Entrepreneurs, Professionals • Starlite Auto Body Inc. • KandallFarnworth & Pubins CPA's PC • Powerhouse Gym of Lindenhurst • Summary • Productive Economic Development Tool • Successful Public/Private Partnership