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Employer Assisted Housing in Seattle

Employer Assisted Housing in Seattle. Current Programs and Future Prospects - Mark Ellerbrook Seattle Office of Housing. Background. Seattle Office of Housing Housing Levy Federal Programs Policy Housing Issues in Seattle Homelessness Workforce Housing – Income v. Housing Cost

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Employer Assisted Housing in Seattle

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  1. Employer Assisted Housing in Seattle Current Programs and Future Prospects - Mark Ellerbrook Seattle Office of Housing

  2. Background • Seattle Office of Housing • Housing Levy • Federal Programs • Policy • Housing Issues in Seattle • Homelessness • Workforce Housing – Income v. Housing Cost • Median Income: $59,000 (1); $84,300 (4) • Median Home Price: $412,925

  3. HomeTown Home Loan Program • Mortgage Program Through HomeStreet Bank • Created in 1994 • Partnership w/ City of Seattle for Police and Fire • Goals • Improve Emergency Response • Reduce Commute Times • Increase Homeownership Opportunities in Seattle

  4. HomeTown Home Loan Program • The Hometown Home Loan Program is a no-cost benefit that is valuable to both the employer and the individual employees: • Reduced closing costs • Free, onsite homeownership education • Flexible loan programs and down payment assistance programs • Bank at Work and additional savings on home insurance • Experienced staff to help facilitate outreach • Monthly reports

  5. HomeTown Home Loan Program • Results • 53 Employers • Washington & Oregon • 6,305 Loans, $8,066,000 in Savings • Typical Employer • University of WA (2,240) • AFL-CIO Unions (1,218) • City of Seattle (673) • Harborview Medical Center (206) • Seattle Public Schools (171) • Fred Hutchinson (157)

  6. HomeTown Home Loan Program • Successes • Easy to Understand • Easy to Adopt • Challenges • Housing Costs

  7. EAH Tax Credit • Provides a tax incentive to employers that provide a housing benefit to employees • $0.50 per $1 spent on benefit

  8. Tax Credit - How it could be used • Downpayment Assistance • Typical: • $5,000 • Forgiven over 5 years • Homebuyer Counseling • One Time Rental Assistance

  9. EAH Tax Credit • Successes • Legislative Support • Enlightened Employers • Challenges • State Budget • Demand • Employer Understanding

  10. Observations • Most Employers Don’t Understand Housing • Many Employers Need Parity • Place Based Employers are Natural EAH Partners • EAH and Transportation are the Same Issue

  11. Resources • Web Sites • Hometown Home Loan Program • www.homestreet.com/programs • Seattle Office of Housing • www.seattle.gov/housing • Mark Ellerbrook • mark.ellerbrook@seattle.gov

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