Employer Assisted Housing

1. Employer Assisted Housing Tom Wolf, Governor  •  Robin Weissmann, Chairperson  •  Brian A. Hudson, Sr., Executive Director www.phfa.org

2. WHAT IS PHFA?

3. Our Mission In order to make the Commonwealth a better place to live while fostering community and economic development, the Pennsylvania Housing Finance Agency provides the capital for decent, safe, and affordable homes and apartments for older adults, persons of modest means and those with special housing needs.

4. PHFA, who are we? • Created in 1972 • Non-profit; Quasi-Government Agency • Headquarters in Harrisburg, PA • Considered an “investor” • Over 163,100 loans purchased, worth over $12.5 billion • Several departments: Homeownership

5. PHFA Mortgage Loans Why choose a PHFA Mortgage? • Competitive interest rates and lower fees • Interest free downpayment and closing cost assistance loan • Mortgage tax credits up to $2,000 annually • Free homebuyer education • Special programs for disabled borrowers or family members • 30-year, fixed rate terms • Downpayment requirements as low as $1,000 • Conventional financing up to 97% with “No MI or “Lo MI” • FHA, VA, and RD loan types • Network of approved lending partners throughout PA • High touch local servicing by experienced PHFA staff

6. PHFA’s EAH Goal To encourage employers to offer a monetary employee benefit of at least $500 to promote and enable homeownership for their staff

7. EAH: Employer Assisted Housing If an EAH employee is approved for a PHFA mortgage, through one of our participating lenders, the borrower will receive substantial financial advantages! The employer must be registered as a “PHFA EAH EMPLOYER”

8. STRETCH Their homebuying dollars with Employer Assisted Housing (EAH)

9. What does PHFA offer? PHFA borrowers utilizing at least $500 in EAH funds from their employer get up to $8,000 in down payment and closing cost assistance from PHFA! • Standard amount is the lesser of 4% of sales price or $6,000 • PHFA/EAH borrowers are eligible for up to $8,000 with no % cap • Assistance is in the form of an interest-free 10 year subordinate loan • May also combine with PHFA’s mortgage tax credits!

10. PHFA EAH Stats • Forty- six employers • Purchased 216 loans worth over 25.8 million • High producing markets include Philadelphia, Lancaster, Cumberland and Dauphin • Average age of our borrowers: 30 years old and younger followed by 55+

11. Benefits to Employees • Live closer to work • Reduce homebuying costs • Ease commuting time and stress • More time to spend with family • Have a stake in the community

12. Benefits to the Employer • Reduce turnover costs • Greater retention • Ease tardiness and sick leave use • Strengthens loyalty and morale • Community revitalization

13. Visit PHFA’s Web Site www.phfa.org • Everything you need to develop an EAH benefit including: • Frequently Asked Questions • Sample Employee Survey • Sample Employee Application • Sample Program Requirements • Sample Promissory Note • Easy to follow steps to administer the program

14. The Employer Decides: Who? Where? What?

15. Employer Assisted Housing shows that you CARE about your employees AFTER they leave for the day. YOU CAN MAKE A DIFFERENCE!

16. For more information: Visit our website at www.phfa.org Or contact: Coleen Baumert cbaumert@phfa.org 717-780-1871 Free Presentations for your Board, Management, or HR team may be available!

17. Thank you for your interest! 6/13/2016