Recruiting and retaining your employees takes considerable time and money.  Fostering company loyalty and motivating them to stay are key to retaining them.  Employee Home Ownership is an outsourced, easily administered program that will help you do just that.
 
What is the Employee Home Ownership Plan?

 Employee Home Ownership (EHO)  is a cost effective employee benefit that helps your employees purchase a home near their workplace.  Helping your employees become homeowners can energize and motivate them to stay with your company.

 
What are the business advantages of offering an EHO plan to my employees?

 þ     Promotes job retention.
 þ     Reduces recruitment, turnover and training costs.
 þ     Increases employee morale and productivity.
 þ     Stabilizes the neighborhood surrounding an employer’s operations.

 
How does the plan work?

The EHO program is administered by JVS, which will customize a plan based on your specific needs and business objectives.  The program typically includes financial literacy and homebuyer education.  You may also choose to offer financial assistance for purchasing a home. The financial package you offer can be tied to employee performance or longevity with the company and can be made in the form of:

þ     Signing bonuses (if used for housing).
 þ     Grants or forgivable loans.
 þ     Deferred or repayable loans.
 þ     Matched savings.
þ     Interest rate buy downs.

 

Why offer Employee Home Ownership?

 Escalating housing costs in metropolitan Detroit and long commutes to work negatively impact worker morale and productivity.  Helping your employees afford a home close to the work place, decreases absenteeism, tardiness and stress, while boosting employee dependability and retention.

 
How does an employee benefit?

 Purchasing a home is a stepping stone to greater financial stability and personal wealth.  It is also the biggest investment most people will ever make.  Employee Home Ownership brings together the resources that help make an employee a savvy home buyer through the following services:

þ     Linkage to community sources of down payment and closing cost assistance -
       the primary barriers to purchasing a home.
 þ     Personal finance, credit and budgeting guidance to help resolve credit issues.
 þ     Direction on how to applyfor a mortgage and avoid predatory lenders.
 þ     Explanation of the home buying process from making an offer to closing the deal.
 

What are the Benefits to the Community?

 þ     Neighborhood stabilization by increasing owner-occupancy of homes.
 þ     A greater stake and involvement in the community by homeowners.
 þ     Increased tax base due to rise in home ownership.

 
How do I find out more about the program?

 Contact the JVS Employee Home Ownership Program at 248-233-4243 or e-mail cmcmillon@jvsdet.org.