Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs

download Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs

of 11

  • date post

    15-Mar-2016
  • Category

    Documents

  • view

    30
  • download

    0

Embed Size (px)

description

Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs. National Association of Realtors Regional Workforce Housing Summit April 24, 2006. Agenda. Benefits of Employee Homeownership Programs to Employers Keys to Achieving Employer Buy-in - PowerPoint PPT Presentation

Transcript of Engaging Employers in Workforce Housing Through Employee Homeownership Assistance Programs

  • Engaging Employers in Workforce Housing Through Employee Homeownership Assistance ProgramsNational Association of Realtors Regional Workforce Housing SummitApril 24, 2006

  • AgendaBenefits of Employee Homeownership Programs to Employers Keys to Achieving Employer Buy-inFreddie Macs Workforce Home BenefitWorkforce Home Benefit Options Workforce Home Benefit ToolkitOther Freddie Mac ResourcesExamples of Workforce Home Benefit InitiativesQuestions

  • Benefits to Employers

    Increased recruiting abilitiesHigher retentionIncreased employee loyalty and moraleImproved employee dependabilityImproved stability of surrounding communityEnhanced community commitmentImproved Employer of Choice reputation

  • Keys to Achieving Employer Buy-inProvide a range of optionsMake it easy provide tools for a turn-key programDemonstrate that benefits outweigh costsLeverage expertise and capacity through partnerships

  • Freddie Macs Workforce Home BenefitGoal: Help employers stabilize their workforces through homeownershipKey drivers:Customize program to fit the situationFlexible range of optionsTools for a turn-key program

  • Workforce Home Benefit OptionsHome Buyer EducationRepayable LoanDeferred LoanForgivable LoanMatched Savings AccountGrant

  • Considerations in Selecting OptionsRelative costHousing challenges of particular communityRecruitment and retention challenges of particular industry or companyExtent of administrative effortEase of understanding by employees

  • Workforce Home Benefit ToolkitToolkit ComponentsOverview brochurePlan Option MatrixImplementation FlowchartFunctional design development toolsMortgage products informationAdministration toolsTemplate employee marketing materials in English and SpanishEmployee brochureIntranet templatePoster/flyerHR training presentation template

  • Freddie Mac ResourcesWorkforce Home Benefit toolkitCost estimatorIdentify homeownership education and counseling resources and other partnersIdentify affordable mortgage loan products Home Possible and Neighborhood SolutionsIdentify multiple lender optionsIdentify local and state resourcesAssist with program design Workforce Home Benefit consultant

  • Some Workforce Home Benefit InitiativesCVS PharmacyArlington County, VAAllegheny General HospitalFreddie Mac

  • Questions?

    Overview PresentationThank you for taking the time to meet with me today.

    As I mentioned in my initial [insert conversation, phone call, letter or e-mail] with you, Freddie Mac has developed Workforce Home BenefitSM, a new employer assisted homeownership initiative to help employers make the dream of homeownership a reality for all employees.

    A symbol of core American values, homeownership provides benefits to both you and your employees, as well as area neighborhoods and the nation.

    Studies show that owning a home not only provides a sense of security for employees and their families, but also contributes to safer, stronger communities as well as improved educational achievement for the children of these employees. Studies also show a significant increase in employee loyalty and productivity among employees whose employers have been responsible for helping them purchase their own homes.

    Today Ill be going over the details of our initiative with you and show you how [insert company name] can help remove barriers such as lack of information and insufficient funds that may be preventing your employees from achieving their dream of homeownership.Overview PresentationWe will be covering the following topics listed on the slide. Feel free to stop me along the way and ask questions. Today, well cover:Introduction to Workforce Home Benefit, Freddie Macs employer assisted homeownership initiative. I will explain:How the initiative worksThe benefits to your companyThe range of options, including other options from which to choose.

    Although I will address some possible federal tax and other legal implications of the various options, I want to caution you that I am not a lawyer or tax advisor and Freddie Mac is not in the business of giving legal or tax advice. This information is provided for your convenience to help you make preliminary determinations about which options may be appropriate for your company. You should, however, consult an attorney or tax advisor before you design your program.

    Well review the components of the toolkit, discuss resources that Freddie Mac has available, answer any additional questions you may have and finally, talk about the next steps.

    As I said, feel free to ask questions along the way. Do you have any questions now?Overview PresentationEmployer assisted homeownership benefits have proven to be highly successful in helping employees overcome the barriers to buying a home. Employers offering options to their employees find that the benefits far outweigh the costs. Benefits to your company include:

    Improved Employer of Choice Reputation Helping your employees become homeowners can add to your companys reputation as an employer of choice within your industry and as a good corporate citizen within your community.Increased Recruiting Abilities Promoting Workforce Home Benefit to potential employees as a benefit of working at your company can really make you stand out during the recruitment process.Higher Retention Valuable employees can be motivated to remain with your company saving you a significant amount of money in recruiting and retention costs.Improved Employee Dependability Ownership of a home in close proximity to the workplace often increases employee reliability in terms of punctuality and overall attendance at work.Enhanced Community Commitment Your employees will contribute to the economic stability of the community within which your company operates and demonstrate that your company is a good corporate citizen.Overview PresentationAs I mentioned earlier, Freddie Mac is launching Workforce Home Benefit to raise awareness among employers about the role you can play in helping your employees. And, there are a number of benefits to your company, your employees and the surrounding community.

    This initiative results in employees having the opportunity to purchase their own homes thanks to [insert company name]. Well help you explore a flexible menu of employer assisted homeownership options and a range of choices to best fit your companys needs and budget. We will also provide you with the tools and assistance you may need to smoothly administer your program.

    Overview PresentationThere are a number of different Workforce Home Benefit options [insert company name] can offer employees. Any combination of options can be chosen and Ill briefly explain the details of each.

    The options well cover today are the most common and include:Home Buyer Educationlow cost; little administrative effort; easily understood by employees; usually a component of other optionsRepayable Loanrelatively low cost; some administrative effort; easily understood by employeesDeferred Loanrelatively low cost; some administrative effort; easily understood by employeesForgivable Loanrelatively low cost; more administrative effort; easily understood by employeesMatched Savings Accountrelatively low cost; more administrative effort; easily understood by employeesGranthigher cost; less administrative effort; easily understood by employeesLoan Guarantyrelatively low cost; less administrative effort; easily understood by employees; more risk

    If you have ideas of other options, we can work with you to explore these options.

    For any of these options, [insert company name] can set eligibility requirements for your employees to participate. For example, requirements can be based on job position, length of service, location, pay level, first time home buyers, etc. The parameters you set are ultimately based on what you want to achieve through the program attraction, retention, productivity, appreciation, neighborhood revitalization, etc.

    You would also have the ability to make decisions about the level of benefit to provide to eligible employees. Examples of this include a flat amount or percentage of home price, vesting period, repayment period and repayment terms, etc.

    You and the employee can also take advantage of state and local funding incentives to buy a home increasing the employees buying power.

    [Note to Speaker: Insert information you know about local programs available in your area.]

    Theres a guide in the toolkit, called the Plan Option Matrix, which provides more information about each of the initiative options. We can also discuss how Freddie Mac can help you with the decision-making process. Overview PresentationThe items listed here are included in this toolkit and in electronic form on the CD-ROM in the toolkit so you can customize the tools to your program.

    ToolkitOverview brochureFunctional design development toolsMortgage products informationAdministration toolsTemplate employee marketing materials in English and SpanishEmployee brochureIntranet templatePoster/flyerHR training presentation contentOverview PresentationIn addition to providing comprehensive information and materials contained in the Workforce Home Benefit toolkit, Freddie Mac will identify homeownership education and counseling resources, a full range of affordable mortgage loan products, suitable lenders, and local and state resources.

    Freddie Mac will also provide you with the tools and assistance you may need to design and administer your program. Overview PresentationDo you have any questions?

    [Note to Speaker: Refer to the Questions and Answers included in the overview brochure for employers. You may be asked if Freddie Mac offers Workforce Home Benefit to our own employees.

    In addition, you may receive more detailed ques