7 Employers Who Want to Help You Buy a House
Hello, my friend, hello again; today we come together to talk about 7 Employers Who Want to Help You Buy a House and hope the blog can help you.
In an era where job perks are king and housing expenses are high, among the most attractive fringe benefits are programs that assist workers in buying new homes. Many employer-assisted housing (EAH) programs stem from state and community efforts to partner with employers—mainly large companies, government entities, or nonprofit corporations—to encourage home buying in specific areas. These programs serve as recruitment and retention tools for employers, but they also help employees by providing assistance with down payments or closing costs, reduced mortgage interest rates, and subsidized second mortgages, to name a few sought-after benefits. If you’re looking for both a new job and a new home, check out this list of employers who offer EAH incentives.
Red Gold Foods in Indiana
A major producer of tomato products, Red Gold Foods offers to pay 5 percent of an employee’s required mortgage down payment, up to $10,000. The worker must purchase a new home near one of the company’s Indiana processing plants, which are located in the communities of Alexandria, Elwood, Orestes, or Geneva. Career path choices at Red Gold range from office support and lab assistance to quality assurance, maintenance, production, and electrical work, guaranteeing a wide variety of job options for skilled trade employees and college graduates alike. Click here for more.
Johns Hopkins in Baltimore, Maryland
Many full-time employees at Johns Hopkins facilities, including Johns Hopkins Hospital and Johns Hopkins University, can apply for housing grants of between $5,000 and $17,000. To be eligible, the employee must purchase a home within specified boundaries and complete a required homeownership counseling class. The home must be the employee’s primary residence, and it can’t be sold for five years, or else a portion of the grant may need to be repaid. Click here for more.
Brookhaven National Laboratory in Upton, New York
flickr.com via Brookhaven National Laboratory
Located on Long Island, Brookhaven is one of the largest multipurpose science and research facilities in the United States, employing nearly 3,000 scientists and engineers. The laboratory conducts research on renewable energy, climate, medicine, physics, and virtually everything in between. Brookhaven employees are eligible to participate in a larger Long Island housing initiative that offers up to $5,000 toward the down payment on a house in Suffolk or Nassau counties. A minimum five-year work commitment to Brookhaven is required. Click here for more.
Chicago Public School District
In an effort to attract quality K-12 teachers, Chicago Public Schools (CPS) provides a $3,000 loan to teachers purchasing their first home in the Chicago school district. The loan can be forgiven if a teacher works for the schools for five years; otherwise, it must be repaid. Teachers can also take advantage of a CPS-partnered “Tax Smart” program, which allows them to reduce their reported taxable income by up to $2,000 every year they pay their home mortgage. Click here for more.
Yale New Haven Hospital in New Haven, Connecticut
Wikimedia Commons via YNHHEditor
The Yale New Haven Hospital employs more than 12,500 workers. (Approximately 4,000 of these are medical staff, with the rest in support roles.) The hospital has developed its own Home Ownership Made Easier (HOME) program that provides up to $10,000 in forgivable loans to employees purchasing their first home. To qualify, you must reside in the home for a minimum of five years and remain a hospital employee during that time. Click here for more.
U.S. Government in Washington, D.C.
Government employees in Washington, D.C., can take advantage of some of the best EAH benefits around. The housing program, which is open to employees purchasing their first home, includes a deferred 0 percent interest loan of up to $20,000. This loan may be used for a down payment or closing costs, and it need not be paid back until the employee sells or refinances the home. To qualify, the employee must agree to a five-year work commitment. Click here for more.
University of Southern California in Los Angeles
Eligible faculty and staff at the University of Southern California (USC) can participate in the USC Neighborhood Homeownership Program, which encourages employees to purchase homes near the university. Over a seven-year period, employees can receive the lesser of $50,000 or 20 percent of their home’s purchase price, as long as they remain employed by USC and live in the home. This mortgage “rebate,” however, is treated by the IRS as taxable income, so recipients will have to pay income tax on the value of the rebate. Click here for more.