Monday, July 18, 2005
EAH Makes the Paper
The Rockford Register Star posted their article on employer assisted housing today. The program sounds OK in the article. Fortunately, the program is MUCH better than the article implies. First, Housing Action Illinois is not providing the tax breaks or tax credits. The State Donation Tax Credit program is administered by the Illinois Housing development Authority. The tax deduction applies to the federal taxes that a company must pay, and it is due to the donation that the employer makes to their employee through the Rockford Area Affordable Housing Coalition.
Second, it is implied that an employer must give $10,000 in assistance to employees. That is not true. There must be a $10,000 minimum investment overall in a program, but a group of employers can create a pool in order to reach that minimum investment. For example, a group of five employers can create a group and each will invest $2,000. That group will have the $10,000 minimum requirement met by their pool.
Finally, the article discusses this as an opportunity to revitalize downtown. That is true, but it is much more than that. This is not a development program, it is a program that allows employers an extra benefit to their employees. Those companies can be of any size and any location in Illinois. This is a benefit that helps employees get into their own housing and it is a benefit that helps employers recruit and retain employees.
If you are interested in learning more, please call our office at 815/962-2011 or drop us an email. We'd be happy to send you some information and meet with you to discuss this opportunity in more detail.
Second, it is implied that an employer must give $10,000 in assistance to employees. That is not true. There must be a $10,000 minimum investment overall in a program, but a group of employers can create a pool in order to reach that minimum investment. For example, a group of five employers can create a group and each will invest $2,000. That group will have the $10,000 minimum requirement met by their pool.
Finally, the article discusses this as an opportunity to revitalize downtown. That is true, but it is much more than that. This is not a development program, it is a program that allows employers an extra benefit to their employees. Those companies can be of any size and any location in Illinois. This is a benefit that helps employees get into their own housing and it is a benefit that helps employers recruit and retain employees.
If you are interested in learning more, please call our office at 815/962-2011 or drop us an email. We'd be happy to send you some information and meet with you to discuss this opportunity in more detail.
