Friday, June 30, 2006
Employer Assisted Housing
The Coalition is actively working with several employers to implement the REACH-Illinois Program. This program provides incentives for employers who provide downpayment assistance to their employees. The incentives come in a couple of forms. First, the State of Illinois will match the downpayment assistance that an employer provides, up to $5,000. This is based on the household income of the employee. For example, if an employer provides $5,000 in downpayment assistance to an employee whose household income is less than 50% of the area median income, then the State will match that assistance with another $5,000, giving the employee $10,000 in downpayment funds.
The State will also offer tax credits to the employer for providing that assistance. These tax credits are worth 50% of the assistance provided by the employer. In the example above, the employer would receive $2,500 in state income tax credits. If the employer is a not-for-profit, they can sell these tax credits to offset the cost of their employer assisted housing program.
This is an outstanding benefit that companies can provide to their employees. The geographic area can be selected by the employer, encouraging employees to live near work. This lowers absenteeism and increases employee retention. If you are interested in learning more, please contact the Coalition office!
The State will also offer tax credits to the employer for providing that assistance. These tax credits are worth 50% of the assistance provided by the employer. In the example above, the employer would receive $2,500 in state income tax credits. If the employer is a not-for-profit, they can sell these tax credits to offset the cost of their employer assisted housing program.
This is an outstanding benefit that companies can provide to their employees. The geographic area can be selected by the employer, encouraging employees to live near work. This lowers absenteeism and increases employee retention. If you are interested in learning more, please contact the Coalition office!
