As 2009 draws to a close, MPC looks forward to an anniversary celebration. 2010 will mark the 10th year of MPC's employer-assisted housing initiative in the Chicago region. Since the first Illinois company launched a housing benefit program to reduce turnover and improve retention with an enhanced benefit package, EAH has become a valuable tool with many uses.
EAH has been utilized to attract a competitive workforce, to aid in development proposals for workforce housing, to enhance a community’s economic development efforts, and to serve as a foundation for interjurisdictional collaboration. Employers from every industry have taken advantage of claiming the EAH tool to meet their workforce development goals. The introduction of tax credits for employers and matching funds for employees through the state has further encouraged employer engagement.
The results? Impressive!
Nearly 1,900 employees in the Chicago region have purchased a home with financial help from their employer. The most common amount of assistance is $5,000 per employee, and benefits range from $500 to $20,000, depending on the program. More than 3,300 employees have received counseling and education for home purchase through EAH. The state's incentives of tax credits and matching funds have added up to $2.3 million, which has leveraged $8 million in down payment assistance contributed by employers.
MPC would like to recognize the dedication of our REACH partners, whose work with potential homebuyers and administration of EAH programs is the cornerstone of EAH success in the region. These dramatic results would not be possible without the services provided by these expert housing counseling agencies.
A special thanks to our REACH partners! We look forward to continuted success together.
- Affordable Housing Corporation of Lake County
- Community Service Council of Northern Will County
- Consumer Credit Counseling Services of Northwest Indiana
- Corporation for Affordable Homes of McHenry County
- Diversity, Inc.
- DuPage Homeownership Center
- Genesis Housing Development Corporation
- Housing Choice Partners
- Housing Opportunity Development Corporation
- Joseph Corporation
- Neighborhood Housing Services of Chicago and Elgin
- North West Housing Partnership
- Oak Park Regional Housing Center
- Spanish Coalition for Housing
- Rogers Park Community Development Corporation
