New program features a tiered incentive for employees who purchase homes in Cicero or Maywood, or in targeted neighborhoods in the city of Chicago.
Park National Bankmade a bold leadership move in October, when it introduced
itsnew employer-assisted housing program in various branches across the region.
The program features a tiered incentive, with up to $10,000 in down payment and
closing cost assistance, available to households that purchase a home in Cicero
or Maywood, or in Chicago's Austin, East Side, Englewood, Logan Square, Pullman,
Roseland, South Chicago, or West Garfield neighborhoods.
"Given the current economic times, our new employer-assisted housing program
is a way to keep our employees focused on maintaining the communities in which
we live and work. It's a wonderful incentive package where everyone benefits,
and we hope that other companies will follow our lead." said David Doig,
president of Park National Initiatives.
Employees will receive either $5,000 or $10,000 as down payment assistance,
as long as the home they are purchasing is located within 15 miles of the branch
where they work. In addition, employees will receive counseling from
Neighborhood Housing Services of Chicago, to make sure they end up with the
right home and loans they can afford over time.
Park National held four different information sessions for employees to learn
how the bank can help them realize their dreams of homeownership. For those
employees who were unable to attend, information will be available via the