New Perk: Help Buying a Home

Christian Science Monitor (07/11/08) P. 3; Paulson, Amanda
More employers are helping workers to purchase homes as a way to reduce turnover and boost loyalty. Employer-assisted housing (EAH) programs usually consist of counseling services and downpayment assistance, often a loan that employers forgive if the worker remains with the company for a specified amount of time. Illinois was an early advocate of such programs, approving a law to provide a tax credit of 50 cents for every dollar that employers invest in EAH; a handful of other states have followed suit, and similar legislation has been rolled out at the federal level as well. "With the tightening credit market, the down-payment assistance that employers provide goes even further to help people buy a home who wouldn't be able to otherwise," says Robin Snyderman, housing director for the Metropolitan Planning Council in Chicago.