As employers compete to attract and retain high quality employees, the development of competitive employee benefit programs becomes increasingly important. One such benefit that is gaining in popularity is the Employer Assisted Home Buyer Program (EAHBP).
These programs — often organized in cooperation with not-for-profit home buyer counseling organizations such as RADA — also contribute to workplace productivity, improve worker morale, and, help protect the environment when benefits are designed to encourage employees to live closer to work.
When employees spend less time in their cars, they not only help reduce pollution from automobile emissions, they also spend more time with their families – quality of life – and, they are less likely to spend time looking for new employment closer where they live.
It is no coincidence that RADA’s commitment to making home ownership possible for Raleigh area citizens includes working with employers in designing and managing home buyer programs.
Our core program is based upon industry best practices as documented by both FreddieMac and FannieMae. The Fannie Mae Foundation’s publication, “Employer-Based Homeownership Program: A Business Case,” cites the following benefits to employers who sponsor internal home buyer programs:
- Increases success rate of employee recruitment initiatives
- Reduces costly employee turnover
- Improves overall productivity
- Adds new benefits at a time when some employee benefits are being reduced
According to Fannie Mae, successful employer sponsored home buyer programs include the following:
- Partnering with non-profit home buyer program managers to avoid using limited internal staff
- Networking with regional lenders or a mortgage broker to ensure maximum choices of loan products, grants, and other incentives for employees
- Counseling services to ensure that both immediately qualifiable, and credit challenged employees can be assisted, sometimes over an extended period
- Incentives to encourage employees to live closer to work
- Ongoing home buyer education programs
- Regular internal promotional activities
RADA staff will work with your company to design a program that is based upon industry best practices, and which helps you compete for the best talent in today’s highly competitive human resources marketplace.
We look forward to working with you in helping make your company an even better place to work.
To learn more about our Employer Programs, contact us at (919) 807-8400.
