Employer-assisted housing programs provide financial assistance to employees to rent or purchase a home near their job, helping employers attract and retain high-quality employees.
Housing costs are one of the largest monthly expenses for many households. Many jobs are located in higher cost areas of a community, putting an even greater strain on household finances if employees live near their work.
Some employers have helped to tackle this issue through employer-assisted housing programs. These programs provide direct financial help to employees that are looking to rent or buy a home near their work. Some programs serving first-time-homeowners also provide homebuyer education classes and credit counseling services to help ensure a successful transition to ownership.
Employer-assisted housing programs can also have a positive impact when the employer is located in a distressed neighborhood. These programs can help attract and retain new residents, with a particular focus on providing high-quality housing options to low- and moderate-income workers and their families.
PolicyLink’s Equitable Development Toolkit features a series of resources on incorporating low-income residents and other marginalized populations into revitalization efforts. The toolkit includes an in-depth primer on employer-assisted housing programs, including a discussion of the different types of assistance and factors that employers should consider when creating programs.