Employer Assisted Housing in Seattle Current Programs and Future Prospects - Mark Ellerbrook Seattle Office of Housing

Background  Seattle Office of Housing Housing Levy Federal Programs Policy  Housing Issues in Seattle Homelessness Workforce Housing – Income v. Housing Cost  Median Income: $59,000 (1); $84,300 (4)  Median Home Price: $412,925

HomeTown Home Loan Program  Mortgage Program Through HomeStreet Bank  Created in 1994  Partnership w/ City of Seattle for Police and Fire  Goals Improve Emergency Response Reduce Commute Times Increase Homeownership Opportunities in Seattle

HomeTown Home Loan Program  The Hometown Home Loan Program is a no-cost benefit that is valuable to both the employer and the individual employees: Reduced closing costs Free, onsite homeownership education Flexible loan programs and down payment assistance programs Bank at Work and additional savings on home insurance Experienced staff to help facilitate outreach Monthly reports

HomeTown Home Loan Program  Results 53 Employers  Washington & Oregon  6,305 Loans, $8,066,000 in Savings  Typical Employer University of WA (2,240) AFL-CIO Unions (1,218) City of Seattle (673) Harborview Medical Center (206) Seattle Public Schools (171) Fred Hutchinson (157)

HomeTown Home Loan Program  Successes Easy to Understand Easy to Adopt  Challenges Housing Costs

EAH Tax Credit  Provides a tax incentive to employers that provide a housing benefit to employees  $0.50 per $1 spent on benefit

Tax Credit - How it could be used  Downpayment Assistance Typical:  $5,000  Forgiven over 5 years  Homebuyer Counseling  One Time Rental Assistance

EAH Tax Credit  Successes Legislative Support Enlightened Employers  Challenges State Budget Demand Employer Understanding

Observations  Most Employers Don’t Understand Housing  Many Employers Need Parity  Place Based Employers are Natural EAH Partners  EAH and Transportation are the Same Issue

Resources  Web Sites Hometown Home Loan Program  Seattle Office of Housing  Mark Ellerbrook