Down Payment/Rental Assistance

Brief: Many of these types of programs can be easily implemented by employers seeking to increase their recruitment and retention of employees, or make it easier for their employees to live close to work. Public or Private downpayment or rental assistance programs provide relief to moderate and lower-income workers forced to contend with high market rate rents and purchase prices in major metropolitan areas in order to live close to job centers.

Description: Assistance programs may take the shape of a public-private partnership, direct fiscal assistance, public program, or employer-led benefit such as matching funds. Employers could potentially receive tax credits for contributing to employee housing assistance programs.

Examples:
Coastal Housing Partnership, Ventura County, CA
The partnership provides a range of financial assistance programs. Companies, such as Hatch & Parent, A Law Corporation, contribute annual membership fees which fund the program’s offerings to the participants’ employees. Employees of participating companies can receive discounts on lender fees, reduced rate mortgages, reduced broker commissions, and reductions in market rents on new leases. The rental housing assistance program is operated through an agreement between the Coastal Housing Partnership (CHP) and several local landlords that have agreed to reduce the monthly market rent on new leases on a number of their rental units for employees of CHP member companies. Firms and companies like Hatch & Parent have found it optimal to partner with a nonprofit organization in order to maximize the services available to employees. Employees benefit from the increased pool of resources offered by an outside organization which pools the resources of multiple member companies.

Teach Here, Live Here – San Jose, CA
The Silicon Valley Education Foundation says: “The program is designed to assist San José’s 19 school districts in addition to the County Office of Education, recruit new teachers especially those in the disciplines of math, science, and special education. THLH provides grants to first time teachers to help them begin their careers in San José.”

For more information on their efforts, visit: http://svefoundation.org/programs/teachers/Rental_assistance.asp


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