Workers in California may have a better shot at affordable housing thanks to an employer-assisted housing program from the California Association of Realtors, Fannie Mae, California Assemblymember Juan Vargas, D-San Diego, and local lenders.

TheCAR Employer Assisted Housing Program aims to increase affordable home ownership for California’s workforce through access to housing information and education, home-ownership assistance and low-cost financing options, CAR said Thursday.

Through the combined efforts of real estate professionals, lending and business partners, this initiative will utilize Employer Assisted Housing, or EAH, benefit plans to increase housing and economic development opportunities in California, according to CAR.

Understanding the home-buying process and getting enough money for the down payment and closing costs remain the primary hurdles for many families seeking a mortgage loan, CAR said. Hence, employers can help employees realize their dreams of home ownership by offering an EAH benefit plan, according to CAR.

Employers can choose from a variety of EAH benefit options, including access to home-buying workshops by participating real estate professionals, or a financial benefit, such as a loan or grant to help fund down payments, closing costs or interest-rate buy-downs, CAR said.

In turn, EAH will serve as a tool employers can use to attract and retain qualified employees, revitalize neighborhoods and reduce employee commutes, the association said.

“CAR created this initiative to empower our members to provide a new resource to meet the region’s critical need for affordable home ownership, and we appreciate Fannie Mae’s strong support in helping us achieve this goal,” said Jim Hamilton, the association’s president.

“By working with local chambers of commerce, participating lenders and local governments, we hope to make home ownership more accessible for working Californians,” Hamilton said.

***

Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×