Industry News

Affordable housing program launches in California

Initiative involves employer-assisted benefits

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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 owner...