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Employer Assisted Housing

What is Employer Assisted Housing (EAH)?

The Pennsylvania Housing Finance Agency is pleased to offer an Employer Assisted Housing (EAH) Initiative to help address the issues regarding the lack of affordable housing for low- to moderate-income workers. Throughout the country and certainly throughout Pennsylvania, homeownership is beyond the reach of core community employees, medical personnel, school employees, police and fire personnel, county workers, laborers, service industry staff, etc.

Participating Employers who offer a monetary home purchase benefit partner with PHFA to stretch their employee's home buying dollars even further. Although the employers' benefits do not have to be contingent on a PHFA mortgage, if the employee is approved for a PHFA mortgage, through a participating lender, the borrower will receive substantial financial advantages at no cost to the employer! An Employer Assisted Housing program benefits everyone; the employee, the employer, and the local communities.

Benefits to the Employee:

Eligible employees can receive a Keystone Advantage Assistance Loan of up to $8,000 for downpayment and/or closing cost assistance in the form of an interest free loan amortized over 10 years. Employees must meet the eligibility requirements for the Advantage Program to qualify. Assistance under the Program is limited to the lesser of 4% or $6,000 to non EAH borrowers.

Benefits to the Employer:

  • Reduced turnover costs
  • Greater retention
  • Attractive recruiting feature
  • Controlled expense-set budget amount
  • Community revitalization
  • Eases tardiness and sick leave use
  • Strengthens loyalty and morale

Combining the Employers benefit with a PHFA mortgage will save the employee thousands of dollars over the life of the mortgage loan. All PHFA loans offer the following advantages to eligible borrowers:

  • Competitive rates and fees
  • Free homebuyer counseling
  • Downpayment and closing cost assistance
  • 30 year, fixed-rate terms
  • Mortgages for new or existing homes
  • Conventional, FHA, VA, and RD loans
  • Funds are available year round
  • Refinance loan programs available

Is an Employer Assisted Housing (EAH) benefit right for my company?

For employers, the cost of recruitment and retention of employees is a key business concern. High turnover rates affect the bottom line. Offering a loan, forgivable or not, to help defray closing costs or downpayment money has a positive impact. In addition, EAH programs have shown to improve employee morale, as well as reduce absenteeism and tardiness. The benefit can also be designed to consider community revitalization in and around the place of business. Such a program can also encourage employees to live near their workplace, which reduces commuting time and stress and results in additional time spent with family.

PHFA programs have significant advantages for eligible homebuyers such as competitive interest rates, fewer fees, and free homebuyer education, to name a few. When an employer partners with PHFA, their employees reap even more advantages. Eligible employees can receive a Keystone Advantage Assistance Loan of up to $8,000 for downpayment and/or closing cost assistance in the form of an interest free loan amortized over 10 years. Employees must meet the eligibility requirements for the Advantage Program to qualify. Assistance under the Program is limited to the lesser of 4% or $6,000 to non EAH borrowers.

An Employer Assisted Housing benefit shows that the employer cares about the well being of their staff. The benefit can help employees resolve the most common barrier to homeownership: funds to pay for closing costs and/or downpayment expenses.

Where to start: