Peter Elkowitz BWH Boston 2011
Upcoming SlideShare
Loading in...5

Peter Elkowitz BWH Boston 2011






Total Views
Slideshare-icon Views on SlideShare
Embed Views



0 Embeds 0

No embeds



Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
Post Comment
Edit your comment

    Peter Elkowitz BWH Boston 2011 Peter Elkowitz BWH Boston 2011 Presentation Transcript

    • Bring Workers Home – Boston!
      2011 Regional Forum On Workforce Housing
      July 28th, 2011
      Long Island Housing Partnership, Inc.
      Peter J. Elkowitz, President & CEO
    • Economic Development Through
      Public / Private Partnerships
      Retaining and Recruiting Qualified Employees
    • The Long Island Housing Partnership Mission
      To provide affordable housing opportunities to those who, through the ordinary marketplace, would be unable to secure decent and safe homes. LIHP accomplishes this through development, technical assistance, education and advocacy.
    • LIHP Board and Membership Structure
      LIHP Board of Directors is comprised of Regional Policy Makers
      Long Island Board of Realtors (LIBOR)
      Former County Executives
      Banking Partners
      Long Island Builders Institute (LIBI)
      Bi-County Religious Organizations
      Utilities (LIPA & National Grid) and Transportation (MTA)
      Labor / Unions
      Long Island Association (LIA) Bi-County Business Organization
      Educational Community
      LIHP is a Membership Organization
      Private Businesses (Law firms, CPA firms, Developers, all facets)
      Educational Institutions
      Religious Organizations
      Labor / Unions
    • Government
      Participation through grants
      Federal “HOME” Funds through Nassau & Suffolk Counties
      New York State Affordable Housing Corporation (AHC) Grant
      Special $25,000,000 Allocation “HELP” from State Senate Delegation members
      Joint NFP & Government Program Administration
      LIHP administers
      Nassau County “HOME” funds
      New York State Affordable Housing Corporation Funds
      New York State Senate “HELP”
      Suffolk County administers its own “HOME” funds
    • Employer misconceptions
      Too costly
      Only costs to employer are the matching grant funds
      Very limited administration costs
      Too complicated
      Employee education for programs handles by LIHP
      Counseling for homebuyer education done at no cost by LIHP
      Time Consuming
      LIHP handles all employee calls, questions and concerns
      Administrative drain
      LIHP administers the program after employer qualifies the employee up to the closing and rehab of the home
    • Goals of a successful program
      Retain qualified employees
      Recruit new employees
      Improve employee moral
      Improve corporate image
    • “Sell the Sizzle - not the Steak” – Most employers are busy and do not want to establish a program that is cumbersome and costly to administer.
      Employer participation is simple
      A minimum of paper work
      Employer customizes the program to their company’s specific needs
      Major benefits to the company
      LIHP will assist in program roll-out to employees
      Literature distribution
      Lunch and Learn sessions
    • Benefits to the Company
      Retain competitive edge
      Reduce employee turnover
      Save on hiring costs
      Save on training costs
      Increase loyalty
      Improve employee morale
      Increase worker performance
      “Great Place to Work” Company branding
    • Suggested Housing Benefit Program Guidelines
      Longevity / attendance requirement:
      Employee must have 1(any #) year of service in “good standing” (absences, yearly reviews, etc.)
      Category of employee:
      Select category of employees (full time or part time) be sure the category is non-discriminatory
      Grant availability:
      Employer can limit grants to any number per year (allows budgeting impact calculations)
      Employee requirements:
      Qualifies employees for their requirements before requesting inclusion in the program
      Repayment of grant after X years if separated
    • Sample Housing Benefit Program
      XYZ Company Housing Benefit Program
      Full time employees who have 1 year of employment are eligible for XYZ’s benefit and will receive $5,000 (net) in a down payment assistance grant.
      Full time employees who have 3 years of employment are eligible for XYZ’s benefit and will receive $7,500 (net) in a down payment assistance grant.
      Full time employees who have 5 years of employment are eligible for XYZ’s benefit and will receive $10,000 (net) in a down payment assistance grant.
      Employees must qualify under the income guidelines of the program
      Employees must purchase a home on Long Island (Nassau or Suffolk County)
      The home must be their primary residence
      Employees must remain an XYZ’s employee for at least 3 years or the grant must be repaid in full
      Employees will be considered for the yearly grant on a first-come first serve basis
      The grant funds will be distributed to the employee at the closing
    • LIHP Process for the Employee:
      Your employer has established a housing benefit grant to help you purchase a home. This grant will allow the Long Island Housing Partnership (LIHP) to match your employer’s contribution with other monies from federal and state sources, including the “HELP” program, to assist you with a down payment. In addition, you may qualify for funds to help you fix your home with a rehabilitation grant. Here’s what you need to do:
      1)     Do not start looking for a homeuntil you know you are fully qualified by your employer and LIHP.
      2)     If you are interested in participating in the program you must speak to the human resources department or your supervisor. You must first qualify for your employer’s program to get the employer’s grant.
      3)     Your employer will contact LIHP, in writing, with your information.
      4)     When LIHP receives the letter from your employer, they will send you an application for the program.
      5)     You must fill out the application and provide all the documentation requested. When completed, please return it to LIHP.
      6)     When your application is received, it will be reviewed for all the program requirements and a letter of ‘eligibility’ will be sent to you asking you to call for a counseling appointment at LIHP. This service will assist you in finding the best available mortgage products for you, which may include low rates and other grant opportunities. Please allow two hours for this appointment.
      7)     After your mortgage counseling appointment, you will be fully informed of the process and of all the grants you are eligible for. You will also know how much you can comfortably qualify for as you start looking for a home.
      8)     When you have found a home, contact LIHP and follow the process, given to you at your counseling appointment, so that the funds from your employer and other sources can be set-aside for your closing date.
      9)     The Long Island Housing Partnership will work with you throughout the whole process and help you, in every way possible, to make your home-buying experience satisfying and successful.
    • Layering Subsidies
    • Nassau / Suffolk
      HUD Income Limits
      Updated – June 27, 2011
    • How it works for the different income groups with a $3,000 employer grant:
    • How it works for the different income groups with a $5,000 employer grant:
    • How it works for the different income groups with a $7,500employer grant:
    • How it works for the different income groups with a $10,000 employer grant:
    • Long Island Housing Partnership’s EAH Program
      Over $12 million awarded in grants
      Over $1.5 million in employer matching grants
      Over $100 million in home mortgages generated
      Over 330 employees assisted
      Over 130 employers with from 3 to 22,600 employees
      Large Multinationals
      Northrop Grumman
      BAE Systems
      Brookhaven National Laboratory
      Unions, Not-For-Profits & Hospitals
      Local 25 IBEW
      Nassau County Coalition Against Domestic Violence
      North Shore LIJ Hospital System (LI largest Employer)
      Adelphi University
      Stony Brook University
      Hofstra University
      Financial Institutions
      Bethpage Federal Credit Union
      Bridgehampton National Bank
      Citizens Bank RBS (Long Island)
      Small Entrepreneurs, Professionals
      Starlite Auto Body Inc.
      KandallFarnworth & Pubins CPA's PC
      Powerhouse Gym of Lindenhurst
      In Summary
      A Productive Economic Development Tool
      A Successful Public/Private Partnership
    • What if an employer cannot participate by contributing financially?
      LIHP and the employer can still have a relationship that will benefit their employees
      The employer can offer all of LIHP’s programs and services
      The employees will have access to other grants, housing and education
      Mortgage Counseling and Homebuyer education
      First Home Club savings program
      Counseling for refinancing
      Default or Foreclosure Counseling
      Affordable Homeownership Housing Opportunities
      Affordable Rental Programs
      Down Payment Assistance Programs
      Neighborhood and Community Stabilization Programs (NSP and CSP)
      Homeownership Emergency Mortgage Assistance Program (HEMAP)
      Rehabilitation Emergency Assistance Program (REAP)
    • The Long Island Housing Partnership, Inc.
      180 Oser Avenue – Suite 800
      Hauppauge, New York
      631.435.4751 fax
      Peter J. Elkowitz, Jr. Diana Weir James Britz
      President & CEO Executive Vice President Vice President