Peter Elkowitz BWH Boston 2011

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Peter Elkowitz BWH Boston 2011

  1. 1. Bring Workers Home – Boston!<br />2011 Regional Forum On Workforce Housing<br />July 28th, 2011<br />Long Island Housing Partnership, Inc.<br />Peter J. Elkowitz, President & CEO<br />
  2. 2. Economic Development Through <br />Public / Private Partnerships<br />Retaining and Recruiting Qualified Employees <br />
  3. 3. The Long Island Housing Partnership Mission<br />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.<br />
  4. 4. LIHP Board and Membership Structure <br />LIHP Board of Directors is comprised of Regional Policy Makers<br />Long Island Board of Realtors (LIBOR)<br />Former County Executives<br />Banking Partners<br />Long Island Builders Institute (LIBI)<br />Bi-County Religious Organizations<br />Utilities (LIPA & National Grid) and Transportation (MTA)<br />Labor / Unions<br />Long Island Association (LIA) Bi-County Business Organization<br />Educational Community<br />LIHP is a Membership Organization<br />Private Businesses (Law firms, CPA firms, Developers, all facets)<br />Media<br />Educational Institutions<br />Religious Organizations<br />Finance<br />Labor / Unions<br />
  5. 5. Government <br />Participation through grants<br />Federal “HOME” Funds through Nassau & Suffolk Counties <br />New York State Affordable Housing Corporation (AHC) Grant<br />Special $25,000,000 Allocation “HELP” from State Senate Delegation members<br />Joint NFP & Government Program Administration<br />LIHP administers<br />Nassau County “HOME” funds<br />New York State Affordable Housing Corporation Funds<br />New York State Senate “HELP”<br />Suffolk County administers its own “HOME” funds<br />
  6. 6. Employer misconceptions<br />Too costly<br />Only costs to employer are the matching grant funds<br />Very limited administration costs<br />Too complicated<br />Employee education for programs handles by LIHP<br />Counseling for homebuyer education done at no cost by LIHP<br />Time Consuming<br />LIHP handles all employee calls, questions and concerns<br />Administrative drain<br />LIHP administers the program after employer qualifies the employee up to the closing and rehab of the home<br />
  7. 7. Goals of a successful program<br />Retain qualified employees<br />Recruit new employees<br />Improve employee moral<br />Improve corporate image<br />
  8. 8. “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.<br />Employer participation is simple<br />A minimum of paper work<br />Employer customizes the program to their company’s specific needs<br />Major benefits to the company<br />LIHP will assist in program roll-out to employees<br />Literature distribution<br />Lunch and Learn sessions<br />Counseling<br />
  9. 9. Benefits to the Company<br />Retain competitive edge<br />Reduce employee turnover<br />Save on hiring costs<br />Save on training costs<br />Increase loyalty <br />Improve employee morale<br />Increase worker performance<br />“Great Place to Work” Company branding<br />
  10. 10. Suggested Housing Benefit Program Guidelines<br />Longevity / attendance requirement: <br />Employee must have 1(any #) year of service in “good standing” (absences, yearly reviews, etc.)<br />Category of employee: <br />Select category of employees (full time or part time) be sure the category is non-discriminatory<br />Grant availability:<br />Employer can limit grants to any number per year (allows budgeting impact calculations)<br />Employee requirements:<br />Qualifies employees for their requirements before requesting inclusion in the program<br />Repayment of grant after X years if separated<br />
  11. 11. Sample Housing Benefit Program<br />XYZ Company Housing Benefit Program<br />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.<br />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.<br />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.<br />Employees must qualify under the income guidelines of the program<br />Employees must purchase a home on Long Island (Nassau or Suffolk County)<br />The home must be their primary residence<br />Employees must remain an XYZ’s employee for at least 3 years or the grant must be repaid in full<br />Employees will be considered for the yearly grant on a first-come first serve basis<br />The grant funds will be distributed to the employee at the closing<br />
  12. 12. LIHP Process for the Employee:<br />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:<br />1)     Do not start looking for a homeuntil you know you are fully qualified by your employer and LIHP.<br />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.<br />3)     Your employer will contact LIHP, in writing, with your information.<br />4)     When LIHP receives the letter from your employer, they will send you an application for the program.<br />5)     You must fill out the application and provide all the documentation requested. When completed, please return it to LIHP.<br />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.<br />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.<br />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.<br />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.<br />
  13. 13. Layering Subsidies<br />
  14. 14. Nassau / Suffolk<br />HUD Income Limits<br />Updated – June 27, 2011<br />
  15. 15. How it works for the different income groups with a $3,000 employer grant:<br />
  16. 16. How it works for the different income groups with a $5,000 employer grant:<br />
  17. 17. How it works for the different income groups with a $7,500employer grant:<br />
  18. 18. How it works for the different income groups with a $10,000 employer grant:<br />
  19. 19. Long Island Housing Partnership’s EAH Program<br />Over $12 million awarded in grants <br />Over $1.5 million in employer matching grants<br />Over $100 million in home mortgages generated<br />Over 330 employees assisted<br />Over 130 employers with from 3 to 22,600 employees<br />Large Multinationals <br />Northrop Grumman<br />BAE Systems <br />Brookhaven National Laboratory<br />Unions, Not-For-Profits & Hospitals<br />Local 25 IBEW<br />Nassau County Coalition Against Domestic Violence<br />North Shore LIJ Hospital System (LI largest Employer)<br />Universities<br />Adelphi University<br />Stony Brook University<br />Hofstra University<br />Financial Institutions<br />Bethpage Federal Credit Union<br />Bridgehampton National Bank<br />Citizens Bank RBS (Long Island)<br />Small Entrepreneurs, Professionals<br />Starlite Auto Body Inc.<br />KandallFarnworth & Pubins CPA's PC<br />Powerhouse Gym of Lindenhurst<br /> In Summary<br />A Productive Economic Development Tool<br />A Successful Public/Private Partnership<br />
  20. 20. What if an employer cannot participate by contributing financially?<br />LIHP and the employer can still have a relationship that will benefit their employees <br />The employer can offer all of LIHP’s programs and services<br />The employees will have access to other grants, housing and education<br />Mortgage Counseling and Homebuyer education<br />First Home Club savings program<br />Counseling for refinancing<br />Default or Foreclosure Counseling<br />Affordable Homeownership Housing Opportunities<br />Affordable Rental Programs<br />Down Payment Assistance Programs<br />Neighborhood and Community Stabilization Programs (NSP and CSP)<br />Homeownership Emergency Mortgage Assistance Program (HEMAP)<br />Rehabilitation Emergency Assistance Program (REAP)<br />
  21. 21. The Long Island Housing Partnership, Inc.<br />180 Oser Avenue – Suite 800<br />Hauppauge, New York<br />631.435.4710<br />631.435.4751 fax<br />www.lihp.org<br />Peter J. Elkowitz, Jr. Diana Weir James Britz<br />President & CEO Executive Vice President Vice President<br />

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