Employer-Assisted Housing Program
In an effort to contribute to the City of Cleveland's renaissance and assist employees in the pursuit of home ownership, in 2004 Case began offering a housing benefit to employees through the Employer-Assisted Housing Program (EHP). This innovative partnership between Case, the City of Cleveland, University Circle, and other local community development corporations, and in consultation with Fannie Mae, has designed a program to assist employees with homeownership and revitalizing neighborhoods.
The program will be used to provide closing costs and/or down payment assistance to participating benefits-eligible employees. Several down payment assistance options are available to Case employees. The maximum assistance provided by Case will be up to $10,000 per household over a six-year period, with the first payment of $5,000 to be paid into escrow and used for down payment and/or payment of closing costs. The remaining five payments of $1,000 each will be distributed annually on the anniversary date of the first payment.
Employees who purchase homes in Wards 6, 7, 8, or 9 (those closest to the campus) may also receive a $5,000 special incentive payment, increasing the total benefit to $15,000 per household over a six-year period, with the first payment of $7,500 to be paid into escrow and used for down payment and/or payment of closing costs.
The remaining five payments of $1,500 each will be distributed annually on the anniversary date of the first payment. In addition, the program will provide a benefit to employees who are current Cleveland homeowners by providing $1,000 for exterior renovations to an existing home in Cleveland, provided the total cost of the renovations exceeds $5,000.
For further details of the EHP, including employee requirements and home eligibility requirements, see http://www.cwru.edu/finadmin/humres/benefits/ehp.html.
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