HomeWorks – an Employer Assisted Housing Program

Having a difficult time recruiting new employees? Or having a difficult time retaining them once they’ve been hired? If so, the Texas State Affordable Housing Corporation is pleased to announce the launch of HomeWorks - an employer assisted housing program.  Employer assisted housing programs are aimed not only at providing an affordable financing product to homebuyers, but can aid employers in recruiting new employees by offering an incentive not offered by other employers.

At this time, TSAHC is looking for employers interested in participating with us! TSAHC virtually administers the program on the employer’s behalf. 

HomeWorks is a downpayment incentive program, that offers up to $4,000 in matching funds for downpayment and closing cost assistance courtesy of the Corporation and the participating employer. Here are the specifics:

• TSAHC and participating Employers will each match dollar for dollar of an Employee’s contribution toward downpayment and closing costs (up to $2,000 each)
• Matching assistance is provided to the Employee in the form of a deferred forgivable second lien loan, with 1/3rd forgiven each year of employment
• If the Employee leaves or is terminated by the Employer, the remaining balance of the assistance is to be paid back to TSAHC and Employer
• Employer can contribute a total set amount to the program, and offer it to Employees on a first-come, first-served basis
• The Employee must be employed by participating Employer for at least 6 months, with a minimum commitment of 3 years to the Employer prior to full loan forgiveness
• The Employee must meet income and purchase price limits, while meeting standard mortgage underwriting requirements demonstrating credit worthiness
• The Employee will be required to complete a homebuyer education course prior to receiving the assistance
• The Employee must occupy the purchased home as his or her primary residence

TSAHC’s Board has already approved a $50,000 commitment to the program.  The Board strongly believes that HomeWorks will aid in recruitment and retention, and will give low-income families an avenue for becoming homeowners.  

It is our goal to make the program as user-friendly for employers and employees alike. If you are interested in becoming a participating employer, TSAHC would like to arrange a time to discuss the program further with you.  Please contact Paige McGilloway at (888) 638-3555 x411 or by email at pmcgilloway@tsahc.org.