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News Releases
Apr 19, 2004
Shoreline Community College to Offer Extensive Employer-Assisted Housing Benefit to Educators and Other Staff through Hometown Home Loan Program
SHORELINE, WA – U.S. Representative Jay Inslee (D-WA) today joined housing leaders and educators to announce the Shoreline Community College Hometown Home Loan Program, which offers significant savings on mortgage closing costs to all Shoreline Community College employees. In addition, first-time home buyers can take advantage of up to $5,000 in down payment and closing cost assistance, low-cost mortgages, and free pre-purchase counseling. This employer- assisted housing (EAH) initiative is designed to help employees live in the community where they work, and to help close the gap between housing affordability and income.
The Shoreline Community College Hometown Home Loan Program provides affordable and flexible mortgage options, thanks to a collaboration between Seattle-based HomeStreet Bank, the Washington State Housing Finance Commission (WSHFC), and Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages.
"When our teachers live in the communities in which they work, our whole community benefits,” said Rep. Inslee. "I applaud Shoreline Community College’s leadership in working with both the public and private sectors to craft solutions that help meet our educators’ needs. Employer-assisted housing benefits are a win-win for Washington’s working families and for businesses.”
"We are grateful to all of the partners who have helped make this initiative a reality for employees of Shoreline Community College,” said Dr. Holly Moore, president of Shoreline Community College. "The cost of homeownership has skyrocketed over the last decade, and the Hometown Home Loan Program will make it possible for many of our employees to experience the pride of homeownership for the first time. Providing this benefit for our employees will enhance their job satisfaction and give them more opportunities for community and school involvement.”
The Shoreline Community College Hometown Home Loan Program offers a variety of benefits through HomeStreet Bank, including reduced loan fees and closing costs and free pre-approvals. Additionally, Shoreline Community College employees can take advantage of many down payment assistance programs available through the program. Qualified first-time home buyers can receive up to $5,000 in the form of a $3 to $1 matched savings program for down payment and closing cost assistance. Also, they can receive extensive pre-purchase counseling at no cost through HomeStreet’s partnership with HomeSight, a nonprofit affordable housing organization.
"We congratulate Shoreline Community College for finding such a positive way to assist their employees to become homeowners,” said Karen Miller, Washington State Housing Finance commission chair. "Owning your own home gives you a stake in the community and when an employer works hard to help its employees live in the same community in which they work, it is a win-win for everyone. We are very pleased that House Key Teacher was recently expanded to include community college employees like those represented here today.”
"Shoreline Community College is providing an important benefit to their employees by helping them become homeowners,” said Bruce Williams, chief executive officer of HomeStreet Bank. "In our experience, employees who want to buy homes are very appreciative when their employer helps them reach that goal. HomeStreet Bank is committed to working with our partners to expand employer-assisted housing benefits in Washington, Oregon and Hawaii.”
The Shoreline Community College Hometown Home Loan Program utilizes other mortgage financing products, including House Key Teacher, a mortgage option created by WSHFC with assistance provided by Fannie Mae that permits the borrower to contribute as little as $500 or one percent of the home purchase price toward the total down payment requirement of three percent, and considers non-traditional credit histories. HomeStreet Bank will originate all mortgage loans under the Shoreline Community College Hometown Home Loan Program, and Fannie Mae will purchase the eligible loans.
This year marks the 10th anniversary of HomeStreet’s Hometown Home Loan Program. The program was the result of an initiative by the Seattle Police Department to increase affordable homeownership opportunities to Seattle’s Police and Fire personnel. The city of Seattle officially adopted the program as a benefit for all of its employees in 1996. Since its inception, more than 5,000 people—including more than 2,200 first-time home buyers—have used the program, saving more than $5.8 million in closing costs and fees.
Shoreline Community College will be the 29th employer to offer the Hometown Home Loan Program. HomeStreet Bank recently was honored with Fannie Mae’s Community Lending Hero award in recognition of its corporate leadership, innovation, level of commitment and achievements in expanding homeownership opportunities.
"Employers such as Shoreline Community College can help their staff realize their dreams of homeownership by offering this benefit, while getting dedicated and satisfied employees in return. This is an excellent way to recruit quality employees and keep them on the job,” said Heyward Watson, director of the Fannie Mae’s Washington Partnership Office. "The leadership of Shoreline Community College is to be commended for offering this program, and HomeStreet Bank has been a tremendous partner in expanding employer-assisted housing programs throughout the region.”
Fannie Mae has assisted nearly 600 public and private employers across the nation establish EAH plans, with a goal to help 1,000 employers across America establish EAH plans by the end of the decade. Through its EAH initiative, Fannie Mae provides free technical assistance to employers that are interested in developing EAH plans. Fannie Mae recently announced its Expanded American Dream Commitment®, which includes an effort to identify the housing tools, such as EAH programs, that can have the greatest impact in serving working families and then expand the use of these tools to create workforce housing solutions.
For more information about the Shoreline Community College Hometown Home Loan Program, please call HomeStreet Bank at (888) 425-6990, or visit www.homestreet.com/shorelineCC.
For more information on Fannie Mae’s affordable mortgage products, consumers may call Fannie Mae’s Consumer Resource Center at 1-800-7FANNIE (1-800-732-6643), Monday through Friday, 9:00 a.m. to 5:00 p.m. EST.
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