Homeowner Assistance City Program
Issue: Defending Workers & Families
Target Level of Office: Local
Policy Origin: City of Covington’s Department of Development, Kentucky
Link: www.YEONetwork.org/2013policy/?i=204
Summary Narrative of the Policy: The City of Covington’s Homebuyer Assistance Program is
administered by the city’s Department of Development and is meant to increase the number of
homeowners in the city. Under this program, households which met income, credit, and other
requirements may obtain zero-interest, deferred/forgivable loans to assist with purchasing an
owner-occupied home.
Relevant Talking Points & Important Information:
• Homeowner assistance programs, which can either be municipality based or employer
based, have tangible and financial benefits for workers, employers, local governments,
and communities at large. Everyone wins.
• For employees relocating for employment or seeking to own a home, the grants reduce
the enormous financial burden of buying a home, especially in cities with high housing
costs. It also saves the money and stress of commuting. Cumulatively, employee work-life
balance and performance can increase and positively affect workplace productivity.
• For school districts, city agencies, and other large regional employers like hospitals, these
programs can serve as recruitment and retention tools, and cut down on the costs of
turnover. In a study by Policy Matters Ohio, 52 percent of a metropolitan middle-income
household’s income goes towards housing and transportation costs and more than half of
that is for transportation alone. In fact, an average household’s transportation costs can
be as high as $13,000 annually. Whereas in DC, employers can expect to see as much as
$10,000 annually in commuter costs.
• For the city, the program has the ability to build a stronger and more diverse tax base,
and can lead to neighborhood revitalization and downtown economic development.
Policy
2014 Book
Local Level
25