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What is EAH?
A housing benefit plan offered by an employer to assist eligible employees with down payment and closing cost for the purchase of a home. The EAH benefit plan will become a part of your employee benefit package.
How Does EAH Work?
Each company creates a customized EAH benefit structured to meet the needs of the employee as well as the employer. Examples of types of benefits: Homebuyer Education, Forgivable Loan, Repayable Loan, Grant, Matched Savings Plan.
What is the EAH Incentive?
The EAH incentive provides matching funds to employers who setup an EAH plan. This plan provides cash to eligible employees to be used toward the purchase of a new home. For example, the employer offers their employee a 3-year forgivable loan of $2,500 as down payment funds. REI will match that amount giving the employee a total of $5,000.00 to use for the purchase a home.
Who determines the parameters of an EAH plan?
The business makes all the decisions on how their EAH benefit plan is structured. REI provides each business with extensive technical assistance throughout the entire process.
As an employer, how do I set up a plan and how long will it take?
Contact Dena Sherrill or Jeremy Layman by phone at (800) 658-2823, or via email at either dena@ruralenterprises.com or jlayman@ruralenterprises.com to get started. Once an employer decides they would like to participate, we can usually turn around a draft of the plan in about 2 weeks.
What kind of benefits can my business expect by implementing the plan?
Most businesses experience a drop in turnover and increased production.
How many employees must a business have to be eligible for the program?
Any size business is eligible as long as they have employees on the payroll.
Is there a maximum amount that you will match?
REI will match up to $2,500 per family.
What guidelines have to be met to receive the matching funds?
The employee must meet the guidelines put in place by their employer. The only other guideline that REI has is that the borrower must attend homebuyer education before receiving our matching funds.
How can I get my employer to participate in the program?
Tell them about what you’ve read on this page and let them know that you would be interested in using EAH. If they would like further information, have them contact Dena Sherrill or Jeremy Layman by phone at (800) 658-2823, or via email at either dena@ruralenterprises.com or jlayman@ruralenterprises.com.
Do I have to be a first-time homebuyer?
That is determined by the employer while structuring their EAH benefit plan.
For more information: Email Dena Sherrill, or call REI at 1-800-658-2823
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