Thursday August 2, 2007
For Immediate Release:
Louisville Metro Council
Contact: Tony Hyatt 574-4137/ 526-3622
Councilman David Tandy (D) 4 has introduced a new initiative designed to allow employers in Louisville help their employees buy a home while at the same time helping Metro Government build stronger neighborhoods throughout Jefferson County.
At a noon luncheon on Wednesday, Tandy was joined by officials from Freddie Mac, a federally chartered home lending institution, and BB&T to unveil the Everyday Heroes Workforce Housing Initiative.
“This is an opportunity for employers in our community to help their employees achieve the American Dream of owning a home,” said Tandy.
The purpose of the initiative is to help employees in Metro Louisville who earn an income between 80% to 110% of the area median income buy a home with the assistance of their employer. Under this initiative, an employer could assist an employee by offering money for a down payment, covering the cost of closing or offering credit counseling.
Speaking about the workforce housing initiative, Vaughn Irons, National Director, Expanding Markets Housing and Community Investment for Freddie Mac said, “We have found great success in many parts of the country when employers make this kind of investment in their employees.” Irons went on to say, “When we talk about this initiative some day in another part of the country, it would be nice to say Louisville is one of our many success stories.”
“The thought behind the initiative is through home ownership, not only are neighborhoods stabilized by families who plant roots in this community but also the local workforce is stabilized by employees who have a vested interest in making this community grow and prosper,”, said Tandy.
Major employers in Metro Louisville were on hand for the luncheon held at the Louisville Marriott Downtown to hear how the initiative has worked in other communities such as Tulsa, Oklahoma and for other employers such as CVS pharmacy.
“Our purpose today was to let, employers here know this program is available and how they can get involved,” said Tandy.
David Tandy (D) 4