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Workgroup weighs employer down-payment reimbursement pilot to help employees buy near work
Summary
Senate Bill 1139 would reimburse small employers for a portion of employee down-payment assistance to increase homeownership near workplaces; members proposed narrowing eligibility by income, using AMI thresholds, or targeting public servants and small businesses.
Senator Glenn Sturtevant presented Senate Bill 1139, a proposal to incentivize employer-provided down-payment assistance with a state reimbursement to encourage employees to live near work. "If an employer provides to one of their employees down payment assistance ... this bill would then provide a small reimbursement to that employer of the lesser of 15% of the assistance provided, or $50,000 a year," Sturtevant said, adding a lifetime cap of $150,000 per employer (increased to $250,000 in designated stressed localities).
Under the draft…
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