Chase Holmes, a program manager in the community health equity department at Cleveland Clinic, has enjoyed the convenience and sense of community that comes with living close to his workplace. Thanks to the Greater Circle Living home purchase program, which provides housing assistance to employees, Holmes was able to buy a townhouse in the Fairfax neighborhood of Cleveland, just minutes away from his job.
Through this program, Cleveland Clinic offers forgivable loans of up to $20,000 to help employees purchase homes near their workplace. Over 100 main campus workers have taken advantage of this benefit, with the loan forgiven if the employee remains with Cleveland Clinic and resides in the home for 60 months following purchase.
This initiative is part of a larger trend among employers nationwide to provide housing assistance as an employee benefit. A recent survey by insurance agency JW Surety Bonds found that one in four employers are considering offering housing assistance this year, while over a quarter of workers would consider changing jobs to secure such benefits.
Vickie Johnson, senior vice president and chief community officer at Cleveland Clinic, emphasizes the importance of such programs in strengthening the community around the workplace and enhancing attraction and retention efforts.
In addition to the home purchase program, Cleveland Clinic offers existing home repair and rental assistance programs through Greater Circle Living, benefiting over 510 employees in total. For Holmes, living near his workplace not only fosters trust within the community but also underscores Cleveland Clinic’s commitment to its surroundings.
Similarly, the University of Pennsylvania has a long-standing tradition of providing housing assistance to its employees, dating back to 1965. Despite challenges such as rising housing prices and interest rates, the university remains committed to offering a range of housing options to accommodate employees from various income levels.
Through forgivable loan programs and closing cost reduction initiatives, institutions like Cleveland Clinic and the University of Pennsylvania are not only providing valuable benefits to their employees but also serving as anchor institutions in their respective communities. These efforts reflect a broader commitment to employee well-being and community development.