Employers in the greater Spokane area will now have access to the Hometown
Home Loan Program, an employer-assisted housing benefit offered
through HomeStreet
Bank, one of the oldest community banks headquartered in Washington
and a subsidiary of HomeStreet, Inc. (NASDAQ: HMST). Several area
employers have already adopted the program in the Spokane area,
including Community Frameworks.
The Hometown Home Loan Program was created in 1994 to help the city of
Seattle make homeownership more affordable for its employees. Currently,
over 50 public and private companies and organizations and several labor
unions in Washington, Oregon and Hawaii offer the program. Participating
employers include the University of Washington, Harborview Medical
Center, several municipalities including the cities of Seattle and
Portland, and a number of school districts.
Program benefits include free homeownership education, significant
savings on purchases and refinances, and access to down payment
assistance. Through the Hometown Home Loan Program, the average person
can save between $1,300 and $1,700 in closing costs and fees, depending
on the loan amount.
Nearly 10,000 individuals and families have used the program to purchase
or refinance a home since 1994, saving participants more than $12
million in closing costs and fees. Forty percent of the people who have
purchased homes through the program were first-time homebuyers.
The Hometown Home Loan Program partners on a local level with nonprofit
community housing organizations that focus on community development and
affordable housing solutions. In the Spokane area, HomeStreet Bank is
partnering with Community
Frameworks. In addition to providing affordable housing options,
Community Frameworks also offers financial fitness and mortgage basics
classes.
“We really appreciate HomeStreet’s approach to creating affordable
homeownership opportunities,” said Community Frameworks Deputy Director
Alan Trunnel. “We feel their emphasis on homeownership education mirrors
our goal of creating successful homeowners. In fact, we decided to make
this program available to our own employees as well as to our clients.”
“The Hometown Home Loan Program was originally developed to help
employees qualify for home loans in neighborhoods closer to their work,
with the goal of reducing traffic and retaining valuable employees,”
said Andy
Slipper, Spokane-area relationship manager for the bank’s Affinity
Lending program. “Homeownership is important to the health of our city.
Through employer-assisted housing, we can help make homeownership more
affordable for working people, as well as provide educational resources
to help them prepare for homeownership.”
For more information on the Hometown Home Loan Program, visit www.homestreet.com/hometown
or call 509-828-0833.
HomeStreet Bank is one of the largest community banks in the
Pacific Northwest and Hawaii and has specialized in mortgage lending
since 1921. The Hometown Home Loan Program is a nationally recognized
employer-assisted homeownership program with over 50 participating
employers and membership organizations. www.homestreet.com/hometown
Community Frameworks is a 501(c)3 nonprofit corporation that
facilitates the construction of affordable multifamily housing and
supportive service projects, as well as provides homeownership
opportunities to hardworking families. www.communityframeworks.org
