Kansas City, Missouri – Kansas City has taken a significant step toward supporting its workforce by launching the ‘Employee Homeownership Assistance Program’ on March 21, 2024. This initiative is designed to enhance homeownership opportunities for city employees, reinforcing the importance of stable housing for retaining and attracting a robust workforce. With a generous allocation of $750,000, the program aims to provide financial support to employees seeking to own homes within the city’s limits.
Enhancing Workforce Stability Through Homeownership
Understanding the critical link between stable housing and a stable workforce, Kansas City’s City Council has not only allocated funds but also plans to collaborate with financial institutions and stakeholders to ensure the program’s success. The program focuses on first-time homebuyers among the city’s employees, offering them a partially forgivable loan to cover down payment and closing costs. Furthermore, it emphasizes the importance of education in achieving sustainable and affordable homeownership.
The program’s benefits are substantial, offering up to 20% down payment assistance with a cap of $30,000 and an additional $5,000 towards closing costs. It is available to full-time city employees with at least five years of service, targeting properties within Kansas City, Missouri, city limits. Priority will be given to employees in ‘severely distressed census tracts’.
Read also: MoDOT to host job fair in Wayland offering multiple full-time positions
Prospective participants must complete financial management and homebuyer counseling, before applying. A minimum credit score of 680 is required, along with post-purchase counseling before loan closing. Applicants must also pre-qualify for a conforming fixed-rate mortgage loan and provide at least 2.5% towards the down payment. Eligible properties include single-family residences within city limits that pass a health and safety inspection.
Kansas City’s Employee Homeownership Assistance Program represents a proactive approach to addressing housing affordability, aiming to foster a more resilient and inclusive community. By investing in the well-being of its workforce, the city sets a precedent for other municipalities to follow, acknowledging the profound impact of homeownership on the stability and growth of both individuals and the community at large.
